ESTEEM WIRELESS MODEMS
PRESS RELEASE
Electronic Systems Technology Inc.
Announces 2011 Financial Results
KENNEWICK, WASHINGTON --- March 23, 2012 --- 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 twelve month period ended December 31, 2011.
EST reported sales for 2011 of $1,791,741 compared to $2,228,798 for 2010, reflecting a decrease of 20% from 2010. Net Loss for 2011 was $(129,990), or $(0.03) per share, compared with a Net Income of $129,452, or $0.02 per share, for 2010.
Selected Statement of Operations Information Summary |
| | Twelve Months Ended |
| | December 31
2011 | December 31
2010 |
Sales | $ 1,791,741 | $ 2,228,798 |
Net income (loss) before tax | (187,453) | 187,023 |
Net Income (loss) | (129,990) | 129,452 |
Weighted average common
shares outstanding | 5,158,667 | 5,158,667 |
Basic Earnings (loss) per Share
Diluted Earnings (loss)per Share | $ (0.03)
$ (0.03) | $ 0.03
$0.02 |
Selected Balance Sheet Information |
| Dec 31
2011 | Dec 31
2010 |
Cash and cash equivalents | $ 1,227,490 | $ 1,133,720 |
Total current assets | 2,913,327 | 3,180,771 |
Property & equipment (net) | 54,358 | 44,255 |
Total assets | 3,023,360 | 3,278,730 |
Total current liabilities | 100,114 | 172,128 |
Long-term debt | -0- | -0- |
Stockholders' equity | 2,915,446 | 3,093,602 |
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)
