Business
ETC Announces Fiscal 2023 Full Year and Fourth Quarter Results
ETC Announces Fiscal 2023 Full Year and Fourth Quarter Results.
About this update from Environmental Tectonics Corp.
[{"type":"text","content":"\n SOUTHAMPTON, Pa., June 09, 2023 (GLOBE NEWSWIRE) -- Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended February 24, 2023 (the “2023 fourth quarter”) and the fifty-two week period ended February 24, 2023 (“fiscal 2023”). Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with sales increasing 37.7% to $26.3 million and gross profit increasing 52.1% to $6.6 million. A better indication of future sales comes from the $110 million in orders received, representing an $88 million increase from the prior year and bringing our backlog to $104 million compared to $19 million at prior year-end.” Fiscal 2023 Results of Operations Bookings / Sales Backlog Bookings in fiscal 2023 were $110.1 million, leaving our sales backlog as of February 24, 2023, which represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer, at $103.6 million compared to $19.3 million as of February 25, 2022. We expect to recognize as revenue approximately 54% of the total sales backlog as of February 23, 2024 over the next twelve (12) months and approximately 90% over the next twenty-four (24) months, with the remainder to be recognized thereafter. Of the February 24, 2023 sales backlog, $83.7 million, or 80.8%, pertains to one International contract within the Aerospace segment. Net (Loss) Attributable to ETC Net (loss) attributable to ETC was $1.6 million, or $0.13 diluted (loss) per share, in fiscal 2023, compared to net earnings of $1.8 million during fiscal 2022, equating to $0.08 diluted earnings per share. The $3.4 million unfavorable variance is a direct result of Other Income from fiscal 2022 not reoccurring in 2023, in addition to negative results from the company’s subsidiary. The prior year, 2022, had one time favorable event of the Employee Retention Credit of $2.78 million, which 2023 did not. Net Sales Net sales for fiscal 2023 were $26.3 million, an increase of $7.2 million, or 37.7%, compared to fiscal 2022 net sales of $19.1 million. The increase is a result of higher Domestic sales of $5.4 million, all of which are within CIS, along with higher International sales o...