KENNEWICK, Wash., May 9, 2014 (GLOBE NEWSWIRE) -- 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, 2014.
EST reported sales for the first quarter 2014 of $499,824 compared to $413,413 for the same quarter in 2013. Gross revenues for the first quarter of 2014 increased to $502,373, compared with gross revenues of $415,402 in the first quarter of 2013. The Company recorded a net loss for the first quarter of 2014 of $(5,950) or $(0.00) per share, compared with a net loss of $(45,612) or $(0.01) per share for the first quarter of 2013.
| Selected Statement of Operations Information | ||
| (Unaudited) | ||
| Three Months Ended | ||
| March 31, | March 31, | |
| 2014 | 2013 | |
| Sales | $499,824 | $413,413 |
| Other Revenues | 2,549 | 1,989 |
| Gross Revenues | $502,373 | $415,402 |
| Net Income (loss) before tax | (6,190) | (64,373) |
| Net Income (loss) | (5,950) | (46,612) |
| 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, | December 31, | |
| 2014 | 2013 | |
| Cash and cash equivalents | $681,952 | $896,581 |
| Total current assets | 3,036,170 | 3,047,690 |
| Property & equipment (net) | 39,600 | 31,372 |
| Total assets | 3,117,156 | 3,128,744 |
| Total current liabilities | 61,128 | 69,011 |
| Long-term debt | -0- | -0- |
| Stockholders' equity | 3,056,028 | 3,059,733 |
Contact Mike Eller at Electronic Systems Technology, Inc. for additional information.