ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 2nd QUARTER 2009 FINANCIAL
INFORMATION
KENNEWICK, WASHINGTON --- August 13, 2009 --- Electronic Systems Technology Inc. (EST) (OTCBB: ELST), dba ESTeem Wireless Modems, the manufacturer of the ESTeem product of wireless modems, today announced sales and results of operations for the three and six month periods ended June 30, 2009.
EST reported sales for the second quarter 2009, of $519,899, compared to sales of $480,910 for the same quarter in 2008. For the second quarter of 2009 the Company recorded a Net Income of $37,680, or $0.01 per share, compared to a Net Loss of $97,277, or $(0.02), for the second quarter of 2008. EST recorded Net Income of $36,117 or $0.01 per share on sales of $972,028 for the six month period ended June 30, 2009, compared with Net Loss of $133,517 or $(0.03) per share on sales of $1,061,047 for the same period in 2008.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Six Months Ended |
June 30
2009 | June 30
2008 | June 30
2009 | June 30
2008 |
| Sales | $519,899 | $480,910 | $ 972,028 | $ 1,061,047 |
| Net income (loss) before tax | 44,280 | (112,277) | 39,617 | (158,917) |
| Net Income (loss) | 37,680 | (97,277) | 36,117 | (133,517) |
Weighted average common
Shares outstanding | 5,158,667 | 5,158,667 | 5,158,667 | 5,157,156 |
| Basic Earnings (Loss) per Share | $ 0.01 | $ (0.02) | $ 0.01 | $ (0.03) |
| Diluted Earnings (Loss) per Share | $ 0.01 | $ (0.02) | $ 0.01 | $ (0.03) |
| Selected Balance Sheet Information |
| (Unaudited) |
| | June 30,
2009 | December 31,
2008 |
Cash and cash equivalents | $862,329 | $ 512,800 |
Total current assets | 2,976,425 | 2,921,713 |
Property & equipment (net) | 90,651 | 110,722 |
Total assets | 3,096,416 | 3,059,875 |
Total current liabilities | 98,997 | 93,548 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,969,419 | 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
