Exhibit 99.1- Press Release
ESTEEM WIRELESS MODEMS
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY INC. ANNOUNCES
1st QUARTER 2011 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- May 16, 2011 --- Electronic Systems Technology, Inc. (EST) (OTCQB: 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 month period ending March 31, 2011.
EST reported sales for the first quarter 2011, of $533,220 compared to $555,029 for the same quarter in 2010. Gross revenues for the first quarter of 2011 decreased to $540,101, compared with gross revenues of $558,576 in the first quarter of 2010. The Company recorded net income for the first quarter of 2011 of $489, or $0.00 per share, compared with net income of $35,372 or $0.01 per share for the first quarter of 2010.
Selected Statement of Operations Information Summary
(Unaudited) |
| Three Months Ended |
March 31
2011 | March 31
2010 |
| Sales | $ 533,220 | $ 555,029 |
| Other Revenues | 6,881 | 3,547 |
| Gross Revenues | $ 540,101 | $ 558,576 |
| Net income (loss) before tax | 8,289 | 40,072 |
| Net Income (loss) | 489 | 35,372 |
Weighted average common shares outstanding | 5,158,667 | 5,158,667 |
| 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
2011 | December 31
2010 |
Cash and cash equivalents | $ 1,326,212 | $ 1,133,720 |
Total current assets | 3,149,112 | 3,180,771 |
Property & equipment (net) | 39,338 | 44,255 |
Total assets | 3,259,725 | 3,278,730 |
Total current liabilities | 153,279 | 172,128 |
Long-term debt | -0- | -0- |
Stockholders' equity | 3,094,946 | 3,093,602 |
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
