Business
ETC Announces Fiscal 2024 First Quarter Results
ETC Announces Fiscal 2024 First Quarter Results.
About this update from Environmental Tectonics Corp.
[{"type":"text","content":"\n SOUTHAMPTON, Pa., July 17, 2023 (GLOBE NEWSWIRE) -- Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended May 26, 2023 (the “2024 first fiscal quarter”). Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the 31% increase in ETC sales vs. prior year driven by a 77% increase in sales vs. prior year within our Sterilizers business and a 108% increase in sales of Aeromedical Training Solutions products vs. prior year.  ETC finished the quarter with a backlog of approximately $100 million, which we anticipate driving increases in production, sales and profitability.” Fiscal 2024 First Quarter Results of Operations Net Income (Loss) Attributable to ETC Net loss attributable to ETC was $1.1 million, or ($0.08) diluted loss per share, in the 2024 first fiscal quarter, compared to net loss attributable to ETC of $0.6 million during the thirteen week period ended May 27, 2022 (the “2023 first fiscal quarter”), equating to ($0.05) diluted loss per share. The $0.5 million variance is due primarily to the combined effect of a 3.8% decrease in gross profit margin percentage and a $0.6 million increase in operating expense partially offset by a $1.8 million increase in revenue. Net Sales Net sales in the 2024 first fiscal quarter were $7.7 million, an increase of $1.8 million, or 31%, compared to 2023 first fiscal quarter net sales of $5.9 million. The increase in net sales was mainly a result of a larger backlog entering fiscal year 2024. The Aerospace sales in 2024 first fiscal quarter accounted for 51% of overall sales, compared to 40% in first fiscal quarter 2023. Further, international sales increased to 68% of total sales in 2024 first fiscal quarter from 29% in the 2023 first fiscal quarter. Bookings in the 2024 first fiscal quarter were $4.3 million, which were driven by $1.5 million and $0.8 million of ATS and ETSS (each as defined below) orders, respectively. Gross Profit Gross profit for the 2024 first fiscal quarter of $1.8 million increased slightly compared to $1.6 million in the 2023 first fiscal quarter, while gross profit margin percentage decreased by 3.8%. The change in gross profit was a result of higher revenu...