ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY ANNOUNCES 3RD QUARTER 2010 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- November 10, 2010 --- Electronic Systems Technology Inc. (EST) (OTC: ELST), dba ESTeem Wireless Modems, the manufacturer of the ESTeem product line of wireless modems, today announced sales and results of operations for the three and nine month periods ended September 30, 2010.
EST reported sales for the third quarter of 2010 of $587,905 compared to $379,269 for the same quarter in 2009. Net income for the third quarter of 2010 was $82,679, or $0.02 per share, compared with net loss of $27,642, or $(0.01) per share, for the third quarter of 2009. For the nine-month period, EST recorded a net income of $102,148 or $0.02 per share on sales of $1,615,557 for the nine month period ended September 30, 2010, compared with a net income of $8,475 or $0.02 per share on sales of $1,351,297 for the same period in 2009.
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.
Selected Statement of Operations Information |
(Unaudited) |
| | Three Months Ended | Nine Months Ended |
Sept 30
2010 | Sept 30
2009 | Sept 30
2010 | Sept 30
2009 |
| Sales | $587,905 | $379,269 | $ 1,615,557 | $ 1,351,297 |
| Net income (loss) before tax | 126,079 | (35,142) | 146,748 | 4,475 |
| Net Income (loss) | 82,679 | (27,642) | 102,148 | 8,475 |
Weighted average common
Shares outstanding | 5,158,667 | 5,158,667 | 5,158,667 | 5,158,667 |
| Basic Earnings (Loss) per Share | $ 0.02 | $ (0.01) | $ 0.02 | $ 0.00 |
| Diluted Earnings (Loss) per Share | $ 0.02 | $ (0.01) | $ 0.02 | $ 0.00 |
Selected Balance Sheet Information |
(Unaudited) |
| | Sept 30
2010 | December 31,
2009 |
Cash and cash equivalents | $ 1,419,549 | $ 919,608 |
Total current assets | 3,130,092 | 2,967,352 |
Property & equipment (net) | 50,394 | 70,580 |
Total assets | 3,211,161 | 3,070,872 |
Total current liabilities | 131,059 | 90,000 |
Long-term debt | -0- | -0- |
Stockholders' equity | 3,065,102 | 2,959,372 |
(EST) ELECTRONIC SYSTEMS TECHNOLOGY - 509-735-9092 (O)
415 N. QUAY ST. - KENNEWICK, WA 99336 - 509-783-5475 (FAX)
WWW.ESTEEM.COM
