Electronic Systems Technology Announces 3rd Quarter 2001 Financial Information.Business Editors & Technology Writers KENNEWICK Kennewick (kĕn`əwĭk), city (1990 pop. 42,155), Benton co., SE Wash., on the Columbia River near the influx of the Snake River, in an irrigated farm and vineyard region; inc. 1904. , Wash.--(BUSINESS WIRE)--Nov. 15, 2001 Electronic Systems Technology Inc. (EST EST electroshock therapy. EST abbr. electroshock therapy ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ELST ELST East Lake Sammamish Trail (Washington) ), a manufacturer of wireless modems A modem and antenna that transmits and receives over the air. Wireless modems support several technologies, including 802.11, Bluetooth, CDPD, DataTAC, Mobitex and Ricochet. There are wireless modems for laptops, handhelds and cellphones. , today announced sales and results of operations for the three and nine month periods ended September September: see month. 30, 2001. EST reported sales for the third quarter of 2001 in the amount of $506,242 compared to $432,439 for the same quarter in 2000, reflecting an increase of 17% from the same quarter of 2000. Net income was $81,574, or $0.014 per share, compared with net income of $43,525, or $0.008 per share, for the third quarter of 2000. For the nine-month period, EST recorded net income of $1,026 or $0.00 per share on sales of $927,970 for the nine month period ended September 30, 2001, compared with a net income of $24,124 or $0.004 per share on sales of $1,021,365 for the same period in 2000. Electronic Systems Technology, a publicly held Company since 1984, was the first Company to develop the wireless modem and receive the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. patent for this technology. Contact EST for more details.
Selected Statement of Operations Information
(Unaudited)
Three Months Ended Nine Months Ended
Sept 30 Sept 30 Sept 30 Sept 30
2001 2000 2001 2000
--------- --------- --------- -----------
Sales $ 506,242 $ 432,439 $ 927,970 $ 1,021,365
Income (loss) before tax 123,596 65,947 1,244 36,550
Net Income (loss) 81,574 43,525 1,026 24,124
Weighted average common
shares outstanding 5,642,914 5,744,992 5,642,914 5,744,992
Basic Earnings
(Loss) per share $ 0.014 0.008 $ 0.00 0.004
Diluted Earning
(Loss) per share $ 0.014 0.008 $ 0.00 0.004
Selected Balance Sheet Information
(Unaudited)
Sept 30 December 31
2001 2000
----------- -----------
Cash and cash equivalents $ 1,441,582 $ 1,452,287
Total current assets 2,233,363 2,225,136
Property & equipment (net) 174,111 175,722
Total assets 2,425,185 2,407,871
Total current liabilities 103,713 99,725
Long-term debt -0- -0-
Stockholders' equity 2,321,472 2,308,146
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