WAUKESHA, Wis.--(BUSINESS WIRE)--Electronic Tele-Communications, Inc. (ETC) (Pink Sheets:ETCIA) today reports its third quarter 2017 results. Sales were $131,079 for the quarter, compared to $225,388 for the third quarter of 2016. The net loss for the quarter was $2,089 or $0.00 per Class A common share, compared to net earnings of $34,733 or $0.01 per Class A common share for the third quarter of 2016.
Sales for the first nine months of 2017 were $458,092, compared to $745,374 for the first nine months of 2016. The net earnings for the first nine months of 2017 were $21,540 or $0.01 per Class A common share, compared to net earnings of $119,371 or $0.05 per Class A common share for the first nine months of 2016.
Commenting on the results, ETC President Elizabeth Danner said, "Sales continue to lag projections for the year which led to a slight loss in the third quarter, but we remained slightly profitable for the first nine months of the year."
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:
|Three Months Ended||Nine Months Ended|
|September 30||September 30|
|Cost of products sold||59,001||101,007||210,526||342,027|
|General and administrative||33,583||39,814||100,480||121,422|
|Marketing and selling||8,928||15,281||30,688||63,532|
|Research and development||26,803||29,696||80,459||84,245|
|Total operating expenses:||69,314||84,791||211,627||269,199|
|Earnings (loss) from operations||2,764||39,590||35,939||134,148|
|Other income (expense)||(4,853)||(4,857)||(14,399)||(14,777)|
|Earnings (loss) before|
|Net earnings (loss)||(2,089)||34,733||21,540||119,371|
|Basic and diluted earnings (loss) per share:|
|Class A common||0.00||0.01||0.01||0.05|
|Class B common||0.00||0.01||0.01||0.05|
|Weighted average shares outstanding|
|for basic and diluted||2,509,147||2,509,147||2,509,147||2,509,147|
Selected Balance Sheet Data:
|Sep 30||Dec 31|
|Stockholders' equity (deficit)||(531,795)||(553,335)|