November 8, 2016
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES THIRD QUARTER 2016 RESULTS WAUKESHA, WISCONSIN, NOVEMBER 8, 2016 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its third quarter 2016 results. Sales for the quarter were $225,388 compared to $202,136 for the third quarter of 2015. The net earnings for the quarter were $34,733 or $0.01 per Class A common share, compared to a net loss of $114,266 or $0.05 loss per Class A common share for the third quarter of 2015.
Sales for the first nine months of 2016 were $745,374, compared to $624,318 for the first nine months of 2015. The net earnings for the first nine months of 2016 were $119,371 or $0.05 per Class A common share, compared to a net loss for the first nine months of 2015 of $331,916 or $0.13 loss per Class A common share.
Commenting on the results, ETC President Elizabeth Danner said, "We continue to see savings from previous cost-savings measures and combined with higher sales allowed ETC to return to profitability in the third quarter."
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: (unreviewed) (unreviewed) Three Months Ended Nine Months Ended September 30 September 30 2016 2015 2016 2015 Net sales 225,388 202,136 745,374 624,318 Cost of products sold 101,007 107,670 342,027 357,171 Gross profit 124,381 94,466 403,347 267,147 Operating expenses: General and administrative 39,814 102,958 121,422 236,424 Marketing and selling 15,281 51,926 63,532 140,548 Research and development 29,696 46,240 84,245 201,046 Total operating expenses: 84,791 201,124 269,199 578,018 Earnings (loss) from operations 39,590 (106,658) 134,148 (310,871) Other income (expense) (4,857) (7,608) (14,777) (21,045) Earnings (loss) before income taxes 34,733 (114,266) 119,371 (331,916) Income taxes 0 0 0 0 Net earnings (loss) 34,733 (114,266) 119,371 (331,916) Basic and diluted earnings (loss) per share: Class A common 0.01 (0.05) 0.05 (0.13) Class B common 0.01 (0.05) 0.05 (0.13) Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 2,509,147 2,509,147 Selected Balance Sheet Data: (unreviewed) Sep 30 Dec 31 2016 2015 Current assets 275,500 245,412 Total assets 288,487 267,546 Current liabilities 726,705 1,020,135 Total liabilities 921,705 1,020,135 Stockholders' equity (deficit) (633,218) (752,589) # # #
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