May 2, 2018
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FIRST QUARTER 2018 RESULTS WAUKESHA, WISCONSIN, MAY 2, 2018 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports first quarter results for 2018. Sales for the quarter were $139,253 compared to $185,200 for the first quarter of 2017. The net loss for the quarter was $6,955, or $0.00 per Class A common share, compared to net earnings for first quarter 2017 of $21,243, or $0.01 per Class A common share.
ETC President Elizabeth Danner commented on the results saying, "First quarter 2018 sales were down from sales for the first quarter 2017 and we showed a slight loss. We are continuing to monitor operating expenses and will work to keep costs down."
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, changes in laws and 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 2018 2017 Net sales 139,253 185,200 Cost of products sold 70,937 86,368 Gross profit 68,316 98,832 Operating expenses: General and administrative 34,702 34,168 Marketing and selling 11,015 12,257 Research and development 24,757 26,417 70,474 72,842 Earnings (loss) from operations (2,158) 25,990 Other income (expense) (4,797) (4,747) Earnings (loss) before income taxes (6,955) 21,243 Income taxes 0 0 Net earnings (loss) (6,955) 21,243 Basic and diluted earnings (loss) per share: Class A common 0.00 0.01 Class B common 0.00 0.01 Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 Selected Balance Sheet Data: (unaudited) Mar 31 Dec 31 2018 2017 Current assets 228,720 252,048 Total assets 236,689 262,086 Current liabilities 651,430 654,872 Total liabilities 756,430 774,872 Stockholders' deficit (519,741) (512,786) # # #
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