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.
Envir Tectonics (ETCC) delivers mission-critical simulation systems and sterilization solutions for aerospace, healthcare, and industrial sectors. This news hub provides investors and industry professionals with essential updates on ETCC's technological advancements and market positioning.
Access real-time updates on aerospace training systems, medical sterilization innovations, and environmental testing solutions. Our curated news feed covers earnings announcements, government contract awards, product certifications, and strategic partnerships directly impacting ETCC's role in high-tech industrial markets.
Key updates include developments in software-driven simulation technology, regulatory milestones for sterilization equipment, and ETCC's expansion into emerging sectors like motorsports testing systems. Each news item is verified for relevance to the company's core engineering competencies and market strategy.
Bookmark this page for streamlined access to ETCC's official communications and third-party analyses. Monitor how the company's patented technologies address evolving demands in aviation safety, medical device validation, and precision environmental testing.
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.
Environmental Tectonics Corporation (OTC Pink: ETCC) reported its fiscal 2022 financial results, demonstrating a net income of $1.8 million, or $0.08 per share, a significant turnaround from a net loss of $7.5 million in fiscal 2021. Key highlights included a 17.7% increase in net sales to $19.1 million and a gross profit surge of 241.6% to $4.3 million. The company achieved a 14% reduction in operating expenses and reported $5.2 million in other income, mainly from PPP loan forgiveness. The sales backlog stood at $19.3 million, with expectations to recognize approximately 86% as revenue in the upcoming year.
Environmental Tectonics Corporation (ETCC) announced the appointment of Joseph F. Verbitski, Jr. as the new Chief Financial Officer and Treasurer, effective February 24, 2022. Mr. Verbitski, aged 55, brings significant experience in Accounting and Finance, particularly in international and defense sectors. Prior to joining ETCC, he held positions as CFO at BMI Merchandise and Chemring PLC, and group controller at Applied Tech Products. CEO Robert L. Laurent, Jr. expressed confidence in Verbitski's ability to enhance the management team.
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.
