May 5, 2016
For Further Information contact: Elizabeth Danner, President
Boni Danner, Vice President
(262) 542-5600 * http://www.etcia.com
ETC ANNOUNCES FIRST QUARTER 2016 RESULTS
WAUKESHA, WISCONSIN, MAY 5, 2016 OTC – Pink Sheets
ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports first quarter results for 2016. Sales for the quarter were $329,253 compared to $183,110 for the first quarter of 2015. The net earnings for the quarter were $92,849 or $0.04 per Class A common share, compared to a net loss of $170,547 or $0.07 per Class A common share for the first quarter of 2015.
ETC President Elizabeth Danner commented on the results saying, "First quarter equipment sales of the Digicept® Emcee exceeded our estimates. We continue to operate with the cost-reduction controls in effect in the hopes of remaining profitable for the year."
Electronic Tele-Communications supplies voice announcers and Voice Application Platforms to domestic and foreign telephone utilities under the Audichron® and Digicept® brand names. ETC also supports a network of Time Weather and Temperature systems installed throughout the United States. ETC's equipment provides a wide range of audio information and call handling systems via telephone networks, computer networks, and the Internet.
From time to time, information provided by ETC, statements made by its employees, and information included in its press releases and other public statements which are not historical facts are forward-looking in nature and relate to trends and events that may affect our future financial position and operating results. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties including, but not limited to: business conditions in the telecommunications industry, the adverse effects of the recent worldwide recession and the timing and strength of a subsequent recovery, the Company’s ability to achieve adequate sales levels or sufficient cash flow or cash reserves to support operations, technology changes, backlog, status of the economy, government regulations, sources of supply, expense structure, product mix, major customers, competition, litigation, and other risk factors. Investors are encouraged to consider these risks and uncertainties, which may cause the Company’s actual future results to be materially different than those expected in its forward-looking statements. ETC does not undertake to update its forward-looking statements.
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Electronic Tele-Communications, Inc.
Statements of Operations:
(unaudited)
Three Months Ended
March 31
2016 2015
Net sales 329,253 183,110
Cost of products sold 144,646 121,216
Gross profit 184,607 61,894
Operating expenses:
General and administrative 40,966 78,524
Marketing and selling 18,114 47,155
Research and development 27,730 100,378
86,810 226,057
Earnings (loss) from operations 97,797 (164,163)
Other income (expense) (4,948) (6,384)
Earnings (loss) before
income taxes 92,849 (170,547)
Income taxes 0 0
Net earnings (loss) 92,849 (170,547)
Basic and diluted earnings (loss) per share:
Class A common 0.04 (0.07)
Class B common 0.04 (0.07)
Weighted average shares outstanding
for basic and diluted 2,509,147 2,509,147
Selected Balance Sheet Data: (unaudited)
Mar 31 Dec 31
2016 2015
Current assets 293,195 245,412
Total assets 311,545 267,546
Current liabilities 746,285 1,020,135
Total liabilities 971,285 1,020,135
Stockholders' deficit (659,740) (752,589)
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