WAUKESHA, Wis.--(BUSINESS WIRE)--Electronic Tele-Communications, Inc. (ETC) (Pink Sheets:ETCIA) 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.
|Electronic Tele-Communications, Inc.|
|Statements of Operations (Loss):|
|Three Months Ended||Twelve Months Ended|
|December 31||December 31|
|Cost of products sold||77,580||89,693||419,607||446,864|
|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|
|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||)|
|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
|Selected Balance Sheet Data:|
|Dec 31||Dec 31|
|Stockholders' equity (deficit)||(553,335||)||(752,589||)|