KENNEWICK, Wash., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Electronic Systems Technology Inc. (EST) ELST, dba ESTeem Wireless Modems, the manufacturer of the ESTeem product line of wireless modems, today announced sales and results of operations for the three and nine month periods ended September 30, 2014.
EST reported sales for the third quarter 2014, of $380,408, compared to sales of $574,507 for the same quarter in 2013. For the third quarter of 2014 the Company recorded a Net Loss of $(93,804), or $(0.02) per share, compared to Net Income of $51,956, or $0.01, for the second quarter of 2013. EST recorded a Net Loss of $(86,842) or $(0.02) per share on sales of $1,412,493 for the nine month period ended Sept 30, 2014, compared with Net Income of $54 or $0.00 per share on sales of $1,481,527 for the same period in 2013.
| Selected Statement of Operations Information | ||||
| (Unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| Sept 30 | Sept 30 | Sept 30 | Sept 30 | |
| 2014 | 2013 | 2014 | 2013 | |
| Sales | $380,408 | $574,507 | $1,412,493 | $1,481,527 |
| Net income (loss) before tax | (96,464) | 61,195 | (88,842) | (14,846) |
| Net Income (loss) | (93,804) | 51,956 | (86,842) | 54 |
| Weighted average common | ||||
| Shares outstanding | 5,158,667 | 5,158,667 | 5,158,667 | 5,158,667 |
| Basic Earnings (Loss) per Share | $(0.02) | $0.01 | $(0.02) | $0.01 |
| Diluted Earnings (Loss) per Share | $(0.02) | $0.01 | $(0.02) | $0.01 |
| Selected Balance Sheet Information | ||
| (Unaudited) | ||
| Sept 30, | December 31, | |
| 2014 | 2013 | |
| Cash and cash equivalents | $952,484 | $896,580 |
| Total current assets | 2,896,149 | 3,047,689 |
| Property & equipment (net) | 88,455 | 31,372 |
| Total assets | 3,025,074 | 3,128,744 |
| Total current liabilities | 47,168 | 63,911 |
| Long-term debt | -0- | -0- |
| Stockholders' equity | 2,975,136 | 3,128,744 |
Contact Mike Eller at Electronic Systems Technology, Inc. for additional information.
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