TEL Electronics Inc., a company that designs, produces and sells proprietary microprocessor-based telephone call accounting, telephone management, line scanner and other systems for use in the lodging industry, is reporting a net loss of $140,837 for the year ending Dec. 31, 1990, compared to a net income of $120,336 for 1989.
The company reported net sales of $2,586,801 for the year, an increase of 3 percent compared to net sales of $2,514,212 in 1989 and an increase of 21 percent compared to net sales of $2,131,204 for 1988.The net loss for 1990 is the first for the company since 1986. President John L. Gunter said, "This year has been unusual at TEL in many ways. Heavy investments in new products and acquisition activities left us with a net loss in the first half of the year. As we moved on, we expected the last half of the year to be a record period for sales, and our third quarter was a record quarter for the company, but the economic situation hit TEL hard at the end of the year."
"In spite of a decline in sales for the fourth quarter, the company is still in good position to take advantage of new markets in property management systems and voice mail processing, while maintaining sales call accounting products.".