ETC Announces Third Quarter 2012 Results

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ETC Announces Third Quarter 2012 Results

WAUKESHA, Wis.--(BUSINESS WIRE)-- 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 sales575,299485,6331,379,2761,170,563
Cost of products sold277,858246,622683,559606,535
Gross profit297,441239,011695,717564,028
 
Operating expenses:
General and administrative75,82362,795228,079190,997
Marketing and selling59,11554,861166,012156,552
Research and development73,25551,485178,630169,612
208,193169,141572,721517,161
 
Earnings from operations89,24869,870122,99646,867
Other income (expense)(7,465)(7,713)(22,390)(22,213)
 
Earnings before
income taxes81,78362,157100,60624,654
Income taxes0000
Net earnings81,78362,157100,60624,654
 

Basic and diluted earnings per share:

 

Class A common0.030.020.040.01
Class B common0.030.020.040.01
 
Weighted average shares outstanding
for basic and diluted2,509,1472,509,1472,509,1472,509,147
 

Selected Balance Sheet Data:

(unreviewed)

Sep 30

Dec 31

2012

2011

Current assets584,664529,731
Total assets591,191534,751
Current liabilities1,022,3891,040,062
Total liabilities1,122,0261,172,913
Stockholders' equity(530,835)(638,162)



Electronic Tele-Communications, Inc.
Dean Danner, President
Boni Danner, Vice President
(262) 542-5600
http://www.etcia.com

KEYWORDS:   United States  North America  Wisconsin

INDUSTRY KEYWORDS:

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