EXHIBIT 99.7 - PRESS RELEASE ISSUED NOVEMBER 17, 1998
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY
415 N. QUAY STREET
KENNEWICK, WA 99336
509-735-9092 (O)
509-783-5475 (FAX)
EST ANNOUNCES 3rd QUARTER 1998 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- November 17, 1998 --- Electronic Systems Technology
Inc. (EST) (OTC: ELST), a manufacturer of wireless modems, today
announced sales and results of operations for the three and nine month
periods ended September 30, 1998.
EST reported sales for the third quarter 1998 in the amount of $250,562
compared to $366,869 for the same quarter in 1997. Net income was $9,817, or
$0.002 per share, compared with net income of $70,995, or $0.01 per share,
for the third quarter of 1997. For the nine month period, EST reported net
income of $82,093 or $0.01 per share on sales of $967,678 compared with net
income of $93,691 or $0.02 per share on sales of $913,763 for the same period in
1997.
Selected Statement of Operations Information
(Unaudited)
Three Months Ended Nine Months Ended
Sept 30 Sept 30 Sept 30 Sept 30
1998 1997 1998 1997
-------- -------- -------- --------
Sales $ 250,562 $ 366,869 $ 967,678 $ 913,763
Net income before tax 14,874 107,567 124,384 141,956
Net Income 9,817 70,995 82,093 93,691
Weighted average common
shares outstanding 5,567,612 5,480,843 5,567,612 5,480,843
Basic Earnings per Share $ 0.002 0.01 $ 0.01 0.02
Diluted Earnings per Share $ 0.002 0.01 $ 0.01 0.02
Selected Balance Sheet Information
(Unaudited)
Sept 30 December 31
1998 1997
-------- -----------
Cash and cash equivalents $1,485,478 $1,466,760
Total current assets 2,082,364 2,065,479
Property & equipment (net) 120,315 132,924
Total assets 2,234,403 2,205,811
Total current liabilities 73,248 77,213
Long-term debt -0- -0-
Stockholders' equity 2,161,155 2,128,598
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.
www.esteem.com
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.