Electronic Tele-Communications, Inc. (ETC) (Pink Sheets: ETCIA)
today reported its third quarter 2012 results. Sales for the
quarter were $575,299 compared to $485,633 for the 2011 third
quarter. The net earnings for the quarter were $81,783 or $0.03 per
Class A common share, compared to net earnings of $62,157 or $0.02
per Class A common share for the third quarter of 2011.
Sales for the first nine months of 2012 were $1,379,276 compared
to sales of $1,170,563 in the first nine months of 2011. Earnings
for the first nine months of 2012 were $100,606 or $0.04 per Class
A common share, compared to earnings of $24,654 or $0.01 per Class
A common share for the first nine months of 2011.
Commenting on the results, ETC President Dean Danner said,
“Although we experienced weak sales of systems in the latter part
of the second quarter, orders have steadily improved during the
third quarter and are now ahead of last year. We remain cautiously
encouraged by the market activity and when coupled with current
orders we anticipate positive earnings for the year. Our markets
are still unpredictable but we are currently projecting our best
year in sales since 2007 and a second consecutive year of positive
earnings.”
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
2012
2011
2012
2011
Net sales 575,299 485,633 1,379,276 1,170,563 Cost of products sold
277,858 246,622 683,559 606,535 Gross profit 297,441 239,011
695,717 564,028 Operating expenses: General and
administrative 75,823 62,795 228,079 190,997 Marketing and selling
59,115 54,861 166,012 156,552 Research and development 73,255
51,485 178,630 169,612 208,193 169,141 572,721 517,161
Earnings from operations 89,248 69,870 122,996 46,867 Other income
(expense) (7,465 ) (7,713 ) (22,390 ) (22,213 ) Earnings
before income taxes 81,783 62,157 100,606 24,654 Income taxes 0 0 0
0 Net earnings 81,783 62,157 100,606 24,654
Basic and diluted earnings per share:
Class A common 0.03 0.02 0.04 0.01 Class B common 0.03 0.02 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:
(unreviewed)
Sep 30
Dec 31
2012
2011
Current assets 584,664 529,731 Total assets 591,191 534,751 Current
liabilities 1,022,389 1,040,062 Total liabilities 1,122,026
1,172,913 Stockholders' equity (530,835 ) (638,162 )
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