April 24, 2012
For Further Information contact: Dean Danner, President Boni Danner, VP Eng. & Treasurer (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FIRST QUARTER 2012 RESULTS WAUKESHA, WISCONSIN, April 24, 2012 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reported its first quarter 2012 results. Sales for the quarter were $481,049 compared to $380,649 for the 2011 first quarter. The net earnings for the quarter were $46,645 or $0.02 per Class A common share, compared to a net loss of $25,371 or $0.01 per Class A common share for the first quarter of 2011.
Commenting on the results, ETC President Dean Danner said, “We are encouraged by the continuation of the positive sales trend that began in the third quarter of 2011. Steady sales coupled with operational changes implemented over the last couple of years have enabled ETC to generate positive earnings for three consecutive quarters and the 2011 year. Our markets are still unpredictable but have shown some signs of more stability over the last nine months, including steady sales of our Emcee system.”
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.
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Electronic Tele-Communications, Inc. Statements of Operations: (unaudited) Three Months Ended March 31 2012 2011 Net sales 481,049 380,649 Cost of products sold 239,454 209,595 Gross profit 241,595 171,054 Operating expenses: General and administrative 73,709 71,726 Marketing and selling 57,527 54,138 Research and development 56,213 63,455 187,449 189,319 Earnings (loss) from operations 54,146 (18,265) Other income (expense) (7,501) (7,106) Earnings (loss) before income taxes 46,645 (25,371) Income taxes 0 0 Net earnings (loss) 46,645 (25,371) Basic and diluted earnings (loss) per share: Class A common 0.02 (0.01) Class B common 0.02 (0.01) Weighted average shares outstanding for basic and diluted 2,509,147 2,509,147 Selected Balance Sheet Data: Mar 31 Dec 31 2012 2011 Current assets 550,521 529,731 Total assets 557,489 534,751 Current liabilities 1,014,585 1,040,062 Total liabilities 1,136,364 1,172,913 Stockholders' equity (578,875) (638,162) # # #
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