March 16, 2017
For Further Information contact: Elizabeth Danner, President Boni Danner, Vice President (262) 542-5600 * http://www.etcia.com ETC ANNOUNCES FOURTH QUARTER AND YEAR END 2016 RESULTS WAUKESHA, WISCONSIN, March 16, 2017 OTC – Pink Sheets ELECTRONIC TELE-COMMUNICATIONS, INC. Symbol – ETCIA
Electronic Tele-Communications, Inc. (ETC) today reports its fourth quarter and year end 2016 results. Sales for the quarter were $210,932 compared to $213,527 for the fourth quarter of 2015. The net earnings for the quarter were $79,883 or $0.03 per Class A common share, compared to net earnings of $41,800 or $0.02 per Class A common share for the fourth quarter of 2015. Sales for 2016 were $956,306, compared to $837,845 for 2015. The net earnings for 2016 were $199,254 or $0.08 per Class A common share, compared to a net loss of $290,116 or $0.12 per Class A common share for 2015.
ETC President Elizabeth Danner commented on the results saying, "There was a significant increase in sales of our Digicept® Emcee ELF during 2016 as customers implement upgrade projects to older systems on their wired segments. These additional sales allowed us to do significantly better than projections and helped bring ETC back to profitability."
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 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 (Loss): (unreviewed) (unreviewed) Three Months Ended Twelve Months Ended December 31 December 31 2016 2015 2016 2015 Net sales 210,932 213,527 956,306 837,845 Cost of products sold 77,580 89,693 419,607 446,864 Gross profit 133,352 123,834 536,699 390,981 Operating expenses: General and administrative 21,030 39,617 142,452 276,041 Marketing and selling 6,311 10,047 69,843 150,595 Research and development 21,238 24,072 105,483 225,118 48,579 73,736 317,778 651,754 Earnings from operations 84,773 50,098 218,921 (260,773) Other income (expense) (4,890) (8,298) (19,667) (29,343) Earnings before income taxes 79,883 41,800 199,254 (290,116) Income taxes 0 0 0 0 Net earnings (loss) 79,883 41,800 199,254 (290,116) Basic and diluted earnings per share: Class A common 0.03 0.02 0.08 (0.12) Class B common 0.03 0.02 0.08 (0.12) 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 2016 2015 Current assets 297,901 245,412 Total assets 308,364 267,546 Current liabilities 681,699 1,020,135 Total liabilities 861,699 1,020,135 Stockholders' equity (deficit) (553,335) (752,589) # # #
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