KENNEWICK, Wash., Aug. 4, 2014 (GLOBE NEWSWIRE) -- Electronic Systems Technology Inc. (EST) (OTCQB: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 six month periods ended June 30, 2014.
EST reported sales for the second quarter 2014, of $532,262, compared to sales of $493,607 for the same quarter in 2013. For the second quarter of 2014 the Company recorded Net Income of $12,912, or $0.00 per share, compared to a Net Loss of $(6,291), or $(0.00), for the second quarter of 2013. EST recorded a Net Income of $6,692 or $0.00 per share on sales of $1,032,086 for the six month period ended June 30, 2014, compared with a Net Loss of $(51,903) or $(0.01) per share on sales of $907,020 for the same period in 2013.
| Selected Statement of Operations Information | ||||
| (Unaudited) | ||||
| Three Months Ended | Six Months Ended | |||
|
June 30, 2014 |
June 30, 2013 |
June 30, 2014 |
June 30, 2013 |
|
| Sales | $ 532,262 | $ 493,607 | $ 1,032,086 | $ 907,020 |
| Net income (loss) before tax | 13,812 | (11,669) | 7,622 | (76,042) |
| Net Income (loss) | 12,912 | (6,291) | 6,962 | (51,903) |
| Weighted average common | ||||
| Shares outstanding | 5,158,667 | 5,158,667 | 5,158,667 | 5,158,667 |
| Basic Earnings (Loss) per Share | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.01) |
| Diluted Earnings (Loss) per Share | $ 0.00 | $ 0.00 | $ 0.00 | $ (0.01) |
| Selected Balance Sheet Information | ||
| (Unaudited) | ||
|
June 30, 2014 |
December 31, 2013 |
|
| Cash and cash equivalents | $ 880,715 | $ 896,580 |
| Total current assets | 3,024,639 | 3,047,689 |
| Property & equipment (net) | 66,898 | 31,372 |
| Total assets | 3,136,412 | 3,128,744 |
| Total current liabilities | 67,472 | 63,911 |
| Long-term debt | -0- | -0- |
| Stockholders' equity | 3,068,940 | 3,128,744 |
Contact Mike Eller at Electronic Systems Technology, Inc. for additional information.