Exhibit 99.1- Press Release
ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY INC. ANNOUNCES
1st QUARTER 2009 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- May 14, 2009 --- 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, 2009.
EST reported sales for the first quarter 2009, of $452,130 compared to $580,137 for the same quarter in 2008. Gross revenues for the first quarter of 2009 decreased to $462,983, compared with gross revenues of $598,832 in the first quarter of 2008. The Company recorded a Net Loss for the first quarter of 2009 of $1,564, or ($0.00) per share, compared with a Net Loss of $36,240 or $(0.01) per share for the first quarter of 2008.
Selected Statement of Operations Information Summary
(Unaudited) |
| Three Months Ended |
March 31
2009 | March 31
2008 |
| Sales | $ 452,130 | $ 580,137 |
| Other Revenues | 10,853 | 18,695 |
| Gross Revenues | $ 462,983 | $ 598,832 |
| Net income (loss) before tax | (4,664) | (46,640) |
| Net Income (loss) | (1,564) | (36,240) |
Weighted average common shares outstanding | 5,158,667 | 5,155,645 |
| Basic Earnings (Loss)per Share | $( 0.00) | $( 0.01) |
| Diluted Earnings (Loss) per Share | $( 0.00) | $( 0.01) |
Selected Balance Sheet Information
(Unaudited) |
| March 31
2009 | December 31
2008 |
Cash and cash equivalents | $ 891,362 | $ 512,800 |
Total current assets | 2,922,273 | 2,921,713 |
Property & equipment (net) | 100,686 | 110,722 |
Total assets | 3,052,299 | 3,059,875 |
Total current liabilities | 89,948 | 93,548 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,930,951 | 2,931,727 |
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
