December 4, 2017
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES THIRD QUARTER 2017 RESULTS WAUKESHA, WISCONSIN, DECEMBER 4, 2017 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its third quarter
2017 results. Sales were $131,079 for the quarter, compared to $225,388 for the
third quarter of 2016. The net loss for the quarter was $2,089 or $0.00 per
Class A common share, compared to net earnings of $34,733 or $0.01 per Class A
common share for the third quarter of 2016.
Sales for the first nine months of 2017 were $458,092, compared to $745,374 for the first nine months of 2016. The net earnings for the first nine months of 2017 were $21,540 or $0.01 per Class A common share, compared to net earnings of $119,371 or $0.05 per Class A common share for the first nine months of 2016.
Commenting on the results, ETC President Elizabeth Danner said, "Sales continue to lag projections for the year which led to a slight loss in the third quarter, but we remained slightly profitable for the first nine months of 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 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 2017 2016 2017 2016 Net sales 131,079 225,388 458,092 745,374 Cost of products sold 59,001 101,007 210,526 342,027 Gross profit 72,078 124,381 247,566 403,347 Operating expenses: General and administrative 33,583 39,814 100,480 121,422 Marketing and selling 8,928 15,281 30,688 63,532 Research and development 26,803 29,696 80,459 84,245 Total operating expenses: 69,314 84,791 211,627 269,199 Earnings (loss) from operations 2,764 39,590 35,939 134,148 Other income (expense) (4,853) (4,857) (14,399) (14,777) Earnings (loss) before income taxes (2,089) 34,733 21,540 119,371 Income taxes 0 0 0 0 Net earnings (loss) (2,089) 34,733 21,540 119,371 Basic and diluted earnings (loss) per share: Class A common 0.00 0.01 0.01 0.05 Class B common 0.00 0.01 0.01 0.05 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 2017 2016 Current assets 248,722 297,901 Total assets 260,797 308,364 Current liabilities 657,592 681,699 Total liabilities 792,592 861,699 Stockholders' equity (deficit) (531,795) (553,335) # # #
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