Welcome to our dedicated page for Envir Tectonics news (Ticker: ETCC), a resource for investors and traders seeking the latest updates and insights on Envir Tectonics stock.
Environmental Tectonics Corporation (ETC) (OTC: ETCC) generates news around its specialized simulation, training, and environmental systems businesses. The company’s updates frequently cover contract awards, segment performance, and financial results across its Aerospace Solutions and Commercial/Industrial Systems segments.
News from the Aerospace Solutions segment often highlights Aircrew Training Systems (ATS) contracts and upgrades, including high performance jet tactical flight simulation, upset prevention and recovery, spatial disorientation training, and systems supporting suborbital and orbital commercial human spaceflight. Releases have described awards for Ejection Seat Simulators, Hypobaric Chambers, and mid-life upgrades of various aerospace products for international customers. The Simulation (ADMS) business unit also appears in news items announcing Airport Fire Truck Simulators, Petro-chemical Industry Incident Command Training Systems, and Airfield Driver Training Simulator Systems.
On the Commercial/Industrial Systems side, ETC news includes contracts for steam and gas sterilizer systems and Environmental Testing and Simulation Systems (ETSS). Company announcements have detailed ETSS contracts as environmental test cell equipment supplier for racing and heavy-duty diesel engine development centers, including systems that provide precisely conditioned combustion air and altitude simulation. Sterilizer Systems news has referenced multi-chamber steam sterilizer projects for domestic customers.
Investors and followers of ETCC can also review periodic earnings releases, where ETC reports segment net sales, gross profit trends, backlog levels, and cash flow information. These releases provide insight into long-term contracts with U.S. and foreign government agencies, as well as commercial customers in healthcare, pharmaceuticals, and automotive. Bookmark this page to access a consolidated feed of Environmental Tectonics Corporation news, including contract announcements, financial updates, and segment developments.
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Environmental Tectonics Corporation (OTC Pink: ETCC) announced an $85 million contract for its Aircrew Training Systems (ATS) unit. The contract involves the construction of an Aeromedical Center and includes a range of products such as the Authentic Tactical Flight Simulator (ATFS-400 25), GL-1500 spatial disorientation trainer, altitude chamber, and a portable hyperbaric chamber. Additionally, the contract encompasses integrated logistics, pilot physiology training, and facility support services. CEO Robert Laurent emphasized that this milestone enhances aviation training capabilities, focusing on pilot safety during flight.
Environmental Tectonics Corporation (OTC Pink: ETCC) reported a 45% sales increase in Q3 2023, reaching $6.4 million, driven by a 123% rise in its Commercial Industrial Segment. Net loss improved to $0.8 million or ($0.06) per share, compared to a loss of $1.0 million ($0.07), mainly due to better sales mix and gross margins. Gross profit soared by 148% to $1.8 million. Despite a 38.5% rise in operating expenses to $2.3 million, the company remains optimistic about backlog strength and future growth opportunities. Brian J. Eccleston was appointed to the Board of Directors.
Environmental Tectonics Corporation (ETCC) reported strong financial results for the 2023 second quarter, noting a 19% increase in sales to $5.2 million compared to the prior year. Bookings surged 466% year-over-year, boosting the backlog by 39% to $25.3 million. Net income reached $1.2 million or $0.07 per share, contrasting with a loss of $1.4 million in Q2 2022. The gross profit rose to $1.3 million, marking a 24.2% margin, up from 16.5% last year. However, operating expenses increased by 18% to $2.2 million due to heightened administrative costs.
Environmental Tectonics Corporation (OTC Pink: ETCC) has secured an $8.3 million contract from an international client for three ethylene oxide sterilization chambers designed for medical devices. This deal represents a continuation of repeat business within the sterilization sector. Year-to-date orders for the first half of fiscal 2023 have reached $17.4 million, up from $12.8 million in the same period last year. The company's Sterilization Systems Group specializes in custom sterilization solutions for various industries, highlighting its competitive edge.
Environmental Tectonics Corporation (OTC Pink: ETCC) reported a net loss of $0.6 million, or ($0.05) diluted loss per share, for the first quarter of fiscal 2023, contrasting with a net income of $2.2 million in the same period last year. Sales decreased by 3.5% to $5.87 million, attributed to low backlog and supply chain delays. However, the Commercial/Industrial Systems business saw a 32% increase in sales, while Advanced Disaster Management System products surged by 55%. Operating expenses rose by 15.2% to $2.0 million due to higher administrative costs. Cash used in operations significantly increased to $1.5 million from $0.1 million.
Environmental Tectonics Corporation (OTC Pink: ETCC) will hold its Annual Meeting of Shareholders virtually on August 4, 2022, at 10:00 a.m. The agenda includes:
- Election of five Directors until the 2023 Annual Meeting.
- Ratification of RSM US LLP as the independent accounting firm for the fiscal year ending February 24, 2023.
- Transaction of other business as may properly come before the meeting.
On June 15, 2022, Environmental Tectonics Corporation (OTC Pink: ETCC) completed a sale-leaseback of its property in Southampton, PA, which includes its corporate headquarters and production plant, for $4.7 million. The property had a net book value of $2.25 million, resulting in a gain of approximately $2.4 million. The company will lease the property back for an initial term of seven years at $420,000 annually, increasing 2.5% each year. Proceeds will be used to reduce debt under its credit facility with PNC Bank.