Business
ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results
ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results.
About this update from Environmental Tectonics Corp.
[{"type":"text","content":"\n SOUTHAMPTON, Pa., Jan. 08, 2021 (GLOBE NEWSWIRE) -- Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the fifty-three week period ended February 28, 2020 (“fiscal 2020”) and the thirteen week period ended February 28, 2020 (the “2020 fourth quarter”). Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “Fiscal 2020 was a challenging year as future projects were delayed and that challenge continued as ETC entered fiscal 2021 in the early stages of a global pandemic. ETC has remained open throughout, continues to develop products in each of its business units, and is working diligently with its customers to convert a solid pipeline into purchase orders.” Fiscal 2020 Results of Operations Bookings / Sales Backlog Bookings in fiscal 2020 were $15.5 million, leaving our sales backlog as of February 28, 2020, which represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer, at $17.1 million compared to $42.2 million as of February 22, 2019.  We expect to recognize approximately 83% of the total sales backlog as of February 28, 2020 over the next twelve (12) months and approximately 87% over the next twenty-four (24) months as revenue, with the remainder recognized thereafter.  Of the February 28, 2020 sales backlog, $12.1 million, or 70.5%, pertains to International contracts within the Aerospace segment. Net (Loss) Income Attributable to ETC Net (loss) attributable to ETC was $4.0 million, or $0.29 diluted loss per share, in fiscal 2020, compared to $3.1 million during fiscal 2019, equating to $0.17 diluted earnings per share.  The $7.1 million variance is due to the combined effect of an $8.4 million decrease in gross profit, offset, in part, by a $0.7 million decrease in income tax provision, a $0.4 million decrease in operating expenses, and a $0.2 million decrease in interest expense. Net Sales Net sales for fiscal 2020 were $40.6 million, a decrease of $7.8 million, or 16.2%, compared to fiscal 2019 net sales of $48.4 million.  The decrease reflects lower International sales within Aeromedical Training Solutions and of Sterilizers to Domestic customers, offset, in part, by an in...