Exhibit 99.1- Press Release
ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY INC. ANNOUNCES
1st QUARTER 2008 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- May 14, 2008 --- 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, 2008.
EST reported sales for the first quarter 2008, of $580,137 compared to $674,557 for the same quarter in 2007. Gross revenues for the first quarter of 2008 decreased to $598,832, compared with gross revenues of $693,129 in the first quarter of 2007. The Company recorded a Net Loss for the first quarter of 2008 of $36,240, or ($0.01) per share, compared with Net Income of $66,569 or $0.01 per share for the first quarter of 2007.
Selected Statement of Operations Information Summary
(Unaudited) |
| Three Months Ended |
March 31
2008 | March 31
2007 |
| Sales | $ 580,137 | 674,557 |
| Other Revenues | 18,695 | 18,572 |
| Gross Revenues | $ 598,832 | $ 693,129 |
| Net income (loss) before tax | (46,640) | 84,469 |
| Net Income (loss) | (36,240) | 66,569 |
Weighted average common shares outstanding | 5,155,645 | 5,153,667 |
| 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
2008 | December 31
2007 |
Cash and cash equivalents | $ 1,205,240 | $ 1,.479,985 |
Total current assets | 3,165,135 | 3,295,827 |
Property & equipment (net) | 138,774 | 147,441 |
Total assets | 3,341,049 | 3,477,208 |
Total current liabilities | 146,082 | 248,860 |
Long-term debt | -0- | -0- |
Stockholders' equity | 3,148,967 | 3,179,348 |
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
