ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 2nd QUARTER 2005 FINANCIAL
INFORMATION
KENNEWICK, WASHINGTON --- August 12, 2005 --- 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, 2005.
EST reported sales for the second quarter 2005, of $547,178, compared to sales of $687,919 for the same quarter in 2004. For the second quarter of 2005 the Company recorded a Net Loss of $14,718, or $0.00 per share, compared with Net Income of $78,575, or $0.01 per share, for the second quarter of 2004. For the six month period, EST recorded Net Income of $5,247 or $0.00 per share on sales of $1,130,184 for the six month period ended June 30, 2005, compared with Net Income of $147,687 or $0.03 per share on sales of $1,332,459 for the same period in 2004.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Six Months Ended |
June 30
2005 | June 30
2004 | June 30
2005 | June 30
2004 |
| Sales | $547,178 | $687,919 | $ 1,130,184 | $ 1,332,459 |
| Net income (loss) before tax | (17,363) | 118,915 | 19,963 | 223,759 |
| Net Income (loss) | (14,718) | 78,575 | 5,247 | 147,687 |
Weighted average common
Shares outstanding | 5,148,667 | 5,098,667 | 5,148,667 | 5,098,667 |
| Basic Earnings (Loss) per Share | $( 0.00) | $ 0.01 | $ 0.00 | $ 0.03 |
| Diluted Earnings (Loss) per Share | $( 0.00) | $ 0.01 | $ 0.00 | $ 0.03 |
| Selected Balance Sheet Information |
| (Unaudited) |
| | June 30,
2005 | December 31,
2004 |
Cash and cash equivalents | $ 563,380 | $ 488,480 |
Total current assets | 2,623,216 | 2,707,916 |
Property & equipment (net) | 234,946 | 253,456 |
Total assets | 2,903,995 | 2,983,296 |
Total current liabilities | 174,311 | 209,035 |
Long-term debt | -0- | -0- |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,656,484 | 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
