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)
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