ESTEEM WIRELESS MODEMS
PRESS RELEASE
Electronic Systems Technology, Inc.
Announces Record Sales for 3rd Consecutive Year
KENNEWICK, WASHINGTON --- March 28, 2005 --- Electronic Systems Technology Inc. (EST) (OTCBB: ELST), manufacturer of ESTeem wireless modems, today announced sales and results of operations for the three and twelve month periods ended December 31, 2004.
EST reported sales for 2004 of $2,297,945 compared to $2,064,628 for 2003, an increase of 11% from 2003, and reflecting the third consecutive record sales year for the Company. Net Income for 2004 was $174,820, or $0.03 per share, compared with a Net Income of $123,006, or $0.02 per share, for 2003. For the fourth quarter of 2004, EST reported a Net Income of $27,406, or $0.005 per share, on sales of $586,641 compared with a Net Income of $34,713 or $0.006 per share, on sales of $507,963 for the fourth quarter of 2003.
Selected Statement of Operations Information Summary |
| Three Months Ended
(unaudited) | Twelve Months Ended |
Dec 31
2004 | Dec 31
2003 | Decr 31
2004 | Dec 31
2003 |
| Sales | $ 586,641 | $ 507,963 | $ 2,297,945 | $ 2,064,628 |
| Net income (loss) before tax | 41,525 | 40,124 | 260,126 | 173,901 |
| Net Income (loss) | 27,406 | 34,713 | 174,820 | 123,006 |
Weighted average common
Shares outstanding | 5,272,611 | 5,135,866 | 5,272,611 | 5,135,866 |
| Basic Earnings (Loss) per Share | $ 0.005 | $ 0.006 | $ 0.03 | $ 0.02 |
| Diluted Earnings (Loss) per Share | $ 0.005 | $ 0.006 | $ 0.03 | $ 0.02 |
| Selected Balance Sheet Information |
| Dec 31
2004 | Dec 31
2003 |
Cash and cash equivalents | $ 488,480 | $ 378,103 |
Total current assets | 2,707,919 | 2,557,929 |
Property & equipment (net) | 253,456 | 222,674 |
Total assets | 2,983,296 | 2,822,689 |
Total current liabilities | 209,035 | 202,511 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,698,761 | 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
