March 18, 2020
For Further Information contact: Elizabeth Danner, President
Boni Danner, Vice President
(262) 542-5600 * http://www.etcia.com
ETC ANNOUNCES 2019 YEAR END RESULTS
WAUKESHA, WISCONSIN, March 18, 2020 OTC – Pink Sheets
ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its year end 2019 results. Sales for 2019 were $527,508, compared to sales for 2018 of $566,755. The net earnings for 2019 were $8,709, or $0.00 per Class A common share, compared to $33,537 for 2019, or $0.01 per Class A common share.
ETC President Elizabeth Danner commented on the results saying, "While equipment sales for 2019 met expectations, a reduction in service revenue led to a net sales decrease. Even with that reduction, we were able to remain profitable for the year. We are continuing to monitor operations and sales in an effort to remain profitable going forward."
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 Twelve Months Ended
December 31 December 31
2019 2018 2019 2018
Net sales 147,895 126,003 527,508 566,755
Cost of products sold 66,408 49,454 267,688 259,926
Gross profit 81,487 76,549 259,820 306,829
Operating expenses:
General and administrative 17,110 17,228 111,518 121,572
Marketing and selling 9,140 9,660 39,227 39,850
Research and development 13,402 21,854 79,618 92,400
39,652 48,742 230,363 253,822
Earnings from operations 41,835 27,807 29,457 53,007
Other income (expense) (5,515) (4,942) (20,748) (19,470)
Earnings before income taxes 36,320 22,865 8,709 33,537
Income taxes 0 0 0 0
Net earnings 36,320 22,865 8,709 33,537
Basic and diluted earnings per share:
Class A common 0.01 0.01 0.00 0.01
Class B common 0.01 0.01 0.00 0.01
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)(unreviewed)
Dec 31 Dec 31
2019 2018
Current assets 218,553 227,567
Total assets 223,156 233,695
Current liabilities 693,696 652,944
Total liabilities 693,696 712,944
Stockholders' equity (deficit) (470,540) (479,249)
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