Exhibit 99.1- Press Release
ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY INC. ANNOUNCES
1st QUARTER 2005 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- May 13, 2005 --- Electronic Systems Technology, Inc. (EST) (OTCBB: ELST), a manufacturer of wireless modems, today announced sales and results of operations for the three month period ending March 31, 2005.
EST reported sales for the first quarter 2005, of $555,248 compared to $619,569 for the same quarter in 2004. Gross revenues for the first quarter of 2005 increased to $589,330, compared with gross revenues of $649,957 in the first quarter of 2004, reflecting a decrease of 9%. The Company recorded Net Income for the first quarter of 2005 of $24,719, or $0.01 per share, compared with Net Income of $69,112, or $0.01 per share for the first quarter of 2004.
Selected Statement of Operations Information Summary | ||
Three Months Ended | ||
March 31 | March 31 | |
| Sales | $ 555,248 | $ 619,569 |
| Other Revenues | 34,082 | 30,388 |
| Gross Revenues | $ 589,330 | $ 649,957 |
| Net income (loss) before tax | 37,325 | 104,844 |
| Net Income (loss) | 24,719 | 69,112 |
Weighted average common shares outstanding | 5,253,050 | 5,253,580 |
| Basic Earnings (Loss)per Share | $ 0.01 | $ 0.01 |
| Diluted Earnings (Loss) per Share | $ 0.01 | $ 0.01 |
| Selected Balance Sheet Information (Unaudited) | ||
March 31 | December 31 | |
Cash and cash equivalents | $ 404,281 | $ 488,480 |
Total current assets | 2,648,407 | 2,707,916 |
Property & equipment (net) | 251,350 | 253,456 |
Total assets | 2,951,679 | 2,983,296 |
Total current liabilities | 151,510 | 209,035 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,724,669 | 2,698,761 |
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
