This news release contains forward-looking statements, which are based on management's expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "future", "predict", "potential", "intend", or "continue", and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

- Financial Tables Follow -

 
Table A 
              Environmental Tectonics Corporation 
                   Summary Table of Results 
         (in thousands, except per share information) 
                          (unaudited) 
 
                      Thirteen weeks ended       Variance 
                      ---------------------  ---------------- 
                      August    August 
                        23,       25, 
                       2024      2023          ($)      (%) 
                      -------   -------      -------  ------- 
Net sales             $14,083   $ 9,016      $5,067      56.2 
Cost of goods sold      9,886     6,726       3,160      47.0 
                       ------    ------       -----   ------- 
Gross Profit            4,197     2,290       1,907      83.3 
        Gross profit 
         margin %       29.8%     25.4%        4.4%     17.3% 
 
Operating expenses      2,219     2,364        (145)     -6.1 
                       ------    ------       -----   ------- 
Operating income 
 (loss)                 1,978       (74)      2,052    2772.9 
        Operating 
         margin %       14.0%      -0.8%      14.8%   1799.0% 
 
Interest expense, 
 net                      233       228           5       2.2 
Other expense, net         29        93         (64)    -69.0 
                       ------    ------       -----   ------- 
Income (loss) before 
 income taxes           1,716      (395)      2,111     534.4 
        Pre-tax 
         margin %       12.2%      -4.4%      16.6%    377.3% 
 
Income tax provision       20        40         (20)    -50.0 
                       ------    ------       -----   ------- 
Net income (loss)       1,696      (435)      2,131     489.9 
Preferred Stock 
 dividends               (121)     (121)          -       0.0 
                       ------    ------       -----   ------- 
Income (loss) 
attributable to 
common and 
Participating 
 shareholders         $ 1,575   $  (556)     $2,131     383.2 
                       ======    ======       =====   ======= 
 
Per share 
information: 
   Basic earnings 
   (loss) per common 
   and participating 
   share: 
     Distributed 
     earnings per 
     share: 
      Common          $     -   $     -      $    - 
                       ======    ======       =====   ======= 
      Preferred       $  0.02   $  0.02      $    -       0.0 
                       ======    ======       =====   ======= 
     Undistributed 
     earnings (loss) 
     per share: 
      Common          $  0.10   $ (0.04)     $ 0.14     350.0 
                       ======    ======       =====   ======= 
      Preferred       $  0.10   $ (0.04)     $ 0.14     350.0 
                       ======    ======       =====   ======= 
Earnings (loss) per 
 diluted share        $  0.09   $ (0.04)     $ 0.13     325.0 
                       ------    ------       -----   ------- 
 
 
Total basic weighted 
 average common and 
 participating 
 shares                15,569    15,569 
 
Total diluted 
 weighted average 
 shares                16,725    15,569 
 
 
Table B 
                 Environmental Tectonics Corporation 
                      Summary Table of Results 
            (in thousands, except per share information) 
                             (unaudited) 
 
                        Twenty-six weeks ended         Variance 
                      ---------------------------  ---------------- 
                      August 23,   August 25, 
                         2024         2023           ($)      (%) 
                      -----------  ----------      --------  ------ 
Net sales              $  27,575    $  16,683      $10,892     65.3 
Cost of goods sold        18,851       12,559        6,292     50.1 
                          ------       ------       ------   ------ 
Gross Profit               8,724        4,124        4,600    111.5 
        Gross profit 
         margin %          31.6%        24.7%         6.9%    27.9% 
 
Operating expenses         5,194        4,973          221      4.4 
                          ------       ------       ------   ------ 
Operating income 
 (loss)                    3,530         (849)       4,379    515.8 
        Operating 
         margin %          12.8%         -5.1%       17.9%   351.0% 
 
Interest expense, 
 net                         349          426          (77)   -18.1 
Other expense, net            85          143          (58)   -40.6 
                          ------       ------       ------   ------ 
Income (loss) before 
 income taxes              3,096       (1,418)       4,514    318.3 
        Pre tax 
         margin %          11.2%         -8.5%       19.7%   231.8% 
 
Income tax provision          40           80          (40)   -50.0 
                          ------       ------       ------   ------ 
Net (loss) income          3,056       (1,498)       4,554    304.0 
Preferred Stock 
 Dividends                  (242)        (242)           -      0.0 
                          ------       ------       ------   ------ 
Income (loss) 
attributable to 
common and 
Participating 
 shareholders          $   2,814    $  (1,740)     $ 4,554    261.7 
                          ------       ------       ------   ------ 
 
Per share 
information: 
   Basic earnings 
   (loss) per common 
   and participating 
   share: 
     Distributed 
     earnings per 
     share: 
      Common           $       -    $       - 
                          ======       ======      ========  ====== 
      Preferred        $    0.04    $    0.04      $     -      0.0 
                          ======       ======       ======   ====== 
     Undistributed 
     (loss) per 
     share: 
      Common           $    0.18    $   (0.11)     $  0.29    263.6 
                          ======       ======       ======   ====== 
      Preferred        $    0.18    $   (0.11)     $  0.29    263.6 
                          ======       ======       ======   ====== 
  Earnings (loss) 
   per diluted 
   share               $    0.17    $   (0.11)     $  0.28    254.5 
                          ------       ------       ------   ------ 
 
Total basic weighted 
 average common and 
 participating 
 shares                   15,569       15,569 
 
Total diluted 
 weighted average 
 shares                   16,725       15,569 
 
Contact: Tim Kennedy, CFO 
Phone: (215) 355-9100 x1531 
E-mail: tkennedy@etcusa.com 

(END) Dow Jones Newswires

October 15, 2024 08:36 ET (12:36 GMT)