SOUTHAMPTON, Pa., Jan. 14 /PRNewswire-FirstCall/ -- Environmental Tectonics Corporation (Amex: ETC) ("ETC" or the "Company") today announced financial results for the third quarter and the first nine months of fiscal 2009 which ended on November 28, 2008.
Thirteen weeks ended November 28, 2008 compared to thirteen weeks ended November 23, 2007:
The Company had a net loss of $113,000, or $0.04 per share (basic and diluted), during the third quarter of fiscal 2009 compared to a net loss of $2,098,000, or $0.26 per share (basic and diluted), for the third quarter of fiscal 2008, representing a decrease in net loss of $1,985,000. This decrease in net loss is attributed to a significant increase in sales and corresponding gross profit coupled with reduced selling, general and administrative expenses. Acting as partial offsets were higher research and development expenses and slightly higher interest expense.
Sales for the third quarter of fiscal 2009 were $8,706,000 as compared to $6,701,000 for the third quarter of fiscal 2008, an increase of $2,005,000, 29.9%. A significant increase in international sales completely offset decreases in domestic and government sales. Product line wise, all product areas showed improvement except sterilizers, environmental and service/spares.
Domestic sales in the third quarter of fiscal 2009 were $2,702,000 as compared to $4,575,000 in the third quarter of fiscal 2008, a decrease of $1,873,000 or 40.9%, primarily reflecting significant decreases in environmental, sterilizers and service/spares. These three product areas were down a combined $2,005,000. Environmental in the prior period benefited from significant work under an automotive contract for conditioned air supply (CAS) units. Higher sterilizer performance in the prior period reflected multiple con
|SOURCE Environmental Tectonics Corporation|
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