EXHIBIT 99.2 - PRESS RELEASE ISSUED MARCH 26, 1998
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY
415 N. QUAY STREET
KENNEWICK, WA 99336
509-735-9092 (O)
509-783-5475 (FAX)
EST ANNOUNCES 1997 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- March 26, 1998 --- Electronic Systems Technology
Inc. (EST) (OTC: ELST), a manufacturer of wireless modems, today announced
sales and results of operations for the three and twelve month periods ended
December 31, 1997.
EST reported sales for 1997 of $1,337,303 compared to $1,190,304 for 1996.
Net income for 1997 was $166,201, or $0.03 per share, compared with net income
of $158,735, or $0.03 per share, for 1996. For the fourth quarter of 1997, EST
reported net income of $70,000, or $0.01 per share, on sales of $424,000
compared with net income of $20,100 or $0.003 per share, on sales of $284,600
for the fourth quarter of 1996.
Selected Statement of Operations Information Summary
Three Months Ended Twelve Months Ended
(unaudited)
Dec 31, Dec 31, Dec 31, Dec 31,
1997 1996 1997 1996
-------- -------- -------- --------
Sales $ 424,000 284,600 $1,337,303 1,190,304
Net income before tax 106,000 22,700 247,760 234,456
Net Income 70,000 20,100 166,201 158,735
Weighted average common
shares outstanding 5,521,283 5,478,558 5,521,283 5,478,558
Earnings per Share $ 0.01 $ 0.003 $ 0.03 0.03
Selected Balance Sheet Information
Dec 31 Dec 31
1997 1996
-------- -----------
Cash and cash equivalents $1,466,760 $1,413,182
Total current assets 2,065,479 1,892,302
Property & equipment (net) 132,924 141,210
Total assets 2,205,811 2,042,709
Total current liabilities 77,213 30,775
Long-term debt -0- -0-
Stockholders' equity 2,128,598 2,011,934
APPENDIX:
Item no. 1: (graphic material not included in electronic filing format)
The press release was published showing at top left of the press release,
the Electronic Systems Technology, Inc. trademarked company logo, showing
a black square field containing the stylized letters E S T.