Waukesha-based Electronic Tele-Communications Inc. today said it recovered from its year-ago loss in the fourth quarter of 2015 through workforce reductions.
ETC distributes voice announcers and voice application platforms to telephone utilities under the Audichron and Digicept brands.
The company today reported fourth quarter net income of $41,800, or 2 cents per share, compared with a net loss of $51,678, or 2 cents lost per share, in the fourth quarter of 2014. Company representatives were not available to discuss the specifics of the workforce reductions.
Operating income totaled $50,098, compared with an operating loss of $45,667 in the same period a year ago. The company reduced its cost of products sold by $33,866 year-over-year. It also cut its operating expenses from $178,273 in the fourth quarter of 2014 to $73,736 in the fourth quarter of 2015.
Fourth quarter revenue was $213,527, down from $256,165 in the fourth quarter of 2014.
For the full year, ETC reported a net loss of $290,116, compared with a net loss of $97,135 in 2014.
The company’s 2015 operating loss was $29,343, compared with an operating loss of $23,592 in 2014.
And full-year revenue was $837,845, down from $1.5 million last year.
"The reduction in employment levels and related expenses, along with year-end equipment sales, allowed ETC to show a profit for the fourth quarter,” Elizabeth Danner, president of ETC, said in a statement. “However, that was not enough to offset the losses over the previous nine months of 2015, which was reflected in the loss for the year. Sales of the Digicept Emcee have continued to improve in the first quarter of 2016 and the cost reduction controls remain in effect. Both cash flows and earnings are currently ahead of where they were at this time in 2015."