Envir Tectonics Stock Price, News & Analysis

Environmental Tectonics Corporation (ETCC) announced the departure of Chief Financial Officer Mark Prudenti, who is leaving for personal reasons and not due to any concerns about the company’s financial practices. The Board of Directors is actively searching for a replacement. CEO Robert L. Laurent, Jr. acknowledged Prudenti's contributions and reassured investors about the stability of accounting and internal controls. This development highlights a transition in leadership as the company continues its operations in designing and manufacturing physiological effect monitoring systems.

Environmental Tectonics Corporation (ETCC) reported its financial results for the third quarter and first three quarters of fiscal 2022. For the third quarter, net sales rose to $4.4 million, up 33.9% year-over-year, contributing to a reduced net loss of $1 million (or $0.07 per share) compared to a $1.8 million loss in Q3 2021. The year-to-date net sales increased 18.5% to $14.9 million, and gross profit surged 138.7% to $3.1 million. Despite challenges due to COVID-19, a backlog exceeding $21 million was noted.

Environmental Tectonics Corporation (OTC Pink: ETCC) announced a significant achievement with a $1.8 million contract from an international client. This contract involves the provision of a twelve-pallet ethylene oxide (EO) sterilization chamber, designed to enhance the sterilization of medical devices. The contract underscores ETC's strong presence in the EO sterilization market, as highlighted by Eric Hunnicutt, Director of EO Sterilizer Sales. ETC continues to offer specialized sterilization systems tailored to meet the unique needs of the medical device and life science sectors.

Environmental Tectonics Corporation (ETCC) has been awarded a contract by the University of North Dakota’s John D. Odegard School of Aerospace Sciences for the GAT-HELO Rotary Wing Spatial Disorientation Trainer. This cost-effective simulator provides essential training for helicopter pilots to recognize and manage spatial disorientation during flight. The GAT-HELO includes a motion platform to create realistic flight illusions and supports various training scenarios. The partnership aims to enhance pilot safety through advanced aerospace training methods.

Environmental Tectonics Corporation (ETC) has secured a $2.6 million contract to supply climatic test equipment to a leading multinational truck and bus manufacturer. This environmental simulation equipment will enable testing under various conditions, including temperature, humidity, and altitude, for diesel, natural gas, hybrid, and electric vehicles. The systems are aimed at enhancing emissions, product development, and regulatory compliance.

Environmental Tectonics Corporation (OTC Pink: ETCC) will hold its Annual Meeting of Shareholders virtually on November 18, 2021. Key agenda items include electing five directors and ratifying RSM US LLP as the independent accounting firm for the fiscal year ending February 25, 2022. Shareholders eligible to vote were determined as of September 20, 2021, and meeting materials were distributed on October 14, 2021. The change to a virtual format was made for safety reasons. Voting can be done via email to ensure share representation at the meeting.

Environmental Tectonics Corporation (ETCC) reported its financial results for Q2 and the first half of fiscal 2022. For Q2, the company reported a net loss of $1.4 million, or $0.10 per share, an improvement from a $1.7 million loss in Q2 2021. Net sales remained flat at $4.4 million. In the first half of 2022, net income was $0.8 million, down from $3.3 million in 2021, with net sales increasing by 12.9% to $10.5 million. Gross profit improved significantly by 85% to $2.4 million, driven by higher domestic sterilizer sales. Operating expenses decreased by 16.9% for the first half.

Environmental Tectonics Corporation (OTC Pink: ETCC) reported a positive turnaround in its fiscal 2022 first quarter results, with net income of $2.2 million ($0.13 EPS) compared to a net loss of $1.6 million in the prior year. Net sales rose 23.7% to $6.1 million, driven by increased sales of Sterilizers and Aeromedical Training Solutions, contributing to a gross profit increase of 221.3% to $1.7 million. Operating expenses decreased by 13.6% to $1.7 million. The firm received over $10 million in new orders, indicating strong growth momentum as global economies reopen.

Environmental Tectonics Corporation (ETCC) reported fiscal 2021 results, highlighting a net loss of $7.5 million, equating to $0.51 diluted loss per share, compared to $4.0 million in 2020. Sales dropped to $16.3 million, a 60% decline from $40.6 million, largely due to reduced international sales and pandemic-related disruptions. Gross profit plummeted to $1.3 million, an 86% decrease. Despite challenges, fiscal 2022 showed promise with bookings exceeding $10 million in Q1. The company's backlog stood at $16 million, with 88% expected to convert to revenue within the next year.