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ETC Announces 2019 Year End Results
[March 18, 2020]

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:

 

(unreviewed)

 

(unreviewed)

Three Months Ended

 

Twelve Months Ended

December 31

 

December 31

 

2019

 

2018

 

2019

 

2018

Net sales

147,895

 

 

126,003

 

 

527,508

 

 

566,755

 

Cost of products sold

66,408

 

 

49,454

 

 

267,688

 

 

259,926

 

Gross profit

81,487

 

 

76,549

 

 

259,820

 

 

306,829

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

General and administrative

17,110

 

 

17,228

 

 

111,518

 

 

121,572

 

Marketing and selling

9,140

 

 

9,660

 

 

39,227

 

 

39,850

 

Research and development

13,402

 

 

21,854

 

 

79,618

 

 

92,400

 

 

39,652

 

 

48,742

 

 

230,363

 

 

253,822

 

 

 

 

 

 

 

 

 

Earnings from operations

41,835

 

 

27,807

 

 

29,457

 

 

53,007

 

Other income (expense)

(5,515

)

 

(4,942

)

 

(20,748

)

 

(19,470

)

 

 

 

 

 

 

 

 

Earnings before income taxes

36,320

 

 

22,865

 

 

8,709

 

 

33,537

 

Income taxes

0

 

 

0

 

 

0

 

 

0

 

Net earnings

36,320

 

 

22,865

 

 

8,709

 

 

33,537

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share:

 

 

 

 

 

 

 

Class A common

0.01

 

 

0.01

 

 

0.00

 

 

0.01

 

Class B common

0.01

 

 

0.01

 

 

0.00

 

 

0.01

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

for basic and diluted

2,509,147

 

 

2,509,147

 

 

2,509,147

 

 

2,509,147

 


Selected Balance Sheet Data:

 

(unreviewed)

 

(unreviewed)

 

Dec 31

 

Dec 31

 

2019

 

2018

Current assets

218,553

 

 

227,567

 

Total assets

223,156

 

 

233,695

 

Current liabilities

693,696

 

 

652,944

 

Total liabilities

693,696

 

 

712,944

 

Stockholders' equity (deficit)

(470,540

)

 

(479,249

)

 


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