[February 28, 2014] |
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ETC Announces Fourth Quarter and Year End 2013 Results
WAUKESHA, Wis. --(Business Wire)--
Electronic Tele-Communications, Inc. (ETC) (Pink Sheets: ETCIA) today
reported its fourth quarter 2013 results. Sales for the quarter were
$431,846 compared to $615,667 for the 2012 fourth quarter. The net
earnings for the quarter were $35,696 or $0.01 per Class A common share,
compared to net earnings of $85,481 or $0.04 per Class A common share
for the fourth quarter of 2012.
Sales for the 2013 year were $1,715,142 compared to 2012 sales of
$1,994,943. The net earnings for 2013 were $147,511 or $0.06 per Class A
common share, compared to earnings of $189,201 or $0.08 per Class A
common share for 2012.
Commenting on the results, ETC President Dean Danner said, "2013 sales
were adversely impacted by the government sequester resulting the delay
of some customer projects. In spite of this impact we generated positive
earnings for both the quarter and the year. The first quarter 2014 has
already started stronger than the end of last year based on current and
projected bookings. We are cautiously encouraged by the market activity
and anticipate our market remaining positive in 2014."
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.
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Electronic Tele-Communications, Inc.
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Statements of Operations and Comprehensive Income(Loss):
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(unreviewed)
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(unreviewed)
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Three Months Ended
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Twelve Months Ended
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December 31
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December 31
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2013
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2012
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2013
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2012
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Net sales
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431,846
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615,667
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1,715,142
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1,994,943
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Cost of products sold
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209,389
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277,308
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864,910
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960,867
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Gross profit
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222,457
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338,359
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850,232
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1,034,076
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Operating expenses:
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General and administrative
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65,430
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92,203
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293,562
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320,282
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Marketing and selling
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53,879
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69,796
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220,482
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235,808
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Research and development
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61,412
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81,937
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253,864
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260,567
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180,721
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243,936
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767,908
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816,657
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Earnings from operations
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41,736
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94,423
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82,324
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217,419
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Other income (expense)
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(6,040
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(5,828
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65,187
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(28,218
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Earnings before income taxes
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35,696
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88,595
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147,511
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189,201
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Income taxes
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0
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0
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0
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0
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Net earnings
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35,696
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88,595
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147,511
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189,201
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Other comprehensive income (loss), net of tax
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0
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(3,114
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0
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3,606
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Total comprehensive income
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35,696
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85,481
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147,511
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192,807
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Basic and diluted earnings per share:
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Class A common
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0.01
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0.04
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0.06
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0.08
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Class B common
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0.01
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0.04
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0.06
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0.08
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Weighted average shares outstanding for basic and diluted
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2,509,147
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2,509,147
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2,509,147
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2,509,147
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Selected Balance Sheet Data:
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(unreviewed)
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(unreviewed)
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Dec 31
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Dec 31
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2013
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2012
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Current assets
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508,656
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695,876
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Total assets
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551,948
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704,447
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Current liabilities
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873,003
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1,061,235
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Total liabilities
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917,286
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1,149,802
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Stockholders' deficit
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(365,338
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(445,355
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