ETC Announces First Quarter 2013 Results

Business Wirevia The Motley Fool
Updated

ETC Announces First Quarter 2013 Results

WAUKESHA, Wis.--(BUSINESS WIRE)-- Electronic Tele-Communications, Inc. (ETC) (Pink Sheets:ETCIA) today reported its first quarter 2013 results. Sales for the quarter were $435,864 compared to $481,049 for the 2012 first quarter. The net earnings for the quarter were $133 or $0.00 per Class A common share, compared to net earnings of $46,645 or $0.02 per Class A common share for the first quarter of 2012.

Commenting on the results, ETC President Dean Danner said, "Sales were down 10% during the first quarter of 2013 compared to 2012, but we anticipate improvement in the second quarter. Operating expenses increased during the quarter as we work to obtain additional certifications on our products to re-open market segments we have not participated in for a few years. Even with lower sales and higher product testing expenses we were able to break even for the quarter."


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:

(unaudited)

Three Months Ended

March 31

2013

2012

Net sales

435,864

481,049

Cost of products sold

226,881

239,454

Gross profit

208,983

241,595

Operating expenses:

General and administrative

76,637

73,709

Marketing and selling

53,433

57,527

Research and development

71,822

56,213

201,892

187,449

Earnings (loss) from operations

7,091

54,146

Other income (expense)

(6,958

)

(7,501

)

Earnings (loss) before

income taxes

133

46,645

Income taxes

0

0

Net earnings (loss)

133

46,645

Basic and diluted earnings (loss) per share:

Class A common

0.00

0.02

Class B common

0.00

0.02

Weighted average shares outstanding

for basic and diluted

2,509,147

2,509,147

Selected Balance Sheet Data:

(unaudited)

Mar 31

Dec 31

2013

2012

Current assets

653,221

695,876

Total assets

667,415

704,447

Current liabilities

1,024,733

1,061,235

Total liabilities

1,102,228

1,149,802

Stockholders' deficit

(434,813

)

(445,355

)



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:

The article ETC Announces First Quarter 2013 Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Advertisement