ENVIRONMENTAL TECTONICS - $ETCC STOCK NEWS

Environmental Tectonics Corporation (ETCC) reported a 58% increase in third quarter sales, with net income of $0.5 million compared to a loss of $0.8 million versus the prior year. Bookings remain strong, increasing 108% in the third quarter. The backlog has increased 383% from the prior year to the current $114.5 million. The company's net sales for the fiscal first three quarters ended November 24, 2023, were $26.9 million, an increase of $9.3 million, or 53.1%, compared to the previous year. The gross profit was $7.0 million, an increase of $2.3 million, or 49.7%. Operating expenses were $7.0 million, an increase of $0.5 million, or 6.9%. Other expense, net for the fiscal first three quarters was $0.2 million compared to other income, net of ($2.1) million for the previous year, an unfavorable variance of $2.3 million, or 110.2%. The company used $6.0 million of cash from operating activities during the fiscal first three quarters, primarily due to an increase in accounts receivable and prepaid expenses and other assets, slightly offset by an increase in accounts payable and contract liabilities.