{"id":411397,"date":"2021-01-08T17:03:12","date_gmt":"2021-01-08T22:03:12","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411397"},"modified":"2021-01-08T17:03:12","modified_gmt":"2021-01-08T22:03:12","slug":"etc-announces-fiscal-2020-full-year-and-fourth-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/","title":{"rendered":"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results"},"content":{"rendered":"
\n

SOUTHAMPTON, Pa., Jan. 08, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation <\/em><\/strong>(OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the fifty-three week period ended February 28, 2020 (\u201cfiscal 2020\u201d) and the thirteen week period ended February 28, 2020 (the \u201c2020 fourth quarter\u201d).<\/p>\n

Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cFiscal 2020 was a challenging year as future projects were delayed and that challenge continued as ETC entered fiscal 2021 in the early stages of a global pandemic. ETC has remained open throughout, continues to develop products in each of its business units, and is working diligently with its customers to convert a solid pipeline into purchase orders.\u201d<\/p>\n

\n
\n Fiscal 2020 Results of Operations<\/u>
\n <\/strong>\n <\/p>\n

\n
\n Bookings \/ Sales Backlog<\/em>
\n <\/strong>\n <\/p>\n

Bookings in fiscal 2020 were $15.5 million, leaving our sales backlog as of February 28, 2020, which represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer, at $17.1 million compared to $42.2 million as of February 22, 2019.\u00a0 We expect to recognize approximately 83% of the total sales backlog as of February 28, 2020 over the next twelve (12) months and approximately 87% over the next twenty-four (24) months as revenue, with the remainder recognized thereafter.\u00a0 Of the February 28, 2020 sales backlog, $12.1 million, or 70.5%, pertains to International contracts within the Aerospace segment.<\/p>\n

\n
\n Net (Loss) Income Attributable to ETC<\/em>
\n <\/strong>\n <\/p>\n

Net (loss) attributable to ETC was $4.0 million, or $0.29 diluted loss per share, in fiscal 2020, compared to $3.1 million during fiscal 2019, equating to $0.17 diluted earnings per share.\u00a0 The $7.1 million variance is due to the combined effect of an $8.4 million decrease in gross profit, offset, in part, by a $0.7 million decrease in income tax provision, a $0.4 million decrease in operating expenses, and a $0.2 million decrease in interest expense.<\/p>\n

\n
\n Net Sales<\/em>
\n <\/strong>\n <\/p>\n

Net sales for fiscal 2020 were $40.6 million, a decrease of $7.8 million, or 16.2%, compared to fiscal 2019 net sales of $48.4 million.\u00a0 The decrease reflects lower International sales within Aeromedical Training Solutions and of Sterilizers to Domestic customers, offset, in part, by an increase in International sales within the Sterilizers and Environmental business units of our CIS segment.<\/p>\n

\n
\n Gross Profit<\/em>
\n <\/strong>\n <\/p>\n

Gross profit for fiscal 2020 was $9.0 million compared to $17.4 million in fiscal 2019, a decrease of $8.4 million, or 48.2%.\u00a0 The decrease in gross profit was due to the combination of lower net sales and a lower blended gross profit margin as a percentage of net sales, which decreased to 22.1% in fiscal 2020 compared to 35.9% in fiscal 2019.\u00a0 The decrease in gross profit margin as a percentage of net sales was due to the completion and delivery of two (2) significant International ATS contracts during fiscal 2019, which resulted in the Company entering fiscal 2020 with a lower backlog comprised of contracts with comparably lower estimated profit booking rates, coupled with increases in the estimated total costs to fulfill performance obligations associated with several contracts, which resulted in a reduction to the profit booking rates.\u00a0 The shift in concentration of net sales from International sales within the Aerospace segment in fiscal 2019 to sales within the CIS segment in fiscal 2020 also contributed to the decrease in gross profit margin as a percentage of net sales.<\/p>\n

\n
\n Operating Expenses<\/em>
\n <\/strong>\n <\/p>\n

Operating expenses, including sales and marketing, general and administrative, and research and development, for fiscal 2019 were $11.6 million, a decrease of $0.4 million, or 3.2%, compared to $12.0 million for fiscal 2019.\u00a0 The decrease in operating expenses was due primarily to a reduction in selling and marketing expenses related to a decrease in commission expense based on a lower concentration of International sales related to ATS products, and a reduction in headcount of four (4) employees who were committed to sales and marketing functions.\u00a0 This decrease was offset, in part, by an increase in research and development expenses as a result of a lower backlog and more research and development employees being assigned to development projects versus customer contracts; thus, expenses related to these employees were excluded from cost of sales in fiscal 2020.\u00a0 The most noteworthy of these development projects being a new general aviation trainer \u2013 the GAT-III Fixed Wing Aviation Trainer, which includes significant improvements and technological upgrades over its predecessor \u2013 the GAT-II.\u00a0 Most of the Company\u2019s research and development efforts, which were and continue to be a significant cost of its business, are included in cost of sales for applied research for specific contracts, as well as research for feasibility and technology updates.<\/p>\n

\n
\n Interest Expense, Net<\/em>
\n <\/strong>\n <\/p>\n

Interest expense, net, for fiscal 2020 was $0.8 million compared to $1.0 million in fiscal 2019, a decrease of $0.2 million, or 22.3%, due to the combination of an overall lower level of bank borrowing and a decrease in interest rates.<\/p>\n

\n
\n Other Expense, Net<\/em>
\n <\/strong>\n <\/p>\n

Other expense, net, for fiscal 2020 was $0.5 million compared to $0.4 million in fiscal 2019, an increase of $0.1 million, or 14.3%, due primarily to the net effect of assets related to monoplace chambers being written off against the value of the asset purchase agreement.\u00a0 Other expense, net generally consists of bank and letter of credit fees, as well as realized foreign currency exchange gains and losses.<\/p>\n

\n
\n Income Taxes<\/em>
\n <\/strong>\n <\/p>\n

As of February 28, 2020, the Company reviewed the components of its deferred tax assets and determined, based upon all available information, that it is more likely than not that deferred tax assets relating to its federal and state net operating loss (\u201cNOL\u201d) carryforwards and research and development tax credits will not be realized primarily due to uncertainties related to our ability to utilize them before they expire.\u00a0 Accordingly, we have established a $6.8 million valuation allowance for such deferred tax assets that we do not expect to realize.\u00a0 If there is a change in our ability to realize our deferred tax assets for which a valuation allowance has been established, then our tax valuation allowance may decrease in the period in which we determine that realization is more likely than not.<\/p>\n

An income tax provision of $12 thousand was recorded in fiscal 2020 compared to an income tax provision of $0.7 million recorded in fiscal 2019.\u00a0 Effective tax rates were -0.3% and 17.9% for fiscal 2020 and fiscal 2019, respectively.\u00a0 The decrease in the effective tax rate for fiscal 2020 as compared to fiscal 2019 was driven primarily by the operating loss incurred in fiscal 2020 and the offsetting valuation allowance that was recorded against the increase in deferred tax assets relating primarily to federal NOL carryforwards.<\/p>\n

\n
\n Fiscal 2020 Fourth Quarter Results of Operations<\/u>
\n <\/strong>\n <\/p>\n

\n
\n Net (Loss) Income Attributable to ETC<\/em>
\n <\/strong>\n <\/p>\n

Net (loss) attributable to ETC was $1.5 million, or $0.10 diluted loss per share, in the 2020 fourth quarter, compared to $1.2 million during the 2019 fourth quarter, equating to $0.07 diluted earnings per share.\u00a0 The $2.7 million variance is due to the combined effect of a $3.3 million decrease in gross profit and a $0.1 million increase in operating expenses, offset, in part, by a $0.7 million decrease in income taxes.<\/p>\n

\n
\n Net Sales<\/em>
\n <\/strong>\n <\/p>\n

Net sales for the 2020 fourth quarter were $10.0 million, a decrease of $5.6 million, or 35.5%, compared to net sales of $15.6 million for the 2019 fourth quarter.\u00a0 The decrease reflects lower International sales within Aeromedical Training Solutions and of Sterilizers to Domestic customers and monoplace chambers to International customers, offset, in part, by an increase in overall sales within the Environmental and Service and Spares business units of our CIS segment.<\/p>\n

\n
\n Gross Profit<\/em>
\n <\/strong>\n <\/p>\n

Gross profit for the 2020 fourth quarter decreased by $3.3 million, or 58.9%, compared to the 2019 fourth quarter.\u00a0 The decrease in gross profit was due to the combination of lower net sales and a lower blended gross profit margin as a percentage of net sales, which decreased to 23.0% in the 2020 fourth quarter compared to 36.1% in the 2019 fourth quarter. \u00a0The decrease in gross profit margin as a percentage of net sales was due to the completion and delivery of two (2) significant International ATS contracts during fiscal 2019, which resulted in the Company entering fiscal 2020 with a lower backlog comprised of contracts with comparably lower estimated profit booking rates, coupled with increases in the estimated total costs to fulfill performance obligations associated with several contracts, which resulted in a reduction to the profit booking rates.\u00a0 The shift in concentration of net sales from International sales within the Aerospace segment in fiscal 2019 to sales within the CIS segment in fiscal 2020 also contributed to the decrease in gross profit margin as a percentage of net sales.<\/p>\n

\n
\n Operating Expenses<\/em>
\n <\/strong>\n <\/p>\n

Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2020 fourth quarter were $3.5 million, an increase of $0.1 million, or 3.8%, compared to $3.4 million for the 2019 fourth quarter.\u00a0 The slight increase in operating expenses was due primarily to an increase in research and development expenses as a result of a lower backlog and more research and development employees being assigned to development projects versus customer contracts, and an increase in general and administrative expenses at ETC-PZL, offset, in part, by a reduction in selling and marketing expenses related to a decrease in commission expense based on a lower concentration of International sales related to ATS products, and a reduction in headcount of four (4) employees who were committed to sales and marketing functions.<\/p>\n

\n
\n Interest Expense, Net<\/em>
\n <\/strong>\n <\/p>\n

Interest expense, net, for both the 2020 fourth quarter and the 2019 fourth quarter was $0.2 million.<\/p>\n

\n
\n Other Expense, Net<\/em>
\n <\/strong>\n <\/p>\n

Other expense, net, which is comprised of primarily realized foreign currency exchange gains and losses and letter of credit fees, was $0.1 million for both the 2020 fourth quarter and the 2019 fourth quarter.<\/p>\n

\n
\n Income Taxes<\/em>
\n <\/strong>\n <\/p>\n

An income tax benefit of $48 thousand was recorded in the 2020 fourth quarter compared to an income tax provision of $0.6 million recorded in the 2019 fourth quarter.\u00a0 Effective tax rates were 3.1% and 34.1% for the 2020 fourth quarter and the 2019 fourth quarter, respectively.\u00a0 The decrease in the effective tax rate for the 2020 fourth quarter as compared to the 2019 fourth quarter was driven primarily by the operating loss incurred in the 2020 fourth quarter and the offsetting valuation allowance that was recorded against the increase in deferred tax assets relating primarily to federal NOL carryforwards.<\/p>\n

\n
\n Liquidity and Capital Resources<\/u>
\n <\/strong>\n <\/p>\n

As of February 28, 2020, the Company\u2019s availability under the Revolving Line of Credit was $2.2 million.\u00a0 This reflected cash borrowings of $20.1 million and net outstanding standby letters of credit not covered by the Committed Line of Credit of approximately $2.7 million.\u00a0 As of January 5, 2021, the date of our most current Revolving Line of Credit statement, the Company\u2019s availability under the Revolving Line of Credit was approximately $3.6 million.\u00a0 The Company had working capital of $18.6 million as of February 28, 2020 compared to working capital of $13.7 million as of February 22, 2019.\u00a0 The increase in working capital was primarily the result of an increase in accounts receivable.\u00a0 With unused availability under the Company\u2019s various current lines of credit, the conversion of contract assets into cash, the collection of milestone payments associated with several International contracts, and expected deposits on fiscal 2021 bookings, the Company anticipates its sources of liquidity will be sufficient to fund its operating activities, anticipated capital expenditures, and debt repayment obligations throughout fiscal 2021.<\/p>\n

\n
\n Cash flows from operating activities<\/em>
\n <\/strong>\n <\/p>\n

During fiscal 2020, due primarily from the net losses incurred, the increase in accounts receivable and contract assets, and the decrease in contract liabilities, offset, in part, by the increase in accounts payable and other accrued liabilities, the Company used $9.3 million of cash for operating activities compared to generating $13.3 million in fiscal 2019.<\/p>\n

\n
\n Cash flows from investing activities<\/em>
\n <\/strong>\n <\/p>\n

Cash used for investing activities primarily relates to funds used for capital expenditures in property, plant, and equipment and software development.\u00a0 The Company\u2019s fiscal 2020 and fiscal 2019 investing activities used $0.3 million, which consisted primarily of equipment and software enhancements for our ATFS and ADMS technologies, and costs to upgrade existing information technology systems and enhance our manufacturing and ETSS testing capabilities.<\/p>\n

\n
\n Cash flows from financing activities<\/em>
\n <\/strong>\n <\/p>\n

During fiscal 2020, the Company\u2019s financing activities provided $7.7 million of cash from borrowings under the Company\u2019s various lines of credit.\u00a0 During fiscal 2019, the Company\u2019s financing activities used $8.5 million of cash for repayments under the Company\u2019s various lines of credit.<\/p>\n

\n
\n About ETC<\/u>
\n <\/strong>\n <\/p>\n

ETC was incorporated in 1969 in Pennsylvania.\u00a0 For five decades, we have provided our customers with products, services, and support.\u00a0 Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success.\u00a0 We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (\u201cATS\u201d); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (\u201cADMS\u201d); (v) steam and gas (ethylene oxide) sterilizers; (vi) environmental testing and simulation systems (\u201cETSS\u201d); and (vii) hyperbaric (100% oxygen) chambers for one person (monoplace chambers).<\/p>\n

We operate in two primary business segments, Aerospace Solutions (\u201cAerospace\u201d) and Commercial\/ Industrial Systems (\u201cCIS\u201d).\u00a0 Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (\u201cILS\u201d) for customers who purchase these products or similar products manufactured by other parties.\u00a0 These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs.\u00a0 Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations.\u00a0 CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; (ii) ETSS; and (iii) hyperbaric (100% oxygen) chambers for one person (monoplace chambers), as well as parts and service support for customers who purchase these products or similar products manufactured by other parties.\u00a0 Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.<\/p>\n

On November 27, 2019, the Company entered into an asset purchase agreement to sell substantially all of its rights, title, and interest in and to the assets related to monoplace chambers.<\/p>\n

ETC-PZL Aerospace Industries Sp. z o.o. (\u201cETC-PZL\u201d), our 95%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary.\u00a0 ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.<\/p>\n

The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (\u201cFMS\u201d) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including altitude (hypobaric) and multiplace chambers (\u201cChambers\u201d), and the simulators manufactured and sold through ETC-PZL, collectively, Aeromedical Training Solutions.\u00a0 The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS.\u00a0 Net sales of ADMS and monoplace chambers are generally much shorter term in nature and vary between domestic and international customers.\u00a0 We generally provide our products and services under fixed-price contracts.<\/p>\n

ETC\u2019s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition.\u00a0 ETC is headquartered in Southampton, PA.\u00a0 For more information about ETC, visit http:\/\/www.etcusa.com\/<\/a>.<\/p>\n

\n
\n Forward-looking Statements<\/u>
\n <\/strong>
\n \n <\/p>\n

This news release contains forward-looking statements, which are based on management\u2019s expectations and are subject to uncertainties and changes in circumstances.\u00a0 Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201cexpect\u201d, \u201cplan\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cestimate\u201d, \u201cfuture\u201d, \u201cpredict\u201d, \u201cpotential\u201d, \u201cintend\u201d, or \u201ccontinue\u201d, and similar expressions.\u00a0 We base our forward-looking statements on our current expectations and projections about future events or future financial performance.\u00a0 Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements.\u00a0 We caution you not to place undue reliance on these forward-looking statements.<\/p>\n\n\n\n\n
Contact:<\/td>\nMark Prudenti, CFO<\/td>\n<\/tr>\n
Phone:<\/td>\n(215) 355-9100 x1531<\/td>\n<\/tr>\n
E-mail:<\/td>\n\n mprudenti@etcusa.com<\/a>
\n \n <\/td>\n<\/tr>\n<\/table>\n

– Financial Tables Follow –<\/p>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Table A<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n ENVIRONMENTAL TECTONICS CORPORATION<\/strong>\n <\/td>\n<\/tr>\n
\n SUMMARY TABLE OF RESULTS<\/strong>\n <\/td>\n<\/tr>\n
(in thousands, except per share information)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n Fifty-three weeks ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Fifty-two weeks ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Variance<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 22-Feb-19<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0 40,580<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0 48,424<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0 (7,844<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -16.2<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n31,623<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,027<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 8,957<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 17,397<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (8,440<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -48.5<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Gross profit margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 22.1<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 35.9<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -13.8<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n -38.4<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\u00a0<\/td>\n11,678<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(386<\/td>\n)<\/td>\n\u00a0<\/td>\n-3.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (2,721<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5,333<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (8,054<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Operating margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -6.7<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 11.0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -17.7<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n779<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,003<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(224<\/td>\n)<\/td>\n\u00a0<\/td>\n-22.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expense, net<\/td>\n\u00a0<\/td>\n497<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n434<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Loss) income before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (3,997<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,896<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (7,893<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Pre-tax margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -9.8<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 8.0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -17.8<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax provision<\/td>\n\u00a0<\/td>\n12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n698<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(686<\/td>\n)<\/td>\n\u00a0<\/td>\n-98.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (4,009<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,198<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (7,207<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Income attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n(9<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(51<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n42<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n-82.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income attributable to ETC<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (4,018<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,147<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (7,165<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Preferred Stock dividends<\/td>\n\u00a0<\/td>\n(493<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(484<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9<\/td>\n)<\/td>\n\u00a0<\/td>\n1.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Loss) income attributable to common and<\/strong>
\n
\n participating shareholders<\/strong>\n <\/td>\n		\n $<\/strong>\n <\/td>\n\n \u00a0 \u00a0\u00a0(4,511<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0 \u00a0\u00a0\u00a0\u00a02,663<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0 (7,174<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Per share information:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic (loss) earnings per common and
\u00a0\u00a0\u00a0\u00a0 participating share:<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distributed earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n0.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.08<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed (loss) earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n(0.29<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.46<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n(0.29<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.46<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted (loss) earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.29<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.17<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0 \u00a0(0.46<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total basic weighted average common and
participating shares<\/td>\n		\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,559<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total diluted weighted average shares<\/td>\n\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,561<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Table B<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n ENVIRONMENTAL TECTONICS CORPORATION<\/strong>\n <\/td>\n<\/tr>\n
\n SUMMARY TABLE OF RESULTS<\/strong>\n <\/td>\n<\/tr>\n
(in thousands, except per share information)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0Thirteen weeks ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Variance<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 22-Feb-19<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0 \u00a010,046<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0 \u00a015,586<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0(5,540<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -35.5<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n7,735<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,964<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,229<\/td>\n)<\/td>\n\u00a0<\/td>\n-22.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,311<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5,622<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (3,311<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -58.9<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Gross profit margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 23.0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 36.1<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -13.1<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n -36.3<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating expenses<\/td>\n\u00a0<\/td>\n3,513<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,383<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n130<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,202<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,239<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (3,441<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Operating margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -12.0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 14.4<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -26.4<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n\u00a0<\/td>\n220<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/td>\n\u00a0<\/td>\n-9.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expense, net<\/td>\n\u00a0<\/td>\n127<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n145<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(18<\/td>\n)<\/td>\n\u00a0<\/td>\n-12.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Loss) income before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,549<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,850<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (3,399<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n
\n \u00a0\u00a0\u00a0\u00a0 Pre-tax margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -15.4<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 11.9<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -27.3<\/em>
\n <\/strong>\n <\/td>\n		\n
\n %<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n		\n
\n \u00a0<\/em>
\n <\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax (benefit) provision<\/td>\n\u00a0<\/td>\n(48<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n630<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(678<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,501<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,220<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (2,721<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Loss (income) attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n33<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(40<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net (loss) income attributable to ETC<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,468<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,180<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (2,648<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Preferred Stock dividends<\/td>\n\u00a0<\/td>\n(121<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(121<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Loss) income attributable to common and<\/strong>
\n
\n participating shareholders<\/strong>\n <\/td>\n		\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0(1,589<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a01,059<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0(2,648<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Per share information:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic (loss) earnings per common and
\u00a0\u00a0\u00a0\u00a0 participating share:<\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distributed earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed (loss) earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n(0.10<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.07<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Diluted (loss) earnings per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.10<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.07<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.17<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total basic weighted average common and
participating shares<\/td>\n		\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total diluted weighted average shares<\/td>\n\u00a0<\/td>\n15,569<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,570<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n

\n Table C<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n ENVIRONMENTAL TECTONICS CORPORATION<\/strong>\n <\/td>\n<\/tr>\n
\n OTHER SELECTED FINANCIAL HIGHLIGHTS<\/strong>\n <\/td>\n<\/tr>\n
\n (amounts in thousands)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n Fifty-three weeks ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Fifty-two weeks ended<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Thirteen weeks ended<\/strong>\n <\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 22-Feb-19<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 22-Feb-19<\/strong>\n <\/td>\n<\/tr>\n
EBITDA<\/td>\n$<\/td>\n(2,011<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n6,062<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,014<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n2,400<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n As of<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 22-Feb-19<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Working capital<\/td>\n$<\/td>\n17,979<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,673<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total shareholders\u2019 equity<\/td>\n$<\/td>\n8,023<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,537<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

* In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d), we also disclose Earnings Before Income Taxes, Depreciation, and Amortization (\u201cEBITDA\u201d).\u00a0 The presentation of a non-U.S. GAAP financial measure such as EBITDA is intended to enhance the usefulness of financial information by providing a measure that management uses internally to evaluate our expenses and operating performance and factors into several of our financial covenant calculations.<\/p>\n

A reader may find this item important in evaluating our performance.\u00a0 Management compensates for the limitations of using non-U.S. GAAP financial measures by using them only to supplement our U.S. GAAP results to provide a more complete understanding of the factors and trends affecting our business.<\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

SOUTHAMPTON, Pa., Jan. 08, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the fifty-three week period ended February 28, 2020 (\u201cfiscal 2020\u201d) and the thirteen week period ended February 28, 2020 (the \u201c2020 fourth quarter\u201d). Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cFiscal 2020 was a challenging year as future projects were delayed and that challenge continued as ETC entered fiscal 2021 in the early stages of a global pandemic. ETC has remained open throughout, continues to develop products in each of its business units, and is working diligently with its customers to convert a solid pipeline into purchase orders.\u201d Fiscal 2020 Results of … <\/p>\n

Continue reading “ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411397","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SOUTHAMPTON, Pa., Jan. 08, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the fifty-three week period ended February 28, 2020 (\u201cfiscal 2020\u201d) and the thirteen week period ended February 28, 2020 (the \u201c2020 fourth quarter\u201d). Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cFiscal 2020 was a challenging year as future projects were delayed and that challenge continued as ETC entered fiscal 2021 in the early stages of a global pandemic. ETC has remained open throughout, continues to develop products in each of its business units, and is working diligently with its customers to convert a solid pipeline into purchase orders.\u201d Fiscal 2020 Results of … Continue reading "ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-08T22:03:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMjkzNCMzOTA5NTc2IzIwMDY5MTk=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results\",\"datePublished\":\"2021-01-08T22:03:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/\"},\"wordCount\":3031,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODEyMjkzNCMzOTA5NTc2IzIwMDY5MTk=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\\\/\",\"name\":\"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/","og_locale":"en_US","og_type":"article","og_title":"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - Market Newsdesk","og_description":"SOUTHAMPTON, Pa., Jan. 08, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the fifty-three week period ended February 28, 2020 (\u201cfiscal 2020\u201d) and the thirteen week period ended February 28, 2020 (the \u201c2020 fourth quarter\u201d). Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cFiscal 2020 was a challenging year as future projects were delayed and that challenge continued as ETC entered fiscal 2021 in the early stages of a global pandemic. ETC has remained open throughout, continues to develop products in each of its business units, and is working diligently with its customers to convert a solid pipeline into purchase orders.\u201d Fiscal 2020 Results of … Continue reading \"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-08T22:03:12+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMjkzNCMzOTA5NTc2IzIwMDY5MTk=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"15 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results","datePublished":"2021-01-08T22:03:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/"},"wordCount":3031,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMjkzNCMzOTA5NTc2IzIwMDY5MTk=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2020-full-year-and-fourth-quarter-results\/","name":"ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - 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