February 17, 2012
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FOURTH QUARTER AND YEAR END 2011 RESULTS WAUKESHA, WISCONSIN, February 17, 2012 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its fourth quarter 2011 results. Sales for the quarter were $486,844 compared to $364,918 for the 2010 fourth quarter. The net earnings for the quarter were $65,698 or $0.03 per Class A common share, compared to net earnings of $4,570 or $0.00 per Class A common share for the fourth quarter of 2010.
Sales for the 2011 year were $1,657,407 compared to 2010 sales of $1,658,605. The net earnings for 2011 were $90,002 or $0.04 per Class A common share, compared to a loss of $36,941 or $0.01 per Class A common share for 2010.
Commenting on the results, ETC President Dean Danner said, "ETC’s earnings improved throughout 2011 ending the year with a profit for both the second half of 2011 and the full year. We have seen some improvement in our market segments, although the market remains erratic and therefore unpredictable. Sales of our Emcee systems have remained steady into the first quarter of 2012 and previously implemented controls on operating expenses are being maintained. Both cash flow and earnings are currently ahead of where we were at this time in 2011."
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.
- MORE -
Electronic Tele-Communications, Inc. Statements of Operations: (unaudited) (unaudited) Three Months Ended Twelve Months Ended December 31 December 31 2011 2010 2011 2010 Net sales 486,844 364,918 1,657,407 1,658,605 Cost of products sold 234,254 193,012 840,789 904,697 Gross profit 252,590 171,906 816,618 753,908 Operating expenses: General and administrative 76,356 62,043 267,703 283,997 Marketing and selling 53,559 49,086 210,111 217,019 Research and development 50,718 50,637 220,330 224,442 Restructuring Charge 0 0 0 35,151 180,633 161,766 698,144 760,609 Earnings (loss) from operations 71,957 10,140 118,474 (6,701) Other income (expense) (6,259) (5,570) (28,472) (30,240) Earnings (loss) before income taxes 65,698 4,570 90,002 (36,941) Income taxes 0 0 0 0 Net earnings (loss) 65,698 4,570 90,002 (36,941) Basic and diluted earnings (loss) per share: Class A common 0.03 0.00 0.04 (0.01) Class B common 0.03 0.00 0.04 (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: Dec 31 Dec 31 2011 2010 Current assets 529,731 480,789 Total assets 534,751 487,542 Current liabilities 1,040,062 1,010,789 Total liabilities 1,172,913 1,187,922 Stockholders' equity (deficit) (638,162) (700,380) # # #
Back to Press Releases