ESTEEM WIRELESS MODEMS
PRESS RELEASE
Electronic Systems Technology Inc.
Announces 2010 Financial Results
KENNEWICK, WASHINGTON --- March 24, 2011 --- 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, 2010.
EST reported sales for 2010 of $2,228,798 compared to $1,867,076 for 2009, reflecting an increase of 19% from 2009. Net Income for 2010 was $129,452, or $0.02 per share, compared with a Net Income of 24,495, or $0.00 per share, for 2009.
Selected Statement of Operations Information Summary |
| | Twelve Months Ended |
| | December 31
2010 | December 31
2009 |
Sales | $ 2,228,798 | $ 1,867,076 |
Net income (loss) before tax | 187,023 | 22,599 |
Net Income (loss) | 129,452 | 24,495 |
Weighted average common
shares outstanding | 5,158,667 | 5,158,667 |
Basic Earnings (loss) per Share
Diluted Earnings (loss)per Share | $ 0.02
$0.02 | $ 0.00
$0.00 |
Selected Balance Sheet Information |
| Dec 31
2010 | Dec 31
2009 |
Cash and cash equivalents | $ 1,133,720 | $ 919,608 |
Total current assets | 3,180,771 | 2,967,352 |
Property & equipment (net) | 44,255 | 70,580 |
Total assets | 3,278,730 | 3,070,872 |
Total current liabilities | 172,128 | 90,000 |
Long-term debt | -0- | -0- |
Stockholders' equity | 3,093,602 | 2,959,372 |
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)
