ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 3RD QUARTER 2004 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- November 12, 2004 --- Electronic Systems Technology Inc. (EST) (OTCBB: ELST), a manufacturer of wireless modems, today announced sales and results of operations for the three and nine month periods ended September 30, 2004.
EST reported sales for the third quarter of 2004 of $429,008 compared to $645,752 for the same quarter in 2003. Net loss for the third quarter was $3,536, or $ 0.00 per share, compared with net income of $77,934, or $0.01 per share, for the third quarter of 2003. For the nine-month period, EST recorded net income of $144,151 or $0.03 per share on sales of $1,711,303 for the nine month period ended September 30, 2004, compared with a net income of $88,293 or $0.02 per share on sales of $1,556,664 for the same period in 2003.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Nine Months Ended |
September 30
2004 | September 30
2003 | September 30
2004 | September 30
2003 |
| Sales | $429,008 | $645,752 | $ 1,711,303 | $ 1,556,664 |
| Net income (loss) before tax | (5,358) | 118,081 | 218,401 | 133,777 |
| Net Income (loss) | (3,536) | 77,934 | 144,151 | 88,293 |
Weighted average common
Shares outstanding | 5,653,667 | 5,625,064 | 5,653,667 | 5,625,064 |
| Basic Earnings (Loss) per Share | $ (0.00) | $ 0.01 | $ 0.03 | $ 0.02 |
| Diluted Earnings (Loss) per Share | $ (0.00) | $ 0.01 | $ 0.03 | $ 0.02 |
| Selected Balance Sheet Information |
| (Unaudited) |
| | Sept 30,
2004 | December 31,
2003 |
Cash and cash equivalents | $ 424,467 | $ 378,103 |
Total current assets | 2,632,958 | 2,557,929 |
Property & equipment (net) | 217,657 | 222,674 |
Total assets | 2,870,903 | 2,822,689 |
Total current liabilities | 159,981 | 202,511 |
Long-term debt | -0- | -0- |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,651,522 | 2,560,778 |
(EST) ELECTRONIC SYSTEMS TECHNOLOGY - 509-735-9092 (O)
415 N. QUAY ST. - KENNEWICK, WA 99336 - 509-783-5475 (FAX)
WWW.ESTEEM.COM
