Electronic Tele-Communications, Inc. : ETC Announces Third Quarter 2013 Results
November 01, 2013 at 08:27 pm IST
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Electronic Tele-Communications, Inc. (ETC)(Pink Sheets: ETCIA) today
reported its third quarter 2013 results. Sales for the quarter were
$358,173 compared to $575,299 for the 2012 third quarter. The net
earnings for the quarter were $3,628 or $0.00 per Class A common share,
compared to net earnings of $81,783 or $0.03 per Class A common share
for the third quarter of 2012.
Sales for the first nine months of 2013 were $1,283,296 compared to
sales of $1,379,276 in the first nine months of 2012. Earnings for the
first nine months of 2013 were $111,815 or $0.04 per Class A common
share, compared to earnings of $100,606 or $0.04 per Class A common
share for the first nine months of 2012.
Commenting on the results, ETC President Dean Danner said, "Sales in the
third quarter slowed primarily due to timing issues, some of which were
a result of government budget issues. In spite of the slowdown we were
able to break even for the quarter and earnings for the year are
slightly ahead of last year. The fourth quarter has started strong as we
processed some of the budget delayed orders. We are cautiously
encouraged by the market activity and anticipate positive earnings for
the third year in a row."
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 services 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.
Electronic Tele-Communications, Inc.
Statements of Operations:
(unreviewed)
(unreviewed)
Three Months Ended
Nine Months Ended
September 30
September 30
2013
2012
2013
2012
Net sales
358,173
575,299
1,283,296
1,379,276
Cost of products sold
182,196
277,858
655,521
683,559
Gross profit
175,977
297,441
627,775
695,717
Operating expenses:
General and administrative
65,149
75,823
228,132
228,079
Marketing and selling
47,793
59,115
166,603
166,012
Research and development
53,282
73,255
192,452
178,630
166,224
208,193
587,187
572,721
Earnings from operations
9,753
89,248
40,588
122,996
Other income (expense)
(6,125
)
(7,465
)
71,227
(22,390
)
Earnings before income taxes
3,628
81,783
111,815
100,606
Income taxes
0
0
0
0
Net earnings
3,628
81,783
111,815
100,606
Basic and diluted earnings per share:
Class A common
0.00
0.03
0.04
0.04
Class B common
0.00
0.03
0.04
0.04
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
2013
2012
Current assets
524,864
695,876
Total assets
565,190
704,447
Current liabilities
910,869
1,061,235
Total liabilities
966,224
1,149,802
Stockholders' equity
(401,034
)
(445,355
)
Electronic Tele-Communications, Inc. Dean Danner, President Boni
Danner, Vice President (262) 542-5600 http://www.etcia.com
Electronic Tele-Communications, Inc. designs, manufactures, and markets digital voice information systems and related services. Its equipment provides a range of audio and computer information and call handling capabilities via telephone networks, computer networks, and the Internet. Its digital voice information systems deliver network interoperability and various applications. Its applications include automatic callback, changed number with call completion, repeat dialing, and wake-up/reminder services enable providers to differentiate themselves from their competition. It offers a range of services, which include professional recording, turn-key installations, on-site trainings, and 24-hour technical support. It provides time weather temperature systems and related services. Its customers include independent telephone companies, long distance companies, wireless carriers, cable companies, utilities, telecommunications manufacturers, and other businesses and organizations.
ELECTRONIC TELE-COMMUNICATIONS, INC. 
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