WAUKESHA, Wis.--(BUSINESS WIRE)--Electronic Tele-Communications, Inc. (ETC) (Pink Sheets: ETCIA) today reported its fourth quarter 2012 results. Sales for the quarter were $615,667 compared to $486,844 for the 2011 fourth quarter. The net earnings for the quarter were $88,595 or $0.04 per Class A common share, compared to net earnings of $66,223 or $0.03 per Class A common share for the fourth quarter of 2011.
Sales for the 2012 year were $1,994,943 compared to 2011 sales of $1,657,407. The net earnings for 2012 were $189,201 or $0.08 per Class A common share, compared to earnings of $90,002 or $0.04 per Class A common share for 2011.
Commenting on the results, ETC President Dean Danner said, “We are proud to announce that 2012 was ETC’s best year of operating results in many years. Sales were the highest they have been since 2007, and net earnings the highest in over 10 years. Our market segments are improving, and we are generating positive cash flow. These positive results will provide ETC more flexibility in both marketing and engineering. We still have debt to repay and the market remains somewhat erratic and therefore unpredictable, but 2012 was a good year and early indications are that 2013 will be good as well.”
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 and Comprehensive Income (Loss):
Three Months Ended
Twelve Months Ended
|Cost of products sold||277,308||234,254||960,867||840,789|
|General and administrative||92,203||75,831||320,282||267,703|
|Marketing and selling||69,796||53,559||235,808||210,111|
|Research and development||81,937||50,718||260,567||220,330|
|Earnings from operations||94,423||72,482||217,419||118,474|
|Other income (expense)||(5,828||)||(6,259||)||(28,218||)||(28,472||)|
|Other comprehensive income (loss),|
|net of tax||(3,114||)||6,495||3,606||(27,784||)|
Total comprehensive income (loss)
|Basic and diluted earnings per share:|
|Class A common||0.04||0.03||0.08||0.04|
|Class B common||0.04||0.03||0.08||0.04|
|Weighted average shares outstanding|
|for basic and diluted||2,509,147||2,509,147||2,509,147||2,509,147|
|Selected Balance Sheet Data:|
|Dec 31||Dec 31|
|Stockholders' equity (deficit)||(445,355||)||(638,162||)|