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Electronic Systems Technology Announces 2nd Quarter 2014 Financial Information

KENNEWICK, Wash., Aug. 4, 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 and six month periods ended June 30, 2014.

EST reported sales for the second quarter 2014, of $532,262, compared to sales of $493,607 for the same quarter in 2013. For the second quarter of 2014 the Company recorded Net Income of $12,912, or $0.00 per share, compared to a Net Loss of $(6,291), or $(0.00), for the second quarter of 2013. EST recorded a Net Income of $6,692 or $0.00 per share on sales of $1,032,086 for the six month period ended June 30, 2014, compared with a Net Loss of $(51,903) or $(0.01) per share on sales of $907,020 for the same period in 2013.

Selected Statement of Operations Information
(Unaudited)
Three Months Ended Six Months Ended
June 30,
2014
June 30,
2013
June 30,
2014
June 30,
2013
Sales $ 532,262 $ 493,607 $ 1,032,086 $ 907,020
Net income (loss) before tax 13,812 (11,669) 7,622 (76,042)
Net Income (loss) 12,912 (6,291) 6,962 (51,903)
Weighted average common
Shares outstanding 5,158,667 5,158,667 5,158,667 5,158,667
Basic Earnings (Loss) per Share $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Diluted Earnings (Loss) per Share $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Selected Balance Sheet Information
(Unaudited)
June 30,
2014
December 31,
2013
Cash and cash equivalents $ 880,715 $ 896,580
Total current assets 3,024,639 3,047,689
Property & equipment (net) 66,898 31,372
Total assets 3,136,412 3,128,744
Total current liabilities 67,472 63,911
Long-term debt -0- -0-
Stockholders' equity 3,068,940 3,128,744

Contact Mike Eller at Electronic Systems Technology, Inc. for additional information.

Source:Electronic Systems Technology, Inc.