ESTEEM WIRELESS MODEMS
PRESS RELEASE
Electronic Systems Technology Inc.
Announces 2009 Financial Results
KENNEWICK, WASHINGTON --- March 29, 2010 --- Electronic Systems Technology Inc. (EST)(OTCBB: ELST), dba ESTeem Wireless Modems, the manufacturer of the ESTeem product line of wireless modems, today announced sales and results of operations for the twelve month period ended December 31, 2009.
EST reported sales for 2009 of $1,867,076 compared to $2,108,700 for 2008, reflecting a decrease of 11% from 2008 as the company's sales were negatively impacted by the continued world wide economic downturn experienced in 2009. Net Income for 2009 was $24,495, or $0.00 per share, compared with a Net Loss of $(156,187), or $(0.03) per share, for 2008.
Selected Statement of Operations Information Summary |
| | Twelve Months Ended |
| | December 31
2009 | December 31
2008 |
Sales | $ 1,867,076 | $ 2,108,700 |
Net income (loss) before tax | 22,599 | (227,815) |
Net Income (loss) | 24,495 | (156,187) |
Weighted average common
shares outstanding | 5,158,667 | 5,157,916 |
Basic Earnings (loss) per Share Diluted Earnings (loss)per Share | $ 0.00 $0.00 | $ (0.03) $(0.03) |
Selected Balance Sheet Information |
| Dec 31
2009 | Dec 31
2008 |
Cash and cash equivalents | $ 919,608 | $ 512,800 |
Total current assets | 2,967,352 | 2,921,713 |
Property & equipment (net) | 70,580 | 110,722 |
Total assets | 3,070,872 | 3,059,875 |
Total current liabilities | 90,000 | 93,548 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,959,372 | 2,931,727 |
Electronic Systems Technology, a publicly held Company since 1984, was the first Company to develop the wireless modem and receive the United States and Canadian patent for this technology. Contact EST for more details.
ELECTRONIC SYSTEMS TECHNOLOGY - 509-735-9092 (O) www.esteem.com
415 N. QUAY STREET - KENNEWICK, WA 99336 - 509-783-5475 (FAX)
