ETC Announces 2019 Year End Results
Electronic Tele-Communications, Inc. (ETC) (Pink Sheets:ETCIA) today reports its year end 2019 results. Sales for 2019 were $527,508, compared to sales for 2018 of $566,755. The net earnings for 2019 were $8,709, or $0.00 per Class A common share, compared to $33,537 for 2019, or $0.01 per Class A common share.
ETC President Elizabeth Danner commented on the results saying, "While equipment sales for 2019 met expectations, a reduction in service revenue led to a net sales decrease. Even with that reduction, we were able to remain profitable for the year. We are continuing to monitor operations and sales in an effort to remain profitable going forward."
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 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: |
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(unreviewed) |
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(unreviewed) |
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Three Months Ended |
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Twelve Months Ended |
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December 31 |
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December 31 |
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2019 |
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2018 |
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2019 |
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2018 |
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Net sales |
147,895 |
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|
126,003 |
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527,508 |
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566,755 |
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Cost of products sold |
66,408 |
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|
49,454 |
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|
267,688 |
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|
259,926 |
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Gross profit |
81,487 |
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|
76,549 |
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|
259,820 |
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|
306,829 |
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Operating expenses: |
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General and administrative |
17,110 |
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|
17,228 |
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|
111,518 |
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|
121,572 |
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Marketing and selling |
9,140 |
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|
9,660 |
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|
39,227 |
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|
39,850 |
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Research and development |
13,402 |
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|
21,854 |
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|
79,618 |
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|
92,400 |
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|
39,652 |
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|
48,742 |
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|
230,363 |
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|
253,822 |
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Earnings from operations |
41,835 |
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27,807 |
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29,457 |
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53,007 |
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Other income (expense) |
(5,515 |
) |
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(4,942 |
) |
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(20,748 |
) |
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(19,470 |
) |
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Earnings before income taxes |
36,320 |
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22,865 |
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8,709 |
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33,537 |
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Income taxes |
0 |
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0 |
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0 |
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0 |
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Net earnings |
36,320 |
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22,865 |
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8,709 |
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33,537 |
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Basic and diluted earnings per share: |
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Class A common |
0.01 |
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0.01 |
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0.00 |
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|
0.01 |
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Class B common |
0.01 |
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|
0.01 |
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|
0.00 |
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|
0.01 |
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Weighted average shares outstanding |
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for basic and diluted |
2,509,147 |
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2,509,147 |
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2,509,147 |
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2,509,147 |
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Selected Balance Sheet Data: |
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(unreviewed) |
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(unreviewed) |
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Dec 31 |
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Dec 31 |
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2019 |
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2018 |
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Current assets |
218,553 |
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|
227,567 |
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Total assets |
223,156 |
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|
233,695 |
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Current liabilities |
693,696 |
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|
652,944 |
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Total liabilities |
693,696 |
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|
712,944 |
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Stockholders' equity (deficit) |
(470,540 |
) |
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(479,249 |
) |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200318005436/en/
