{"id":424252,"date":"2021-01-28T17:03:09","date_gmt":"2021-01-28T22:03:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=424252"},"modified":"2021-01-28T17:03:09","modified_gmt":"2021-01-28T22:03:09","slug":"etc-announces-fiscal-2021-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/etc-announces-fiscal-2021-third-quarter-results\/","title":{"rendered":"ETC Announces Fiscal 2021 Third Quarter Results"},"content":{"rendered":"
\n

SOUTHAMPTON, Pa., Jan. 28, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation <\/em><\/strong>(OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the thirteen week period ended November 27, 2020 (the \u201c2021 third quarter\u201d) and the thirty-nine week period ended November 27, 2020 (the \u201c2021 first three quarters\u201d).<\/p>\n

Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cWe were forced to implement temporary cost reductions in the 2021 third quarter to help stem the tide of the economic impact caused by the lock downs in reaction to the COVID-19 global pandemic. We hope that these temporary cost reductions can be lifted as we enter into what hopefully is a brighter fiscal 2022.\u201d<\/p>\n

\n
\n Fiscal 2021 Third Quarter Results of Operations<\/u>
\n <\/strong>\n <\/p>\n

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

Net loss attributable to ETC was $1.8 million, or $0.12 diluted loss per share, in the 2021 third quarter, compared to $2.5 million during the 2020 third quarter, equating to $0.17 diluted loss per share. The $0.7 million improvement is due to the combined effect of a $1.3 million decrease in operating expenses and a $58 thousand decrease in other expense, net, offset, in part, by a $0.7 million decrease in gross profit.<\/p>\n

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

Net sales in the 2021 third quarter were $3.3 million, a decrease of $4.4 million, or 57.1%, compared to 2020 third quarter net sales of $7.7 million. The decrease reflects lower International sales, especially within Aeromedical Training Solutions, lower Domestic sales, especially within the Environmental business unit, and lower monoplace chambers sales as a result of the asset sale on November 27, 2019.<\/p>\n

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

Gross profit for the 2021 third quarter was $5 thousand compared to $719 thousand in the 2020 third quarter, a decrease of $0.7 million, or 99.3%. The decrease in gross profit was due to lower net sales not being able to support fixed overhead expenses. Lower net sales were generated due to the combination of a lower backlog entering fiscal 2021 compounded with the effects of the COVID-19 global pandemic, which greatly impacted the Company\u2019s ability to generate bookings, especially internationally. Gross profit margin as a percentage of net sales decreased to 0.2% for the 2021 third quarter compared to 9.3% for the 2020 third quarter.<\/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 2021 third quarter were $1.6 million, a decrease of $1.3 million, or 44.8%, compared to $2.9 million for the 2020 third quarter. The decrease in operating expenses occurred across all three classifications due to the combined effect of a reduction in both headcount and the temporary implementation of a four-day work week for most employees as a result of a lack of work stemming from lock downs in reaction to the COVID-19 global pandemic. The reduction in selling and marketing expenses was further enhanced by a decrease in commission expense based on a lower concentration of International sales related to ATS products and a decrease in travel caused by the COVID-19 global pandemic.<\/p>\n

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

Other expense, net for the 2021 third quarter was $52 thousand compared to $110 thousand for the 2020 third quarter, a decrease of $58 thousand due primarily to lower letter of credit fees and realized exchange gains on foreign currency.<\/p>\n

\n
\n Fiscal 2021 First Three Quarters Results of Operations<\/u>
\n <\/strong>\n <\/p>\n

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

Net loss attributable to ETC was $5.1 million, or $0.35 diluted loss per share, in the 2021 first three quarters, compared to $2.5 million during the 2020 first three quarters, equating to $0.19 diluted loss per share. The $2.6 million variance is due to the combined effect of a $5.3 million decrease in gross profit, offset, in part, by a $2.3 million decrease in operating expenses, a $0.3 million decrease in other expense, net, and a $52 thousand decrease in interest expense, net.<\/p>\n

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

Net sales in the 2021 first three quarters were $12.6 million, a decrease of $17.9 million, or 58.8%, compared to 2020 first three quarters net sales of $30.5 million. The decrease reflects lower International sales, especially within Aeromedical Training Solutions, lower Domestic sales, especially within Simulation, lower overall Sterilizers and ETSS sales, and lower monoplace chambers sales as a result of the asset sale on November 27, 2019, offset, in part, by an increase in U.S. Government sales within Aeromedical Training Solutions in conjunction with the U.S. Air Force\u2019s final acceptance of the RAC Contract.<\/p>\n

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

Gross profit for the 2021 first three quarters was $1.3 million compared to $6.6 million in the 2020 first three quarters, a decrease of $5.3 million, or 80.4%. The decrease in gross profit was due to lower net sales not being able to support fixed overhead expenses. Lower net sales were generated due to the combination of a lower backlog entering fiscal 2021 compounded with the effects of the COVID-19 global pandemic, which not only impacted the Company\u2019s ability to generate bookings, especially internationally, but also forced the closure of our corporate headquarters and main production plant for about one-third of the 2021 first quarter in accordance with Pennsylvania state mandates. Gross profit margin as a percentage of net sales decreased to 10.3% for the 2021 first three quarters compared to 21.8% for the 2020 first three quarters.<\/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 2021 first three quarters were $5.9 million, a decrease of $2.3 million, or 27.8%, compared to $8.2 million for the 2020 first three quarters. The decrease in operating expenses was due primarily to lower selling and marketing expenses, which included a decrease in commission expense based on a lower concentration of International sales related to ATS products, a reduction in headcount, and a decrease in travel caused by the COVID-19 global pandemic.<\/p>\n

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

Interest expense, net for the 2021 first three quarters was $507 thousand compared to $559 thousand for the 2020 first three quarters, a decrease of $52 thousand due primarily to lower interest rates.<\/p>\n

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

Other expense, net for the 2021 first three quarters was $40 thousand compared to $370 thousand for the 2020 first three quarters, a decrease of $0.3 million due primarily to lower letter of credit fees and realized exchange gains on foreign currency.<\/p>\n

\n
\n Cash Flows from Operating, Investing, and Financing Activities<\/u>
\n <\/strong>\n <\/p>\n

During the 2021 first three quarters, due primarily from the net loss incurred and the decrease in accounts payable, offset, mostly by the decrease in accounts receivable and contract assets, the Company used $0.5 million of cash for operating activities compared to $10.5 million during the 2020 first three quarters. Under Accounting Standards Codification (\u201cASC\u201d) 606, these accounts represent the timing differences of spending on production activities versus the billing and collecting of customer payments.<\/p>\n

Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company\u2019s investing activities used $0.1 million during the 2021 first three quarters compared to $0.2 million during the 2020 first three quarters.<\/p>\n

The Company\u2019s financing activities provided $20 thousand of cash during the 2021 first three quarters with proceeds from the Payroll Protection Program loan mostly offsetting repayments under the Company\u2019s credit facility compared to $7.0 million during the 2020 first three quarters exclusively from borrowings under the Company\u2019s credit facility.<\/p>\n

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

ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. 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 prevention and 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). 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

We operate in two primary business segments, Aerospace Solutions (\u201cAerospace\u201d) and Commercial\/ Industrial Systems (\u201cCIS\u201d). 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. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. 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. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.<\/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. 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. The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS. Net sales of ADMS and monoplace chambers are generally much shorter term in nature and vary between domestic and international customers. 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. ETC is headquartered in Southampton, PA. For more information about ETC, visit http:\/\/www.etcusa.com\/<\/u><\/a>.<\/p>\n

______________<\/p>\n

\n
\n Forward-looking Statements<\/u>
\n <\/strong>\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. 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. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. 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. 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>\u00a0<\/td>\n<\/tr>\n<\/table>\n

– Financial Tables Follow –<\/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
\u00a0<\/td>\n<\/tr>\n
\n Table A<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/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
\u00a0<\/td>\n\n Thirteen weeks ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Variance<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 27-Nov-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 29-Nov-19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\u00a0<\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 3,305<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 7,706<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (4,401<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n -57.1<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n3,300<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,987<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,687<\/td>\n)<\/td>\n\u00a0<\/td>\n-52.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 719<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (714<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n -99.3<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Gross profit margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 0.2%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 9.3%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -9.1%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -97.8%<\/em>
\n <\/strong>\n <\/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
Operating expenses<\/td>\n\u00a0<\/td>\n1,585<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,869<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,284<\/td>\n)<\/td>\n\u00a0<\/td>\n-44.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,580<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,150<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 570<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -26.5<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Operating margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -47.8%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -27.9%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -19.9%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 71.3%<\/em>
\n <\/strong>\n <\/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
Interest expense, net<\/td>\n\u00a0<\/td>\n170<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n196<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(26<\/td>\n)<\/td>\n\u00a0<\/td>\n-13.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expense, net<\/td>\n\u00a0<\/td>\n52<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(58<\/td>\n)<\/td>\n\u00a0<\/td>\n-52.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,802<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,456<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 654<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -26.6<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Pre-tax margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -54.5%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -31.9%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -22.6%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 70.8%<\/em>
\n <\/strong>\n <\/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
Income tax provision<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n20<\/td>\n\u00a0<\/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 Net loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,822<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,476<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 654<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -26.4<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n26<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n766.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss attributable to ETC<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (1,796<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,473<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 677<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -27.4<\/strong>\n <\/td>\n\u00a0<\/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 attributable to common and<\/strong>
\n
\n participating shareholders<\/strong>\n <\/td>\n		\n $<\/strong>\n <\/td>\n\n (1,917<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,594<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 677<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -26.1<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Per share information:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic earnings (loss) per common and participating share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distributed earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/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$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed loss per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n(0.12<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n-29.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n(0.12<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.17<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n0.05<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n-29.4<\/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
\n Diluted loss per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.12<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.17<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.05<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n -29.4<\/strong>\n <\/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 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>\n15,571<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\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 Table B<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/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
\u00a0<\/td>\n\n Thirty-nine<\/strong>
\n
\n weeks ended<\/strong>\n <\/td>\n		\n Forty<\/strong>
\n
\n weeks ended<\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Variance<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 27-Nov-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 29-Nov-19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\u00a0<\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\n Net sales<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 12,573<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 30,534<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (17,961<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n -58.8<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of goods sold<\/td>\n\u00a0<\/td>\n11,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,888<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,615<\/td>\n)<\/td>\n\u00a0<\/td>\n-52.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross profit<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,300<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 6,646<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (5,346<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n -80.4<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Gross profit margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n 10.3%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 21.8%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -11.5%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -52.8%<\/em>
\n <\/strong>\n <\/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
Operating expenses<\/td>\n\u00a0<\/td>\n5,899<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,165<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,266<\/td>\n)<\/td>\n\u00a0<\/td>\n-27.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Operating loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (4,599<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (1,519<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (3,080<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 202.8<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Operating margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -36.6%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -5.0%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -31.6%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 632.0%<\/em>
\n <\/strong>\n <\/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
Interest expense, net<\/td>\n\u00a0<\/td>\n507<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n559<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52<\/td>\n)<\/td>\n\u00a0<\/td>\n-9.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other expense, net<\/td>\n\u00a0<\/td>\n40<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n370<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(330<\/td>\n)<\/td>\n\u00a0<\/td>\n-89.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (5,146<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,448<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,698<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 110.2<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n
\n Pre-tax margin %<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n
\n -40.9%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -8.0%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n
\n -32.9%<\/em>
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\u00a0<\/td>\n\n
\n 411.3%<\/em>
\n <\/strong>\n <\/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
Income tax provision<\/td>\n\u00a0<\/td>\n60<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60<\/td>\n\u00a0<\/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 Net loss<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (5,206<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,508<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,698<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 107.6<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Loss (income) attributable to non-controlling interest<\/td>\n\u00a0<\/td>\n63<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net loss attributable to ETC<\/strong>\n <\/td>\n\u00a0<\/td>\n\n (5,143<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,550<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (2,593<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 101.7<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred Stock dividends<\/td>\n\u00a0<\/td>\n(363<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(372<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n-2.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Loss attributable to common and<\/strong>
\n
\n participating shareholders<\/strong>\n <\/td>\n		\n $<\/strong>\n <\/td>\n\n (5,506<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,922<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (2,584<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 88.4<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Per share information:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic earnings (loss) per common and participating share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Distributed earnings per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/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$<\/td>\n0.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.06<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n–<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Undistributed loss per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Common<\/td>\n$<\/td>\n(0.35<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.16<\/td>\n)<\/td>\n\u00a0<\/td>\n84.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred<\/td>\n$<\/td>\n(0.35<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.19<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(0.16<\/td>\n)<\/td>\n\u00a0<\/td>\n84.2<\/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
\n Diluted loss per share<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n (0.35<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.19<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n (0.16<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 84.2<\/strong>\n <\/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 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>\n15,573<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\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
(amounts in thousands)<\/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
\u00a0<\/td>\n\n Thirteen weeks ended<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Thirty-nine<\/strong>
\n
\n weeks ended<\/strong>\n <\/td>\n		\n Forty<\/strong>
\n
\n weeks ended<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 27-Nov-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 29-Nov-19<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 27-Nov-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 29-Nov-19<\/strong>\n <\/td>\n<\/tr>\n
EBITDA *<\/td>\n$<\/td>\n(1,324<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(1,951<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(3,726<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n(997<\/td>\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
\u00a0<\/td>\n\n As of<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 27-Nov-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 28-Feb-20<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Working capital<\/td>\n$<\/td>\n(4,363<\/td>\n)<\/td>\n\u00a0<\/td>\n$<\/td>\n17,979<\/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$<\/td>\n2,496<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,023<\/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). 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. 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


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

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SOUTHAMPTON, Pa., Jan. 28, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the thirteen week period ended November 27, 2020 (the \u201c2021 third quarter\u201d) and the thirty-nine week period ended November 27, 2020 (the \u201c2021 first three quarters\u201d). Robert L. Laurent, Jr., ETC\u2019s Chief Executive Officer and President stated, \u201cWe were forced to implement temporary cost reductions in the 2021 third quarter to help stem the tide of the economic impact caused by the lock downs in reaction to the COVID-19 global pandemic. We hope that these temporary cost reductions can be lifted as we enter into what hopefully is a brighter fiscal 2022.\u201d Fiscal 2021 Third Quarter … <\/p>\n

Continue reading “ETC Announces Fiscal 2021 Third 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-424252","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nETC Announces Fiscal 2021 Third 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-2021-third-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 2021 Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SOUTHAMPTON, Pa., Jan. 28, 2021 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (\u201cETC\u201d or the \u201cCompany\u201d) today reported its financial results for the thirteen week period ended November 27, 2020 (the \u201c2021 third quarter\u201d) and the thirty-nine week period ended November 27, 2020 (the \u201c2021 first three quarters\u201d). 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