WAUKESHA, Wis.–(BUSINESS WIRE)–Electronic Tele-Communications, Inc. (ETC) (Pink Sheets:ETCIA) today reported its second quarter 2007 results. Sales for the quarter were $524,202 compared to $658,490 for the 2006 second quarter. The net loss was $178,320 or $0.07 per Class A common share, compared to a net loss of $42,534 or $0.02 per Class A common share for the second quarter of 2006.
Sales for the first six months of 2007 were $1,098,506 compared to 2006 six month sales of $1,299,368. The loss for the first six months of 2007 was $241,353 or $0.10 per Class A Share, compared to a loss of $140,240 or $0.06 per Class A share for the first six months of 2006.
Commenting on the results, ETC President Dean Danner said, “The results include a one time charge of $95,272 related to the closing of our Atlanta office. With the continued lack of spending in our market segment ETC determined that the costs associated with an office in the Atlanta area were no longer an effective use of resources. Functions previous carried out in the Atlanta office have been moved allowing ETC to continue to provide quality service our customers.”
Electronic Tele-Communications supplies voice announcers and Voice Application Platforms to domestic and foreign telephone utilities under the Audichron® and Digicept® brand names. 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 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.
|Electronic Tele-Communications, Inc.|
|Statements of Operations:|
Three Months Ended
|Six Months Ended|
|June 30||June 30|
|Cost of products sold||313,775||370,927||654,650||764,281|
|General and administrative||103,154||134,039||215,609||268,384|
|Marketing and selling||110,595||124,094||216,892||255,063|
|Research and development||72,611||67,100||143,860||141,383|
|One Time Charges||95,272||0||95,272||0|
|Earnings (loss) from operations||(171,205||)||(37,670||)||(227,777||)||(129,743||)|
|Other income (expense)||(7,115||)||(4,864||)||(13,576||)||(10,497||)|
|Earnings (loss) before income taxes|
|Net earnings (loss)||(178,320||)||(42,534||)||(241,353||)||(140,240||)|
|Basic and diluted earnings (loss) per share:|
|Class A common||(0.07||)||(0.02||)||(0.10||)||(0.06||)|
|Class B common||(0.07||)||(0.02||)||(0.10||)||(0.06||)|
|Weighted average shares outstanding for basic and diluted|
|Selected Balance Sheet Data:|
|Jun 30||Dec 31|