ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 2nd QUARTER 2004 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- August 13, 2004 --- Electronic Systems Technology Inc. (EST) (OTCBB: ELST), a manufacturer of wireless modems, today announced sales and results of operations for the three and six month periods ended June 30, 2004.
EST reported sales for the second quarter 2004, of $662,726, an increase of 94% when compared to sales of $341,460 for the same quarter in 2003. For the second quarter of 2004 the Company recorded Net Income of $78,575, or $0.01 per share, compared with Net Loss of $30,660, or $0.01 per share, for the second quarter of 2003. For the six month period, EST recorded Net Income of $147,687 or $0.03 per share on sales of $1,282,295 for the six month period ended June 30, 2004, compared with Net Income of $10,358 or $0.00 per share on sales of $910,912 for the same period in 2003.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Six Months Ended |
June 30
2004 | June 30
2003 | June 30
2004 | June 30
2003 |
| Sales | $662,726 | $341,460 | $ 1,282,295 | $ 910,912 |
| Net income (loss) before tax | 118,915 | (46,454) | 223,759 | 15,696 |
| Net Income (loss) | 78,575 | (30,660) | 147,687 | 10,359 |
Weighted average common
Shares outstanding | 5,647,937 | 5,626,325 | 5,647,937 | 5,626,325 |
| Basic Earnings (Loss) per Share | $ 0.01 | $ ( 0.01) | $ 0.03 | $ 0.00 |
| Diluted Earnings (Loss) per Share | $ 0.01 | $ ( 0.01) | $ 0.03 | $ 0.00 |
| Selected Balance Sheet Information |
| (Unaudited) |
| | June 30,
2004 | December 31,
2003 |
Cash and cash equivalents | $ 572,413 | $ 378,103 |
Total current assets | 2,667,269 | 2,557,929 |
Property & equipment (net) | 232,522 | 222,674 |
Total assets | 2,921,143 | 2,822,689 |
Total current liabilities | 209,779 | 202,511 |
Long-term debt | -0- | -0- |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,651,964 | 2,560,778 |
Contact Jon Correio at Electronic Systems Technology, Inc. for additional information.
(EST) ELECTRONIC SYSTEMS TECHNOLOGY - 509-735-9092 (O)
415 N. QUAY ST. - KENNEWICK, WA 99336 - 509-783-5475 (FAX)
WWW.ESTEEM.COM
