ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 2nd QUARTER 2007 FINANCIAL
INFORMATION
KENNEWICK, WASHINGTON --- August 13, 2007 --- 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, 2007.
EST reported sales for the second quarter 2007, of $673,979, compared to sales of $640,970 for the same quarter in 2006. For the second quarter of 2007 the Company recorded a Net Income of $55,735, or $0.01 per share, compared to Net Income of $35,304, or $0.01, for the second quarter of 2006. EST recorded Net Income of $122,304 or $0.02 per share on sales of $1,348,536 for the six month period ended June 30, 2007, compared with Net Income of $5,305 or $0.00 per share on sales of $1,128,803 for the same period in 2006.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Six Months Ended |
June 30
2007 | June 30
2006 | June 30
2007 | June 30
2006 |
| Sales | $673,979 | $640,970 | $ 1,348,536 | $ 1,128,803 |
| Net income (loss) before tax | 67,835 | 61,786 | 152,304 | 6,640 |
| Net Income (loss) | 55,735 | 35,304 | 122,304 | 5,305 |
Weighted average common
Shares outstanding | 5,153,667 | 5,153,667 | 5,153,667 | 5,152,258 |
| Basic Earnings (Loss) per Share | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.00 |
| Diluted Earnings (Loss) per Share | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.00 |
| Selected Balance Sheet Information |
| (Unaudited) |
| | June 30,
2007 | December 31,
2006 |
Cash and cash equivalents | $1,326,766 | $ 1,487,848 |
Total current assets | 3,096,231 | 3,135,144 |
Property & equipment (net) | 143,176 | 152,655 |
Total assets | 3,268,647 | 3,319,851 |
Total current liabilities | 240,968 | 310,351 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,980,279 | 2,959,000 |
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
