ETC Corporate https://www.etcusa.com Quality through integrity and technology. Mon, 21 Apr 2014 15:19:20 +0000 en-US hourly 1 http://wordpress.org/?v=3.9 ETC’s Aircrew Training Systems Awarded Contract to Supply United States Air Force With Spatial Disorientation Flight Trainershttps://www.etcusa.com/etcs-aircrew-training-systems-awarded-contract-to-supply-united-states-air-force-with-spatial-disorientation-flight-trainers/ https://www.etcusa.com/etcs-aircrew-training-systems-awarded-contract-to-supply-united-states-air-force-with-spatial-disorientation-flight-trainers/#comments Wed, 16 Apr 2014 15:24:27 +0000 https://www.etcusa.com/?p=3711 Continue reading ]]>

Spatial Disorientation Flight Trainers
 
SOUTHAMPTON, PA, USA, April 16, 2014 – Aircrew Training Systems (“ATS”), a division of Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”), announced today that it signed a contract with the Air Force Life Cycle Management Center (“AFLCMC”) to provide up to four spatial disorientation flight simulators following a competitive bidding process. The AFLCMC selected ETC’s GYRO IPT II (Integrated Physiological Trainer) to fulfill the requirements of their new Spatial Disorientation (SD) Training System Program. The GYRO IPT II will support the SD training requirements in the Air Education and Training Command Student Undergraduate Pilot Training syllabus. The system will expose undergraduate pilots and aircrew to typical vestibular and visual illusions found in aviation, enabling them to recognize, confirm, prevent and recover from SD. The four units are scheduled for delivery to Sheppard AFB TX, Laughlin AFB TX, Columbus AFB MS and Vance AFB OK, with installation expected to begin in the spring of 2015.
 
“We are thrilled to be selected as the contractor for such an important program,” said Alper Kus, Vice President of ATS. “Spatial disorientation is still a major contributor to aircraft mishaps. This system will help pilots to better handle the effects of SD and ultimately lead to a safer flight environment for all aircrew.”
 
ETC’s GYRO IPT II provides pilots with a hands-on, realistic, full motion, spatial disorientation flight training experience. While in control of a simulated flight, the pilot can be exposed to a variety of selected disorienting illusions. Unlike simple disorientation demonstrators, a pilot in the GYRO IPT II has full closed loop control of the simulation before, during and after the illusion. This capability creates a fully interactive flight training environment where the pilot must maintain control of the simulator and fly through the illusion to a successful resolution during training.
 
This acquisition marks the fourth contract awarded to ETC by the USAF in the past five years.
During 2009 and 2010, ETC was also selected to provide its Authentic Tactical Fighting System (ATFS-400) and a suite of four Altitude Chambers to Wright-Patterson AFB OH. In 2012, ETC received an additional contract for an Altitude Chamber to be delivered to the Spanish Air Force via Foreign Military Sales (FMS).

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ETC’s Aircrew Training Systems Awarded Contract from UAE Air Force for Pilot Selection Systemhttps://www.etcusa.com/etcs-aircrew-training-systems-awarded-contract-from-uae-air-force-for-pilot-selection-system/ https://www.etcusa.com/etcs-aircrew-training-systems-awarded-contract-from-uae-air-force-for-pilot-selection-system/#comments Thu, 20 Mar 2014 13:42:43 +0000 https://www.etcusa.com/?p=3706 Continue reading ]]>

SOUTHAMPTON, PA, USA, March 20, 2014 – Aircrew Training Systems (“ATS”), a division of Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”), announced today the signing of a contract with the United Arab Emirates Air Force (“UAEAF”) for the procurement of its state-of-the-art Pilot Selection System (“PSS”). The PSS will help the UAEAF to select the most qualified pilot candidates to continue on to flight training school, and will be installed at Khalifa bin Zayed Air College in Al Ain, UAE next spring.
 
ETC’s PSS is an integrated testing program used to determine whether candidates have the required aptitude for becoming a pilot. It evaluates potential aircrew by utilizing extensive cognitive and psychomotor testing. After the most qualified candidates are selected, their ability to execute conscious attention management is assessed in a dynamic motion-based flight simulator to fully determine their suitability for flight training. The system is designed to evaluate large numbers of pilot candidates in a short period of time to select the most qualified flight crew to continue on to training.
 
“We are very pleased to be working once again with the UAE Air Force,” said Alper Kus, Vice President of ATS. “This advanced system will not only provide them with a reliable means of screening pilot candidates, but save valuable training resources in the process.”
 
ETC has been supplying the UAE Armed Forces with training equipment for nearly three decades, since it first commissioned their Aerospace Medical Training Center in Abu Dhabi in 1986.

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ETC’s VP of BioMedical Systems to Present at DFConhttps://www.etcusa.com/etcs-vp-of-biomedical-systems-to-present-at-dfcon/ https://www.etcusa.com/etcs-vp-of-biomedical-systems-to-present-at-dfcon/#comments Wed, 19 Mar 2014 13:36:04 +0000 https://www.etcusa.com/?p=3701 Continue reading ]]>

SOUTHAMPTON, PA, USA, March 19, 2014 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announced today that Mr. Ken Rideout, Vice President of ETC’s BioMedical Systems, has been selected as a keynote speaker during the Pre-Con Program at the Diabetic Foot Global Conference (“DFCon”) in Los Angeles, CA on Wednesday, March 19, 2014.
 
The focus of the Pre-Con Program is Nuts & Bolts of a Hyperbaric & Wound Care Center. Mr. Rideout will discuss the topics of “Assessing Your Market: Hyperbaric” and “Equipment and Site Selection.”
 
“I am honored to have been chosen to speak on this very important topic in diabetic wound care,” states Ken Rideout, “I am looking forward to leaving the audience with some very valuable insight regarding HBOT chamber selection.”
 
ETC’s monoplace hyperbaric chambers, provided by the company’s ETC BioMedical Systems Group, include BARA•PRESS(TM) and SMOOTH-RIDE(TM). BARA•PRESS is the software which can control, as well as record, the treatment, allowing the operator to monitor the patient more easily, consistently and accurately. SMOOTH-RIDE™ is a pressure change technology that enhances patient comfort by reducing the incidence of barotrauma by 67 percent, ensuring more patients complete all their treatment sessions. The BARA-MED “Select” also offers an undercarriage gurney storage area.

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ETC Selected to Provide Spatial Disorientation Trainer to Colombian Air Forcehttps://www.etcusa.com/etc-selected-to-provide-spatial-disorientation-trainer-to-colombian-air-force/ https://www.etcusa.com/etc-selected-to-provide-spatial-disorientation-trainer-to-colombian-air-force/#comments Fri, 14 Mar 2014 19:15:21 +0000 https://www.etcusa.com/?p=3695 Continue reading ]]>

spatial-disorientation-flight-trainer
 
SOUTHAMPTON, PA, USA, March 14, 2014 – Aircrew Training Systems (“ATS”), a division of Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”), announced today that it was selected by the U.S. Army Contracting Command to provide the Colombian Air Force (“FAC”) with a spatial disorientation flight simulator following a competitive bidding process. The GYRO IPT II (Integrated Physiological Trainer) will help FAC pilots to recognize in-flight conditions that contribute to spatial disorientation and how to fly to a successful resolution. The new system will be installed at the FAC Aerospace Medicine Center (CEMAE) in Bogotá, Colombia next spring.
 
ETC’s GYRO IPT II provides pilots with a hands-on realistic, full motion, spatial disorientation flight training experience. While in control of a simulated flight, the pilot can be exposed to a variety of selected disorienting illusions. Unlike simple disorientation demonstrators, a pilot in the GYRO IPT II has full closed loop control of the simulation before, during and after the illusion. This capability creates a fully interactive flight training environment where the pilot must maintain control of the simulator and fly through the illusion to a successful resolution during training.
 
“Spatial disorientation remains a major cause of aircraft accidents,” said Alper Kus, Vice President of ATS. “We are pleased to provide the Colombian Air Force with a training solution that will significantly enhance pilot safety and lead to tremendous cost savings in the near future.”
 
The new GYRO IPT II will complement the suite of training devices already operating at CEMAE. The facility is also home to an Altitude Chamber, Night Vision Training System and Vestibular Illusion Demonstrator, all previously provided by ETC.

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ETC’s The NASTAR Center Announces NASTAR Camp Registration Open for Summer 2014https://www.etcusa.com/etcs-the-nastar-center-announces-nastar-camp-registration-open-for-summer-2014/ https://www.etcusa.com/etcs-the-nastar-center-announces-nastar-camp-registration-open-for-summer-2014/#comments Thu, 06 Mar 2014 18:58:25 +0000 https://www.etcusa.com/?p=3674 Continue reading ]]>

NASTAR Camp Registration Open for Summer 2014
 
SOUTHAMPTON, PA, USA, March 6, 2014 – The National AeroSpace Training And Research (NASTAR®) Center (www.nastarcenter.com), the premier commercial space training and research center in the world, will once again host its popular NASTAR Camp program for students in grades 2 – 12.
 
NASTAR Camp sessions will take place Monday – Friday, from 9:00 AM – 4:00 PM at our facilities located at 125 James Way, Southampton, PA 18966. The NASTAR Camp curriculum has been structured to be fun, while it reinforces the Pennsylvania Academic Standards for Science and Technology and Engineering (STEM) Education. All curricula and activities are age and grade appropriate.
 
Each week-long session has a particular theme with relevant activities that comprise about half the program; the rest of the week students assemble and fly balsa gliders, pilot an aircraft simulator, build and launch model rockets, and engage in other perennial favorite activities. The emphasis throughout the week is on hands-on activities and projects that engage students and foster inquiry-based learning to help them better understand science and technology.
 
William F. Mitchell, Chairman and CEO of ETC, stated “We are pleased to open the NASTAR Center to students for this program. This nation is facing future shortages of skilled engineers and scientists. We hope NASTAR Camp will inspire some of these young people to pursue technical careers.”
 
The schedule for NASTAR Camp 2014 is as follows:
 
July 7 – 11: NASTAR Camp Grades 4 – 6 (Forces and Motion)
July 14 – 18: NASTAR Camp Grades 4 – 6 (Living in Space)
July 21 – 25: NASTAR Camp Grades 7 – 8 (Energy)
July 28 – Aug. 1: NASTAR Camp Grades 4 – 6 (Forces and Motion)
Aug. 4 – 8: NASTAR Camp Grades 9 – 12 (Physics and Engineering)
Aug. 4 – 8: NASTAR Camp Grades 7 – 8 (The Solar System)
Aug. 11 – 15: NASTAR Camp Grades 2 – 3 (Observing Our World)
Aug. 11 – 15: NASTAR Camp Grades 4 – 6 (Living in Space)
 
The cost for NASTAR Camp is $250.00 per week. For NASTAR Camp enrollment information, please contact Greg Kennedy at (215) 355-9100, X 1512, or gkennedy@nastarcenter.com. A registration packet may also be downloaded from the NASTAR Center website, www.nastarcenter.com.

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ETC’s AeroMedical Training Institute (AMTI) Completes High G and Ejection Training for Ecuadorian Air Force Pilotshttps://www.etcusa.com/etcs-aeromedical-training-institute-amti-completes-high-g-and-ejection-training-for-ecuadorian-air-force-pilots/ https://www.etcusa.com/etcs-aeromedical-training-institute-amti-completes-high-g-and-ejection-training-for-ecuadorian-air-force-pilots/#comments Fri, 28 Feb 2014 20:27:36 +0000 https://www.etcusa.com/?p=2927 Continue reading ]]>

High G and Ejection Training for Ecuadorian Air Force Pilots
 
SOUTHAMPTON, PA, USA, February 28, 2014 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announced today that ETC‘s AeroMedical Training Institute (AMTI) recently completed training of Ecuadorian Air Force Pilots. The Ecuadorian Air Force is responsible for the protection of Ecuador’s airspace as well as participating in many humanitarian and logistic missions into the Amazon-region of the country.
 
The AMTI provided classroom instruction and practical application training sessions in the subject areas of sustained high G and tactical aviation, and emergency aircraft egress. All practical application training sessions utilized the Authentic Tactical Fighting System (ATFS-400) and Ejection Seat Trainer (EST) which are permanently resident at ETC’s National AeroSpace Training And Research (NASTAR) Center. The squadron of six pilots were successfully trained in a five day period.
 
The completion of high G training, places the Ecuadorian Air Force as one of the first countries in the world to utilize ATFS-400 technology for combining basic G training with tactical flight training. According to Glenn King, the AMTI’s Director of Training, “Prior to their high G training, the pilots were only capable of sustaining approximately 4 – 5 G’s. Upon completion of training, all pilots were able to successfully employ weapons and score several bandit “kills” while sustaining up to 9 G’s.”
 
High G Training for Ecuadorian Air Force Pilots
 
Ken Ginader, ETC’s Director of Business Development for Tactical Flight Training states, “ETC has conducted several tactical training events in the last six years and has noticed most fighter pilots believed they knew how to perform the Anti-G Straining Maneuver (AGSM), but in reality demonstrated otherwise. However, following three days of AMTI training for Air Combat Maneuvering (ACM) engagements, every fighter pilot relearned how to perform a proper AGSM. With budgetary constraints resulting in a reduction of flight hours for tactical pilots in most every air force worldwide, it is important, especially from a risk management perspective, that tactical pilots conduct periodic high G training in a tactical flight training event. With the ATFS-400, it is now possible to conduct high G training while performing a tactical fight training event in flight simulation.”
 
King said, “This type of flight training validates the concept of combining physiology training with tactical flight training to substantially reduce training and operational costs to our customers.”
 
The AMTI provides state of the art physiology training to clients worldwide, serving the training and research needs of the military and civil aerospace community. AMTI’s training programs are highly modular and flexible and can accommodate a wide range of aerospace training and research requirements.

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ETC Simulation delivers Airport Fire Truck Simulator for Kuala Lumpur International Airporthttps://www.etcusa.com/etc-simulation-delivers-airport-fire-truck-simulator-for-kuala-lumpur-international-airport/ https://www.etcusa.com/etc-simulation-delivers-airport-fire-truck-simulator-for-kuala-lumpur-international-airport/#comments Tue, 18 Feb 2014 21:15:40 +0000 https://www.etcusa.com/?p=2932 Continue reading ]]>

KLIA-release

Southampton, Pa., USA, February 18, 2014 – Environmental Tectonics Corporation’s (OTC Pink: ETCC)(“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has delivered for Kuala Lumpur International Airport an ADMS-ARFF simulation training system to Rosenbauer International AG (“Rosenbauer”) in Austria.
 
The Rosenbauer Panther simulator will be used to train the operation of an Aircraft Rescue and Firefighting (“ARFF”) truck as well as tactical positioning in the event of an aircraft emergency. The full cabin simulator will have the same layout as the real Panther vehicle as used by Malaysian Airports Holdings Berhad (“MAHB”), including a functional dashboard and center console with controls for the roof and bumper turrets. Also featured in the simulation is a geo-specific environment of the Kuala Lumpur International Airport and an Incident Commander response vehicle specifically designed to reflect those found in Malaysia.
 
“The full cabin ARFF simulator allows the airport fire and rescue vehicle operators to build the experience and gain the confidence necessary to perform under extreme conditions in a variety of situations, and ultimately be better prepared for real-life incidents and live-exercises. ADMS-ARFF is a green airport solution, as no fire suppression agents or live burns are involved to acquire the training necessary to operate an ARFF truck, thus saving money, minimizing risk and protecting the environment.” said Lori Bozenbury, Director of Business Development at ETC Simulation.
 
Located in Selangor, Kuala Lumpur International Airport is the largest airport in Malaysia and regularly ranks as one of the busiest airports in the world for international travelers.
 
About ADMS
ADMS(TM) is a high-fidelity Virtual Reality Simulation Training Platform that comprises multiple products including Incident Command training from technical to strategic level (ADMS-Command), emergency response and force protection specific to a military environment (ADMS-Airbase), driver training and vehicle operation (ADMS-ARFF and ADMS-Drive) and multiple level police coordination for crowd management and riot control (ADMS-Control). ETC’s signature True Simulation Technology blends physics-based simulation, embedded artificial intelligence, accurate animations, photo-realistic graphics, ambient sounds, vehicle controls, and motion platforms to totally immerse trainees in the exercise. ADMS enables first responders and emergency managers to prepare at all levels of response in a safe, economical and environmentally-conscious way.
 
About ETC Simulation
ETC Simulation (www.ETCsimulation.com), located in Orlando, FL, specializes in virtual reality emergency response and disaster management training systems. Their hallmark product, ADMS(TM), is a proven tool for training emergency management personnel at all levels, with more than one million successful training hours completed globally.

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ETC Simulation delivers ADMS Training Systems to the International Fire Training Centre, United Kingdomhttps://www.etcusa.com/etc-simulation-delivers-adms-training-systems-to-the-international-fire-training-centre-united-kingdom/ https://www.etcusa.com/etc-simulation-delivers-adms-training-systems-to-the-international-fire-training-centre-united-kingdom/#comments Mon, 13 Jan 2014 21:26:19 +0000 https://www.etcusa.com/?p=2936 Continue reading ]]>

International Fire Training Centre

Environmental Tectonics Corporation’s (OTC Pink: ETCC)(“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has delivered to the Serco International Fire Training Centre (“IFTC”) an Advanced Disaster Management Simulator (“ADMS”) system. An ADMS user since 2001, IFTC in Darlington, United Kingdom uses their ADMS system to train aviation and industrial firefighters, as well as response personnel.

The newly delivered system is installed in IFTC’s new dedicated virtual reality training suite located at Durham Tees Valley Airport. The training system includes British left hand driving responder vehicles and crews, civil and military aircraft, head counts in the casualty collection area for firefighters and emergency medical services. The system also has the capability to train for off-airport aircraft incidents, as well as industrial and petrochemical emergencies for training industrial responders.

“Our clients in the fire and rescue sector are the ones on the front line so they know that training should never be about ticking boxes. IFTC is known to have one of the best fire grounds of its kind anywhere in the world. By investing in the new ADMS system, we now have the versatile and relevant technology to provide a whole new dimension to the learning they will get here.” said Dennis Perkins, Director of Training at IFTC.

Accredited by the United Kingdom Civil Aviation Authority and OPITO, IFTC provides mandated training programs and recommendations of the International Civil Aviation Organization. IFTC has trained aviation firefighters and emergency responders from more than 80 countries since 1981. The centre includes 20 acres dedicated for live fire training, an ADMS virtual reality suite to train and test decision making under high pressure situations, and fully equipped classrooms to teach firefighting, rescue and incident command.

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ETC Announces Fiscal 2014 Third Quarter Resultshttps://www.etcusa.com/etc-announces-fiscal-2014-third-quarter-results/ https://www.etcusa.com/etc-announces-fiscal-2014-third-quarter-results/#comments Mon, 13 Jan 2014 14:13:04 +0000 https://www.etcusa.com/?p=2941 Continue reading ]]>

SOUTHAMPTON, PA, USA, January 13, 2014 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for its fiscal 2014 third quarter ended November 29, 2013.

Fiscal 2014 Third Quarter Results of Operations:

Net Income Attributable to ETC
Net income attributable to ETC was $136 thousand, or $0.00 diluted earnings per share, in the 2014 third quarter, compared to $1.2 million or $0.05 diluted earnings per share, during the 2013 third quarter, representing a decrease of $1.0 million, or 88.5%. The decrease in net income attributable to ETC reflects a decrease in income before income taxes of $2.0 million due primarily to a $2.9 million decrease in gross profit, resulting from a combination of both lower net sales and lower gross profit margin percentage, offset in part, by a $0.8 million decrease in operating expenses, resulting from an on-going effort to reduce non-revenue generating expenses.
 
Net Sales
Net sales in the 2014 third quarter were $12.3 million, a decrease of $2.8 million, or 18.5%, compared to 2013 third quarter net sales of $15.1 million. The reduction reflects decreased ATS sales to the U.S. Government and decreased sales of Commercial/Industrial products to Domestic customers, offset in part, by increased ATS sales to International customers. Given the current progress made on U.S. Government contracts in the Company’s sales backlog, the Company anticipates the concentration of sales to the U.S. Government will continue to lessen in fiscal 2014.
 
Gross Profit
Gross profit for the 2014 third quarter was $3.6 million compared to $6.5 million in the 2013 third quarter, a decrease of $2.9 million, or 45.2%. The significant decrease in gross profit was a combination of both lower net sales and lower gross profit margin percentage due to inefficiencies as a result of additional work required on several contracts, for which we are currently pursuing recovery.
 
Operating Expenses
Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2014 third quarter were $3.0 million, a decrease of $0.8 million, or 22.3%, compared to $3.8 million for the 2013 third quarter. The decrease is primarily the result of an on-going effort to reduce non-revenue generating expenses, offset in part, by a slight increase in research and development expenses.
 
Interest Expense, Net
Interest expense, net, for the 2014 third quarter was $224 thousand compared to $319 thousand in the 2013 third quarter, a decrease of $95 thousand, or 29.8%, despite a higher level of bank borrowing due primarily to the results of the 2012 Financial Restructuring.
 
Fiscal 2014 First Three Quarters Results of Operations:

Net Income Attributable to ETC
Net income attributable to ETC was $307 thousand, or $0.00 diluted earnings per share, in the 2014 first three quarters, compared to $4.2 million or $0.14 diluted earnings per share, during the 2013 first three quarters, representing a decrease of $3.9 million, or 92.6%. The decrease in net income attributable to ETC reflects a decrease in income before income taxes of $6.7 million due primarily to an $8.1 million decrease in gross profit, resulting from a combination of both lower net sales and lower gross profit margin percentage, offset in part, by a $1.5 million decrease in operating expenses, resulting from an on-going effort to reduce non-revenue generating expenses.
 
Net Sales
Net sales in the 2014 first three quarters were $36.6 million, a decrease of $11.1 million, or 23.2%, compared to 2013 first three quarters net sales of $47.7 million. The reduction reflects decreased ATS sales to the U.S. Government and decreased sales of sterilizers and environmental testing and simulation devices to Domestic customers, offset in part, by increased ATS sales to International customers. Given the current progress made on U.S. Government contracts in the Company’s sales backlog, the Company anticipates the concentration of sales to the U.S. Government will continue to lessen in fiscal 2014.
 
Gross Profit
Gross profit for the 2014 first three quarters was $11.0 million compared to $19.0 million in the 2013 first three quarters, a decrease of $8.1 million, or 42.4%. The significant decrease in gross profit was a combination of both lower net sales and lower gross profit margin percentage due to increased costs as a result of damage to one of our devices associated with a U.S. Government contract during the testing phase and inefficiencies as a result of additional work required on several other contracts, for which we are currently pursuing recovery.
 
Operating Expenses
Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2014 first three quarters were $9.5 million, a decrease of $1.5 million, or 13.3%, compared to $11.0 million for the 2013 first three quarters. The decrease is primarily the result of an on-going effort to reduce non-revenue generating expenses, offset in part, by an increase in research and development expenses.
 
Interest Expense, Net
Interest expense, net, for the 2014 first three quarters was $590 thousand compared to $764 thousand in the 2013 first three quarters, a decrease of $174 thousand, or 22.8%, despite a higher level of bank borrowing due primarily to the results of the 2012 Financial Restructuring.
 
Cash Flows from Operating, Investing, and Financing Activities:
During the 2014 first three quarters, as a result of an increase in costs and estimated earnings in excess of billings on uncompleted long-term percentage of completion (“POC”) contracts and a decrease in accounts payable, the Company used $3.6 million of cash in operating activities compared to $0.3 million of cash provided by operating activities in the 2013 first three quarters. Under POC revenue recognition, these accounts represent the timing differences of spending on production activities versus collecting on long-term contracts.
 
Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company’s investing activities used $1.1 million in the 2014 first three quarters compared to $0.9 million in the 2013 first three quarters.
 
The Company’s financing activities provided $3.0 million of cash in the 2014 first three quarters, which primarily reflected borrowings under the Company’s various lines of credit, and was offset, in part, by payments on the Term Loan. In the 2013 first three quarters, net cash used in financing activities totaled $0.6 million, primarily for repayments under the line of credit and dividends paid on Preferred Stock.
 
Financial Tables Follow

jan-13-14-01

jan-13-14-02

jan-13-14-03

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ETC Announces the Election of Robert L. Laurent, Jr. as President and Mark Prudenti as Chief Financial Officerhttps://www.etcusa.com/etc-announces-the-election-of-robert-l-laurent-jr-as-president-and-mark-prudenti-as-chief-financial-officer/ https://www.etcusa.com/etc-announces-the-election-of-robert-l-laurent-jr-as-president-and-mark-prudenti-as-chief-financial-officer/#comments Tue, 19 Nov 2013 16:17:30 +0000 https://www.etcusa.com/?p=2961 Continue reading ]]>

SOUTHAMPTON, PA, USA, November 19, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announced today the election of Robert Laurent as the Company’s President.
 
Mr. Laurent, age 58, was ETC’s Chief Financial Officer since June 2011. From 1980 to 2008, Mr. Laurent was with Fedders Corporation where he served as Executive Vice President and Chief Financial Officer from 1987 to 1998 and from 2004 to 2008. From 1998 to 2004, Mr. Laurent served as Executive Vice President – Acquisitions and Alliances. Mr. Laurent was a private consultant from 2008 through 2010. Mr. Laurent is a graduate of Villanova University.
 
Mr. Laurent has extensive financial, international business and strategic planning experience.
 
Mark Prudenti, CPA, age 37, has been selected to replace Mr. Laurent as Chief Financial Officer. Mr. Prudenti has served as the Company’s Corporate Controller since July 2011. From 2008 to 2011, Mr. Prudenti served as the Financial Director at Rhoads Industries, Inc. Prior thereto he was Controller of Schmolz & Bickenbach USA from 2007 to 2008, Manager of Internal Controls at Bristol-Myers Squibb Company from 2005 to 2007, and was with Deloitte & Touche, LLP from 2000 to 2005, where he was Manager. Mr. Prudenti is a CPA and graduate of Bucknell University.
 
Mr. Prudenti has an extensive background in financial reporting, internal controls, and systems implementation.
 
William F. Mitchell, Chairman and Chief Executive Officer stated “these moves will strengthen ETC organizationally”.

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Environmental Tectonics Corporation Sterilization Systems Group Receives over $5.0 Million in New Contractshttps://www.etcusa.com/environmental-tectonics-corporation-sterilization-systems-group-receives-over-5-0-million-in-new-contracts/ https://www.etcusa.com/environmental-tectonics-corporation-sterilization-systems-group-receives-over-5-0-million-in-new-contracts/#comments Wed, 23 Oct 2013 16:41:04 +0000 https://www.etcusa.com/?p=2964 Continue reading ]]>

SOUTHAMPTON, PA, USA, October 23, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announced today the recent award of several new contracts totaling in excess of $5.0 million in its Sterilization System Group (“SSG”). The contracts include orders for several steam sterilizers and a large order for a four chamber medical device sterilization facility.
 
David Mitchell, Vice President and Business Unit Manager for ETC SSG stated, “We are very pleased to have been awarded these projects. We at ETC continue to work diligently at finding unique solutions to our customer’s sterilization needs, and these contract awards are a testament to those efforts.”

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ETC Simulation Named a MT2 2013 Top Simulation Companyhttps://www.etcusa.com/etc-simulation-named-a-mt2-2013-top-simulation-company/ https://www.etcusa.com/etc-simulation-named-a-mt2-2013-top-simulation-company/#comments Tue, 15 Oct 2013 16:42:51 +0000 https://www.etcusa.com/?p=2966 Continue reading ]]>

Southampton, Pa., USA, October 15, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC) (“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., developers of the Advanced Disaster Management Simulator (“ADMS”), has been recognized by Military Training Technology magazine (“MT2″) as a Top Simulation and Training Company for 2013.
 
ADMS, the high-end standard in interactive virtual reality training systems, simulates disasters and incidents in high-definition quality with incredible visualizations and effects. Founded upon over 40 years of true simulation technology, ADMS has physics based effects and artificial intelligence embedded into all training systems, providing trainees with a most realistic training experience. Trainees become immersed within the unscripted and open-ended scenarios, eliciting real-life behavior and field like responses.
 
For the military community, ADMS-Airbase provides the only simulation training system available that focuses on the unique challenges associated with emergencies and disasters on an airbase, complete with military specific aircraft, personnel and threats. Within this environment, many scenarios are possible including CBRNE incidents, aircraft accidents, structural fires, terrorist activity, hostage situations and many others.
 
MT2 covers all issues and developments related to the simulation and training industry as it relates to the military. Their scope of coverage includes simulation, distributed learning, visual systems, embedded training, database modeling and other training complements. MT2 is recognized as the leader in covering all aspects of military training readiness. Click here to read an article published within the October issue of MT2 exploring how ADMS is being utilizing by the Louis F. Garland Fire Training Academy at Goodfellow Air Force Base.

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ETC Announces Fiscal 2014 Second Quarter Resultshttps://www.etcusa.com/etc-announces-fiscal-2014-second-quarter-results/ https://www.etcusa.com/etc-announces-fiscal-2014-second-quarter-results/#comments Mon, 14 Oct 2013 16:37:44 +0000 https://www.etcusa.com/?p=3122 Continue reading ]]>

SOUTHAMPTON, PA, USA, October 14, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for its fiscal 2014 second quarter ended August 30, 2013.
 
Fiscal 2014 Second Quarter Results of Operations:
 
Net Income Attributable to ETC
Net income attributable to ETC was $140 thousand, or $0.00 diluted earnings per share, in the 2014 second quarter, compared to $1.3 million or $0.04 diluted earnings per share, during the 2013 second quarter, representing a decrease of $1.2 million, or 89.2%. The decrease in net income attributable to ETC reflects a decrease in income before income taxes of $2.1 million due primarily to a $2.4 million decrease in gross profit, resulting from a combination of both lower net sales and lower gross profit margin percentage, offset in part, by a $0.5 million decrease in operating expenses, resulting from an on-going effort to reduce non-revenue generating expenses.
 
Net Sales
Net sales in the 2014 second quarter were $11.7 million, a decrease of $4.8 million, or 29.1%, compared to 2013 second quarter net sales of $16.5 million. The decrease reflects decreased ATS sales to the U.S. Government and decreased sales of sterilizers and environmental testing and simulation devices to Domestic customers. Given the current progress made on U.S. Government contracts in the Company’s sales backlog, the Company anticipates the concentration of sales to the U.S. Government will continue to lessen in fiscal 2014.
 
Gross Profit
Gross profit for the 2014 second quarter was $3.7 million compared to $6.1 million in the 2013 second quarter, a decrease of $2.4 million, or 39.4%. The significant decrease in gross profit was a combination of both lower net sales and lower gross profit margin percentage due to inefficiencies as a result of additional work required on several contracts.
 
Operating Expenses
Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2014 second quarter were $3.1 million, a decrease of $0.5 million, or 13.5%, compared to $3.6 million for the 2013 second quarter. The decrease is primarily the result of an on-going effort to reduce non-revenue generating expenses, offset in part, by an increase in research and development expenses.
 
Interest Expense, Net
Interest expense, net, for the 2014 second quarter was $194 thousand compared to $231 thousand in the 2013 second quarter, a decrease of $37 thousand despite a higher level of bank borrowing due primarily to the results of the 2012 Financial Restructuring.
 
Fiscal 2014 First Half Results of Operations:
 
Net Income Attributable to ETC
Net income attributable to ETC was $171 thousand, or ($0.01) diluted loss per share, in the 2014 first half, compared to $3.0 million or $0.09 diluted earnings per share, during the 2013 first half, representing a decrease of $2.8 million, or 94.3%. The decrease in net income attributable to ETC reflects a decrease in income before income taxes of $4.7 million due primarily to a $5.1 million decrease in gross profit, resulting from a combination of both lower net sales and lower gross profit margin percentage, offset in part, by a $0.6 million decrease in operating expenses, resulting from an on-going effort to reduce non-revenue generating expenses.
 
Net Sales
Net sales in the 2014 first half were $24.3 million, a decrease of $8.3 million, or 25.4%, compared to 2013 first half net sales of $32.6 million. The decrease reflects decreased ATS sales to the U.S. Government and decreased sales of sterilizers and environmental testing and simulation devices to Domestic customers, offset in part, by increased sales within nearly all business units to International customers. Given the current progress made on U.S. Government contracts in the Company’s sales backlog, the Company anticipates the concentration of sales to the U.S. Government will continue to lessen in fiscal 2014.
 
Gross Profit
Gross profit for the 2014 first half was $7.4 million compared to $12.5 million in the 2013 first half, a decrease of $5.1 million, or 41.0%. The significant decrease in gross profit was a combination of both lower net sales and lower gross profit margin percentage due to increased costs as a result of damage to one of our devices associated with a U.S. Government contract during the testing phase and inefficiencies as a result of additional work required on several other contracts.
 
Operating Expenses
Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2014 first half were $6.6 million, a decrease of $0.6 million, or 8.6%, compared to $7.2 million for the 2013 first half. The decrease is primarily the result of an on-going effort to reduce non-revenue generating expenses, offset in part, by an increase in research and development expenses.
 
Interest Expense, Net
Interest expense, net, for the 2014 first half was $366 thousand compared to $445 thousand in the 2013 first half, a decrease of $79 thousand despite a higher level of bank borrowing due primarily to the results of the 2012 Financial Restructuring.
 
Cash Flows from Operating, Investing, and Financing Activities:
 
During the 2014 first half, as a result of an increase in costs and estimated earnings in excess of billings on uncompleted long-term percentage of completion (“POC”) contracts and a decrease in accounts payable, the Company used $3.2 million of cash in operating activities compared to $4.3 million of cash provided by operating activities in the 2013 first half. Under POC revenue recognition, these accounts represent the timing differences of spending on production activities versus collecting on long-term contracts.
 
Cash used for investing activities primarily relates to funds used for capital expenditures in equipment and software development. The Company’s investing activities used $0.6 million in the 2014 first half compared to $0.8 million in the 2013 first half.
 
The Company’s financing activities provided $2.5 million of cash in the 2014 first half, which primarily reflected borrowings under the Company’s various lines of credit, and was offset, in part, by payments on the Term Loan. In the 2013 first half, net cash used in financing activities totaled $3.9 million, primarily for repayments under the line of credit and dividends paid on Preferred Stock.
 
Amendment to the September 28, 2012 Loan Agreement:
 
On October 11, 2013, the Company entered into an amendment to the September 28, 2012 Loan Agreement that provided for, among other things, the following:

  1. The Company’s Line of Credit with PNC Bank was increased from $15.0 million to $15.5 million.
  2. Availability under the Line of Credit was increased by approximately $1.2 million as a currently outstanding letter of credit supporting bid bond shall no longer reduce availability under the Line of Credit so long as it remains outstanding.
  3. The Term Loan, which is currently guaranteed by H.F. Lenfest (“Mr. Lenfest”), a major shareholder and member of the Board of Directors, through March 31, 2015, will be collateralized by Mr. Lenfest through that period, or until the Company’s Operating Leverage Ratio using all Senior Funded Debt in place of Adjusted Senior Funded Debt is less than 3.00 to 1, whichever occurs first. Adjusted Senior Funded Debt is defined as the sum of Senior Funded Debt minus the then outstanding principal amount of the Term Loan, and will be used for calculating Operating Leverage Ratio while the collateral is in place.
  4. Until such time the Company’s Fixed Charge Coverage Ratio is at least 1.10 to 1, the Company cannot declare or pay any dividends on or make any distribution with respect to any class of its Preferred Stock, or purchase, redeem, retire, or otherwise acquire any such Preferred Stock.
  5. The Company received a waiver as of the quarter ending August 30, 2013 for exceeding the permitted maximum Operating Leverage Ratio of 3.00 to 1 under the September 28, 2012 Loan Agreement and December 19, 2012 Export Import Loan Agreement. Going forward, ETC must maintain an Operating Leverage Ratio (i.e., ratio of Adjusted Senior Funded Debt to EBITDA, which is defined as earnings before interest, taxes, depreciation, and amortization) of less than 3.50 to 1 from November 29, 2013 through February 28, 2014. This ratio will reduce to 3.25 to 1 from March 1, 2014 through May 30, 2014, will further reduce to 3.00 to 1 on May 31, 2014, and will remain at that level at all times thereafter.
  6. ETC must maintain as of the end of each fiscal quarter, on a rolling four quarters basis, a Fixed Charge Coverage Ratio (i.e. ratio of EBITDA, increased by an amount equal to the EBITDA Addback specified for such quarter end date, divided by the sum of the defined fixed charges) of at least 1.00 to 1 from November 29, 2013 through August 29, 2014. This ratio will increase to 1.10 to 1 on August 30, 2014, and will remain at that level at all times thereafter.
  7. Effective as of the date of this amendment, the interest rate on both the Line of Credit Note and the Term Loan Note will be based on the PNC Daily Libor Rate plus a margin of 3.00%.

 
Financial Tables Follow

oct-14-14-01

oct-14-14-02

oct-14-14-03

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ETC Simulation to Deliver Firefighter Training Simulator to Netherlands Institute for Safetyhttps://www.etcusa.com/etc-simulation-to-deliver-firefighter-training-simulator-to-netherlands-institute-for-safety/ https://www.etcusa.com/etc-simulation-to-deliver-firefighter-training-simulator-to-netherlands-institute-for-safety/#comments Tue, 20 Aug 2013 16:58:24 +0000 https://www.etcusa.com/?p=2969 Continue reading ]]>

firefighter-training-simulator
 
Southampton, Pa., USA, August 20, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC)(“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has been contracted by the Netherlands Institute for Safety (“IFV”) to develop an augmented reality firefighter training simulator with the objective of creating an effective and safe training environment for situations that cannot be trained live. The research department at IFV will perform field experiments to quantify the effectiveness of the training device in relation to the current live fire training methods, together with the Fire Brigades of Rotterdam and Amsterdam.
 
ADMS-Fire will be the first simulator from the ADMS platform with integrated motion-based sensor technology, offering a new level of immersion and realism. Among its features are a real fire hose with branch allowing the option of opening and closing of the hose, flow rate selection, and the ability to choose between jet stream and spray. As part of the project, ETC developed a residential house and barn in a countryside environment in which wayfinding, firefighting and ventilation tactics can be practiced at fire fighter and vehicle commander level to avoid instances of backdraft and flashover. The fire simulation software responds to the actions that the trainees take, and includes a scenario generator and after action reviewer.
 
“At IFV we are always looking for innovative solutions that contribute to critical training of emergency responders. This is a great project as subject matter experts, firefighters, researchers, educational experts and industry have come together to create a next generation training instrument for people who put their lives at risk in extreme conditions.” said Rijk van den Dikkenberg, Chief Fire Officer and Project Manager at IFV.

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ETC Announces the Appointment of James R. Wells as Vice President and General Counselhttps://www.etcusa.com/etc-announces-the-appointment-of-james-r-wells-as-vice-president-and-general-counsel/ https://www.etcusa.com/etc-announces-the-appointment-of-james-r-wells-as-vice-president-and-general-counsel/#comments Mon, 19 Aug 2013 18:06:56 +0000 https://www.etcusa.com/?p=2972 Continue reading ]]>

SOUTHAMPTON, Pa., August 19, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today announced the appointment of James R. Wells, Esq. as the Company’s Vice President and General Counsel.
 
Mr. Wells, age 54, was formerly the Vice President and Associate General Counsel at Aramark Corporation where he worked from 1990 through 2013. Prior to Aramark, Mr. Wells was an Associate with Pepper Hamilton, LLP, Philadelphia, from 1984 to 1990.
 
Mr. Wells has a J.D. from Villanova Law School and a B.A. in Political Science and Economics from the University of Pennsylvania, Philadelphia, PA.

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ETC Announces Results of Annual Meeting of Shareholders’ Votehttps://www.etcusa.com/etc-announces-results-of-annual-meeting-of-shareholders-vote/ https://www.etcusa.com/etc-announces-results-of-annual-meeting-of-shareholders-vote/#comments Tue, 30 Jul 2013 18:36:04 +0000 https://www.etcusa.com/?p=2984 Continue reading ]]>

SOUTHAMPTON, PA, USA, July 30, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today announced the results of the shareholder voting from its Annual Meeting.
 
The annual meeting of Environmental Tectonics Corporation was held on July 25, 2013, at 10:00 a.m., with shareholders voting favorably on the following three proposals:

  • The election of Dr. George K. Anderson, Dr. Linda J. Brent, Roger Colley, H.F. Lenfest, Michael D. Malone, William F. Mitchell, George A. Sawyer and Winston E. Scott as Directors of the Company.
  • The appointment of McGladrey LLP as the Company’s independent registered public accounting firm for the fiscal year ending February 28, 2014.
  • The approval of amendments to the Articles of Incorporation of the Company to reduce the dividend rate on the Series D and Series E Preferred Stock from ten (10%) to four (4%).
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NASTAR Education Director Chosen As Space Flight Candidate Nominee By Citizens in Spacehttps://www.etcusa.com/nastar-education-director-chosen-as-space-flight-candidate-nominee-by-citizens-in-space/ https://www.etcusa.com/nastar-education-director-chosen-as-space-flight-candidate-nominee-by-citizens-in-space/#comments Thu, 25 Jul 2013 18:39:23 +0000 https://www.etcusa.com/?p=2986 Continue reading ]]>

Southampton, PA USA – July 25, 2013 – The NASTAR Center (www.nastarcenter.com) announced that its Director of Educational Programming, Gregory P. Kennedy, was selected by Citizens in Space (www.citizensinspace.com) as the 5th astronaut candidate selectee to be considered to fill one of ten spots for a future space flight sponsored by the group.
 
The announcement, made public on Saturday July 20, 2013, during the group’s 2nd Annual Space Hacker Workshop in Dallas, TX, announced the selection of Mr. Kennedy as the fifth candidate training to fly as a payload operator on the Lynx spacecraft, under construction by XCOR Aerospace in Mojave, CA.
 
Stated Edward Wright, Project Manager for Citizens in Space, “Our goal is to enable ordinary people to fly into space as citizen astronauts (citizen space explorers) and to fly their experiments into space. Greg embodies the profile of a space candidate.”
 
Mr. Kennedy’s outreach efforts at the NASTAR Center focus on promoting science, technology, engineering, and mathematics (STEM) education. With over 35 years’ educational experience including; serving as the former Associate Curator for Manned Space Flight at the National Air and Space Museum, where he was curator for the Smithsonian’s exhibits on aerospace medicine, Project Apollo, and rocketry, he was also Executive Director of the Space Center in Alamogordo, New Mexico and served on the Education Committee of the International Astronautical Federation and chaired the Education Committee of the National Association of Rocketry. Mr. Kennedy’s publications include;Touching Space: The Story of Project Manhigh, Apollo to the Moon, The First Men in Space; Rockets and Missiles of White Sands Proving Ground, and Vengeance Weapon Two: Germany’s V-2 Rocket, as well as others.
 
States Mr. Kennedy, “I am honored to be considered for one of the ten slots. Suffice to say, this would be realization of a lifetime dream and I look forward to the prospect of its fruition”.
 
About the NASTAR Center
The National AeroSpace Training And Research (NASTAR®) Center is a business unit of Environmental Tectonics Corporation (ETC®). NASTAR Center is a state-of-the-art aerospace training, research, and educational facility dedicated to improving the health and safety of humans in extreme conditions. NASTAR Center serves military aviation (fixed and rotary wing), civil aviation (fixed and rotary wing), space travel (government and private) and provides research support for component and human factors testing.

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ETC Simulation Awarded Contracts by Rosenbauer America to Deliver Two More ADMS-HRET Stinger Simulatorshttps://www.etcusa.com/etc-simulation-awarded-contracts-by-rosenbauer-america-to-deliver-two-more-adms-hret-stinger-simulators/ https://www.etcusa.com/etc-simulation-awarded-contracts-by-rosenbauer-america-to-deliver-two-more-adms-hret-stinger-simulators/#comments Wed, 24 Jul 2013 18:42:19 +0000 https://www.etcusa.com/?p=2988 Continue reading ]]>

Southampton, Pa., USA, July 24, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC)(“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has been awarded two additional contracts from Rosenbauer America (“Rosenbauer”) for the delivery of two ADMS-HRET simulation training simulators. The simulators will be delivered to Miami International Airport in Miami, Fla. and George Bush Intercontinental Airport, in Houston, Tex., where the ADMS-HRET simulators will be used to train operating skills for the Panther Airport Rescue Fire Fighting (“ARFF”) vehicles with the Stinger High Reach Extendable Turret (“HRET”).
 
The Rosenbauer Stinger HRET includes a penetrator nozzle mounted at the tip of the joystick-controlled hydraulic boom arm. The penetrator nozzle is used to create a hole in the aircraft fuselage to apply agent directly to interior fires.
 
The portable training system includes a turret console with authentic Rosenbauer HRET joystick and a ADMS laptop that can be connected to an external visual display system. The virtual reality simulation includes the Panther ARFF vehicle with accurate vehicle and HRET dynamics, as well as physics based firefighting with foam, dry powder and water. Trainees can drive to the incident, position the vehicle, operate the HRET and deploy the agents. The system also includes several passenger aircraft that can be generated within the scenario that have crashed with a broken fuselage, interior and exterior fires. The after-action review tool can replay an exercise from any viewable angle for optimal debriefing.
 
The Stinger HRET simulator is built upon the proven Advanced Disaster Management Simulator (“ADMS”) and is expandable with bumper turret, steering wheel and pedals, airport terrain, and aircraft types. All ADMS systems can be purchased using various grant funding.
 
About ADMS
ADMS(TM) is a high-fidelity Virtual Reality Simulation Training Platform that comprises multiple products including Incident Command training from technical to strategic level (ADMS-Command), emergency response and force protection specific to a military environment (ADMS-Airbase), driver training and vehicle operation (ADMS-ARFF and ADMS-Drive) and multiple level police coordination for crowd management and riot control (ADMS-Control). ETC’s signature True Simulation Technology blends physics-based simulation, embedded artificial intelligence, accurate animations, photo-realistic graphics, ambient sounds, vehicle controls, and motion platforms to totally immerse trainees in the exercise. ADMS enables first responders and emergency managers to prepare at all levels of response in a safe, economical and environmentally-conscious way.

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ETC Announces Fiscal 2014 First Quarter Resultshttps://www.etcusa.com/etc-announces-fiscal-2014-first-quarter-results/ https://www.etcusa.com/etc-announces-fiscal-2014-first-quarter-results/#comments Fri, 12 Jul 2013 17:40:44 +0000 https://www.etcusa.com/?p=3134 Continue reading ]]>

Net sales of $12.6 million

  • EBITDA of $0.7 million
  • Sales bookings of $8.4 million

 
SOUTHAMPTON, PA, USA, July 12, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for its fiscal 2014 first quarter ended May 31, 2013.
 
Fiscal 2014 First Quarter Results of Operations:
 
Net Income Attributable to ETC
Net income attributable to ETC was $31 thousand, or ($0.01) diluted loss per share, in the fourteen week period ended May 31, 2013 (“2014 first quarter”), compared to $1.7 million or $0.06 diluted earnings per share, during the thirteen week period ended May 25, 2012 (“2013 first quarter”), representing a decrease of $1.6 million, or 98.2%. The decrease in net income attributable to ETC reflects a decrease in income before income taxes of $2.6 million due primarily to a $2.7 million decrease in gross profit, resulting from a combination of both lower net sales and lower gross profit margin percentage.
 
Net Sales
Net sales in the 2014 first quarter were $12.6 million, a decrease of $3.5 million, or 21.7%, compared to 2013 first quarter net sales of $16.1 million. The decrease reflects decreased Aircrew Training System (“ATS”) sales to the U.S. Government and decreased sterilizer sales to Domestic customers, offset in part, by increased ATS and sterilizer sales to International customers. Given the continued progress made on U.S. Government sales contracts in the Company’s backlog, the Company anticipates the concentration of sales to the U.S. Government will continue to lessen in fiscal 2014.
 
Gross Profit
Gross profit for the 2014 first quarter was $3.7 million compared to $6.4 million in the 2013 first quarter, a decrease of $2.7 million, or 42.5%. The significant decrease in gross profit was a combination of both lower net sales and lower gross profit margin percentage due to increased costs as a result of damage to one of our devices associated with a U.S. Government contract during the testing phase and inefficiencies as a result of additional work required on several other contracts.
 
Operating Expenses
Operating expenses, including sales and marketing, general and administrative and research and development, for the 2014 first quarter were $3.4 million, a decrease of $0.1 million, or 3.5%, compared to $3.5 million for the 2013 first quarter. The decrease is primarily the result of an on-going effort to reduce non-revenue generating expenses, offset in part, by an increase in research and development expenses.
 
Interest Expense, Net
Interest expense, net, for the 2014 first quarter was $172 thousand compared to $214 thousand in the 2013 first quarter, a decrease of $42 thousand despite a higher level of bank borrowing due primarily to the results of the 2012 Financial Restructuring.
 
Cash Flows from Operating, Investing, and Financing Activities:
 
During the 2014 first quarter, as a result of an increase in costs and estimated earnings in excess of billings on uncompleted long-term percentage of completion (“POC”) contracts and a decrease in accounts payable, the Company used $4.8 million of cash in operating activities compared to $0.6 million of cash used in operating activities in the 2013 first quarter. Under POC revenue recognition, these accounts represent the timing differences of spending on production activities versus collecting on long-term contracts.
 
Cash used for investing activities primarily relates to funds used for capital expenditures in equipment and software development. The Company’s investing activities used $0.3 million in the 2014 first quarter compared to $0.5 million in the 2013 first quarter.
 
The Company’s financing activities provided $3.5 million of cash in the 2014 first quarter, which primarily reflected borrowings under the Company’s various lines of credit, and was offset, in part, by payments on the Term Loan. In the 2013 first quarter, net cash provided by financing activities totaled $0.8 million, primarily for borrowings under the line of credit, offset in part, by dividends paid on Preferred Stock.
 
Financial Tables Follow

jul-12-14-01

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ETC Simulation contracted by Institute for Safety to deliver ADMS to Royal Netherlands Navyhttps://www.etcusa.com/etc-simulation-contracted-by-institute-for-safety-to-deliver-adms-to-royal-netherlands-navy/ https://www.etcusa.com/etc-simulation-contracted-by-institute-for-safety-to-deliver-adms-to-royal-netherlands-navy/#comments Thu, 27 Jun 2013 18:48:44 +0000 https://www.etcusa.com/?p=2992 Continue reading ]]>

fire-boat
 
Southampton, Pa., USA, June 27, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC) (“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has been awarded a contract from the Institute for Safety (“IFV”) to expand their Advanced Disaster Management Simulator (“ADMS”) with port incidents and simulation systems. The training systems and new scenario capabilities are required by IFV to provide ADMS training support to the Royal Netherlands Navy Fire Service.
 
ETC will deliver multiple portable ADMS Training Systems with adapted scenarios to IFV. The system includes a port, emergency response vehicles and crews, fire fighting boats, and CBRNE incidents. The ADMS systems will be used to provide virtual reality based training and examination programs to military and civilian staff, with ADMS having recently been certified by the National Fire Exam Bureau to be used for qualification exams. IFV will provide instructor training and technical support to the Navy.
 
Eric Didderen, Senior Trainer/Advisor at IFV, stated, “IFV is very pleased with the acknowledgement by the Fire Service of the Royal Netherlands Navy for this multi-year training support contract. We will work closely with Navy experts to further develop the exercise simulations needed for training fire and rescue in ports and on-board ships. The exercise scenarios also include a protesting crowd at the port and suspicious packages. We are very happy with ADMS, as it is a proven simulation platform that provides optimal scenario generating flexibility in combination with high fidelity simulation at a level required to train and test incident command.”
 
IFV is a national center of expertise with four Academies including the Fire Academy, Academy for Crisis Management, Emergency Medical Service Academy and Academy for Leadership. Since 2001, IFV has trained thousands of emergency responders and crisis management teams using ETC’s ADMS.

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ETC Simulation announces the delivery and acceptance of the ADMS Training System to Royal Netherlands Air Forcehttps://www.etcusa.com/etc-simulation-announces-the-delivery-and-acceptance-of-the-adms-training-system-to-royal-netherlands-air-force/ https://www.etcusa.com/etc-simulation-announces-the-delivery-and-acceptance-of-the-adms-training-system-to-royal-netherlands-air-force/#comments Thu, 20 Jun 2013 18:50:42 +0000 https://www.etcusa.com/?p=2994 Continue reading ]]>

ADMS-Airbase by ETC Simulation_RNLAF
 
Southampton, Pa., USA, June 20, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC) (“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has delivered to the Royal Netherlands Air Force (“RNLAF”) an Advanced Disaster Management Simulator (“ADMS”). The RNLAF’s modified ADMS-Airbase will be used to train fire and rescue services personnel.
 
The portable ADMS-Airbase system located at the RNLAF Fire Academy at Woensdrecht Air Force Base can be transported and utilized by other bases within the Netherlands. The training system is modified with RNLAF emergency response vehicles and personnel. Among the features developed for the RNLAF training system is the use of thermal imaging camera, which will be used to assist responders in recognizing hot spots on both aircrafts and structures as well as to search for missing persons. Additional military aircraft have been added including the F-16, Chinook CH-47 and Apache AH-64D helicopters, as well as the Pilatus PC-7 and KDC-10 airplanes.
 
Major Venmans, Commander of the RNLAF Fire Academy stated, “We are very pleased with the end-result. ETC adapted the simulation to meet our training needs including interactive response vehicles with crews that look and behave like our real assets and a collection of RNLAF aircraft that can be used to create emergencies and crashes. Our requirements also included extensive after action review capability including voice recording. The user friendliness is rated as superb by our instructors that can create new exercises within 15 minutes. We are looking forward to many hours of quality simulation training.”
 
ADMS-Airbase consists of a military base with hangars, aircraft shelters, support facilities, ammunition storages, runways and nearby residential housing. As with all ADMS systems, Airbase features ETC’s Signature Simulation Technology which includes the Scenario Generator with the SmartModel™ Library. The SmartModel Library allows the user to inject additional objects such as aircrafts, vehicles, casualties, and multiple hazards to create unlimited scenarios.

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ETC Announces the Resignation of James D. Cashel as General Counsel and Corporate Secretaryhttps://www.etcusa.com/etc-announces-the-resignation-of-james-d-cashel-as-general-counsel-and-corporate-secretary/ https://www.etcusa.com/etc-announces-the-resignation-of-james-d-cashel-as-general-counsel-and-corporate-secretary/#comments Fri, 14 Jun 2013 18:51:54 +0000 https://www.etcusa.com/?p=2996 Continue reading ]]>

SOUTHAMPTON, Pa., June 14, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today announced that James D. Cashel, the Company’s General Counsel and Corporate Secretary has resigned to pursue another career opportunity. Mr. Robert Laurent, the Company’s Chief Financial Officer, has been appointed Corporate Secretary, effective immediately.

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ETC Receives Holloman Air Force Base 2013 Best of Holloman Air Force Base Award for Environmental and Ecological Serviceshttps://www.etcusa.com/etc-receives-holloman-air-force-base-2013-best-of-holloman-air-force-base-award-for-environmental-and-ecological-services/ https://www.etcusa.com/etc-receives-holloman-air-force-base-2013-best-of-holloman-air-force-base-award-for-environmental-and-ecological-services/#comments Thu, 06 Jun 2013 14:09:34 +0000 http://www.etcusa.com/?p=2448 Continue reading ]]>

Centrifuge takes last spin
 
SOUTHAMPTON, PA, USA, June 5, 2013 – ETC (www,etcusa.com) announced today that they have received a 2013 Best of Holloman Air Force Base award for Environmental and Ecological Services. As a recipient of this award, ETC joins an exclusive group of small businesses that have achieved this honor. The award recognizes organizations that have achieved exceptional marketing success in their local community and business category. Companies must meet the criteria of having enhanced the positive image of the small business via service to their customers and local community.
 
ETC has supported the Air Force at the Holloman Air Force base by providing and maintaining the G-LAB, high performance human centrifuge. The G-LAB was commissioned in 1988 and in 2009 was recognized for having supported high-G training of a milestone 30,000 aircrew, making it the most heavily used centrifuge in the world. ETC is currently installing an ATFS-400 Model 31 high performance human centrifuge at the new 711th Human Performance Wing complex at Wright Patterson Air Force Base, Ohio.
 
William F. Mitchell, President and CEO of ETC stated “We are honored to be granted this award from Holloman Air Force Base. We have had a long standing association with the Air Force and are pleased by their recognition of our quality and integrity as a small business”.

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ETC Receives Holloman Air Force Base 2013 Best of Holloman Air Force Base Award for Environmental and Ecological Serviceshttps://www.etcusa.com/etc-receives-holloman-air-force-base-2013-best-of-holloman-air-force-base-award-for-environmental-and-ecological-services-2/ https://www.etcusa.com/etc-receives-holloman-air-force-base-2013-best-of-holloman-air-force-base-award-for-environmental-and-ecological-services-2/#comments Wed, 05 Jun 2013 18:55:54 +0000 https://www.etcusa.com/?p=2998 Continue reading ]]>

SOUTHAMPTON, PA, USA, June 5, 2013 – ETC announced today that they have received a 2013 Best of Holloman Air Force Base award for Environmental and Ecological Services. As a recipient of this award, ETC joins an exclusive group of small businesses that have achieved this honor. The award recognizes organizations that have achieved exceptional marketing success in their local community and business category. Companies must meet the criteria of having enhanced the positive image of the small business via service to their customers and local community.
 
ETC has supported the Air Force at the Holloman Air Force base by providing and maintaining the G-LAB, high performance human centrifuge. The G-LAB was commissioned in 1988 and in 2009 was recognized for having supported high-G training of a milestone 30,000 aircrew, making it the most heavily used centrifuge in the world. ETC is currently installing an ATFS-400 Model 31 high performance human centrifuge at the new 711th Human Performance Wing complex at Wright Patterson Air Force Base, Ohio.
 
William F. Mitchell, President and CEO of ETC stated “We are honored to be granted this award from Holloman Air Force Base. We have had a long standing association with the Air Force and are pleased by their recognition of our quality and integrity as a small business”.

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May 28, 2013 – ETC’s The NASTAR Center Becomes NASA Space Place Community Partnerhttps://www.etcusa.com/may-28-2013-etcs-the-nastar-center-becomes-nasa-space-place-community-partner/ https://www.etcusa.com/may-28-2013-etcs-the-nastar-center-becomes-nasa-space-place-community-partner/#comments Thu, 30 May 2013 11:39:33 +0000 http://www.etcusa.com/?p=2445 Continue reading ]]>

Southampton, PA, USA. May 28, 2013 – The NASTAR® Center, the premier commercial space training and research center in the world, has been designated as a “NASA Jet Propulsion Laboratory (JPL) Space Place Community Partner”. The NASTAR Center and the NASA Space Place partnership help support mutual initiatives to encourage, facilitate, and promote space-based education. The Space Place was started in February 1998 as an education and public outreach project of NASA’s New Millennium Program. The Space Place program includes a kid-friendly website and bulletin board displays at Community Partner sites around the country. Its target audience is elementary-school-age kids. As a Space Place Community Partner, the NASTAR Center has added a Space Place display to its Educator Resource Center (ERC).
 
“This is one more avenue where teachers and students who visit the NASTAR Center can learn about current NASA projects,” said Gregory Kennedy, the NASTAR Center Director of Education. “NASA’s Jet Propulsion Laboratory in Pasadena, California, has provided educational materials that will help us excite young people about the space program,” he added.
 
The NASTAR Center is an Affiliate Member of the NASA Pennsylvania Space Grant Consortium and offers science, technology, engineering, and mathematics (STEM) educational programs for students and teachers. To learn more about NASTAR’s Education Programs, go to www.nastarcenter.com/education.

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May 14, 2013 – ETC Contracts with Histria International to Supply BARA-MED XD in Romaniahttps://www.etcusa.com/may-14-2013-etc-contracts-with-histria-international-to-supply-bara-med-xd-in-romania/ https://www.etcusa.com/may-14-2013-etc-contracts-with-histria-international-to-supply-bara-med-xd-in-romania/#comments Thu, 30 May 2013 11:37:23 +0000 http://www.etcusa.com/?p=2443 Continue reading ]]>

Southampton, PA, USA, May 14, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) has contracted with Histria International to ship one BARA-MED® XD hyperbaric chamber to Bucharest, Romania. The chamber will be computer-controlled and will include ETC’s patient-friendly SMOOTH-RIDE(TM) compression protocol.
 
ETC’s International Marketing Manager, Jamal Radford, stated, “We are proud to deliver the best technology in hyperbaric therapy to the country of Romania.”
Currently, both in the United States and overseas, only a small percentage of hospitals offer hyperbaric oxygen therapy (HBO). However, as the benefits of hyperbaric medicine become more widely recognized, the number of chambers is increasing. ETC’s BioMedical Systems Division, and our customers, remain at the forefront of hyperbaric medicine, in equipment, research, and application. In addition to their regular use in clinical treatments at some of the best medical facilities around the world, ETC’s hyperbaric chambers are routinely involved in research on new indications for which HBO holds promise, and on the refinements of treatment protocols for established indications.
 
ETC’s monoplace hyperbaric chambers, provided by the company’s BioMedical Systems Group, include BARA·PRESS(TM) and SMOOTH-RIDE(TM). BARA·PRESS is the software which can control, as well as record, the treatment, allowing the operator to monitor the patient more easily, consistently and accurately. SMOOTH-RIDE(TM) is a pressure change technology that enhances patient comfort by reducing the incidence of barotrauma by 67 percent, ensuring more patients complete all their treatment sessions. The BARA-MED XD accommodates patients up to 700 pounds.

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ETC’s The NASTAR Center Becomes NASA Space Place Community Partnerhttps://www.etcusa.com/etcs-the-nastar-center-becomes-nasa-space-place-community-partner/ https://www.etcusa.com/etcs-the-nastar-center-becomes-nasa-space-place-community-partner/#comments Tue, 28 May 2013 19:05:04 +0000 https://www.etcusa.com/?p=3002 Continue reading ]]>

Southampton, PA, USA. May 28, 2013 – The NASTAR® Center, the premier commercial space training and research center in the world, has been designated as a “NASA Jet Propulsion Laboratory (JPL) Space Place Community Partner”. The NASTAR Center and the NASA Space Place partnership help support mutual initiatives to encourage, facilitate, and promote space-based education. The Space Place was started in February 1998 as an education and public outreach project of NASA’s New Millennium Program. The Space Place program includes a kid-friendly web site (www.spaceplace.nasa.gov) and bulletin board displays at Community Partner sites around the country. Its target audience is elementary-school-age kids. As a Space Place Community Partner, the NASTAR Center has added a Space Place display to its Educator Resource Center (ERC).
 
“This is one more avenue where teachers and students who visit the NASTAR Center can learn about current NASA projects,” said Gregory Kennedy, the NASTAR Center Director of Education. “NASA’s Jet Propulsion Laboratory in Pasadena, California, has provided educational materials that will help us excite young people about the space program,” he added.
 
The NASTAR Center is an Affiliate Member of the NASA Pennsylvania Space Grant Consortium and offers science, technology, engineering, and mathematics (STEM) educational programs for students and teachers. To learn more about NASTAR’s Education Programs, go to www.nastarcenter.com/education.
 
About NASTAR Center
The National AeroSpace Training And Research (NASTAR®) Center is a business unit of Environmental Tectonics Corporation (ETC®). NASTAR Center is a state-of-the-art aerospace training, research, and educational facility dedicated to improving the health and safety of humans in extreme conditions. NASTAR Center serves military aviation (fixed and rotary wing), civil aviation (fixed and rotary wing), space travel (government and private) and provides research support for component and human factors testing. www.nastarcenter.com

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ETC Announces Fiscal 2013 Full Year and Fourth Quarter Resultshttps://www.etcusa.com/etc-announces-fiscal-2013-full-year-and-fourth-quarter-results/ https://www.etcusa.com/etc-announces-fiscal-2013-full-year-and-fourth-quarter-results/#comments Thu, 23 May 2013 18:02:00 +0000 https://www.etcusa.com/?p=3143 Continue reading ]]>

 
Fiscal 2013 Highlights:

  • Gross profit margin as a percentage of net sales of 39.6%
  • Pre-tax income increased 17.8% to a record $8.8 million
  • Diluted earnings per share increased 46.2% to $0.19
  • EBITDA increased 16.9% to a record $11.7 million
  • Completed a financial restructuring that reduces annual net cash payments for dividends and interest by approximately $1.5 million, and reduced Common Stock equivalents by 5 million shares

 
SOUTHAMPTON, PA, USA, May 23, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported an increase in net income attributable to ETC for fiscal 2013 to $5.0 million, or $0.19 per diluted share, compared to net income attributable to ETC of $4.9 million, or $0.13 per diluted share, in fiscal 2012. This improvement was achieved on lower net sales of $62.8 million for fiscal 2013, compared to $66.3 million in fiscal 2012. The 5.3% reduction in net sales reflects decreased sales to the U.S. Government and to International customers, offset in part by increased sales to Domestic customers.
 
Income before income taxes for fiscal 2013 increased to $8.8 million, a $1.3 million, or 17.8%, increase compared to $7.5 million in fiscal 2012. The increase in income before income taxes was due primarily to an increase in gross profit margin as a percentage of net sales to 39.6% for fiscal 2013 compared to 35.5% in fiscal 2012, which was the result of a more profitable product and customer sales mix, combined with a 3.0% decrease in operating expenses.
 
William F. Mitchell, ETC’s President and Chief Executive Officer, stated, “We are very pleased that ETC achieved increased profitability and earnings per share on lower net sales in fiscal 2013, which reflects both solid operating income and the positive affect of our financial restructuring.”
 
Business Overview:
 
ETC is a significant supplier and innovator in the following product areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, upset recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight; collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) the Advanced Disaster Management Simulator (“ADMS”); (iv) steam and gas (ethylene oxide) sterilizers; (v) environmental testing and simulation devices; and (vi) hyperbaric (100% oxygen) chambers for one person (monoplace chambers).
 
We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) Aircrew Training Systems; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; (ii) environmental testing and simulation devices; and (iii) hyperbaric (100% oxygen) chambers for one person (monoplace chambers), as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.
 
We presently have two foreign operating subsidiaries. ETC-PZL Aerospace Industries SP. Z 0.0, (“ETC-PZL”), our 95%-owned subsidiary in Warsaw, Poland, manufactures simulators for our Aerospace segment and provides software to support our domestic products. Environmental Tectonics Corporation (Europe) Limited (“ETC-Europe”), our 99%-owned subsidiary, functions as a sales office in the United Kingdom.
 
ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC is headquartered in Southampton, PA. For more information about ETC, visit www.etcusa.com.
 
Fiscal 2013 Results of Operations:
 
Domestic sales in fiscal 2013 were $19.0 million, an increase of $2.4 million, or 14.5%, over fiscal 2012, and represented 30.3% of total net sales, compared to 25.1% in fiscal 2012. The increase in Domestic sales is primarily a result of a $3.0 million, or 42.8%, increase in sales of Sterilization Systems, which reflects record orders received in fiscal 2012, and a $1.3 million, or 74.4%, increase in sales of Environmental Testing and Simulation Systems. These increases were partially offset by a $0.9 million, or 41.9%, decrease in sales of ADMS, as well as smaller decreases in other categories.
 
U.S. Government sales in fiscal 2013 were $22.2 million, a decrease of $5.0 million, or 18.3%, from fiscal 2012, which reflect lower sales related to a high performance human centrifuge, offset in part, by increased sales related to a suite of altitude (hypobaric) chambers. U.S. Government sales represented 35.4% of total net sales in fiscal 2013 compared with 41.0% in fiscal 2012. Given the existing progress made on U.S. Government contracts in the Company’s sales backlog, the Company anticipates the concentration of sales with the U.S. Government will continue to lessen in fiscal 2014.
 
International sales in fiscal 2013, including those of the Company’s foreign subsidiaries, were $21.5 million, a decrease of $1.0 million, or 4.3%, from fiscal 2012, due primarily to a $1.6 million, or 11.8%, decrease in sales of ATS related products, and a $1.1 million, or 40.1%, decrease in Hyperbaric sales. These decreases were offset, in part, by a $1.0 million, or 44.7%, increase in ETC-PZL sales, as well as smaller increases in other product categories. In aggregate, International sales represented 34.3% of the Company’s total net sales, an increase over 33.9% in fiscal 2012. In both fiscal 2013 and fiscal 2012, International sales totaling at least $500,000 were made to customers in eight (8) different countries. Fluctuations in sales to international countries from year to year primarily reflect percentage of completion revenue recognition on the level and stage of development and production on multi-year long-term contracts.
 
Segment sales
Aerospace sales were $42.3 million in fiscal 2013, a decrease of $6.6 million, or 13.5%, from sales of $48.9 million in fiscal 2012. This decrease was primarily due to less revenue recorded on one of our international contracts for multiple Aerospace products as the aeromedical center in which this equipment is housed was dedicated in October 2012. Sales of these products accounted for 67.4% of our total net sales for fiscal 2013 versus 73.8% in fiscal 2012. Sales within our CIS segment increased $3.1 million, or 17.7%, and constituted 32.6% of our total net sales for fiscal 2013 compared to 26.2% in fiscal 2012.
 
Given the Company’s sales backlog as of February 22, 2013, it is anticipated that our Aerospace segment will begin to generate more of its revenues from International contracts, while sales within our CIS segment are expected to be affected by a lower sales backlog entering fiscal 2014.
 
Gross profit
Gross profit for fiscal 2013 increased by $1.3 million, or 5.7%, over fiscal 2012. This improvement was achieved despite lower sales due primarily to a more profitable product and customer sales mix. Gross profit margin as a percentage of net sales increased to 39.6% in fiscal 2013 over 35.5% in fiscal 2012. This increase was due primarily to fiscal 2012 costs related to a U.S. government contract, and to a more profitable product and customer sales mix in fiscal 2013.
 
Operating Expenses
Selling and marketing expenses for fiscal 2013 of $5.6 million increased slightly over fiscal 2012. As a percentage of net sales, selling and marketing expenses increased to 8.9% in fiscal 2013 from 8.3% in fiscal 2012 due primarily to lower net sales in fiscal 2013.
 
General and administrative expenses for fiscal 2013 of $8.2 million decreased slightly by $0.3 million, or 3.8%, from fiscal 2012. The decrease is primarily the result of lower professional fees and an on-going effort to reduce non-revenue generating expenses. As a percentage of net sales, general and administrative expenses increased to 13.0% in fiscal 2013 compared to 12.8% in fiscal 2012 due primarily to lower net sales in fiscal 2013.
 
Research and development expenses include spending for potential new products and technologies, and work performed internationally under government grant programs. This spending, net of grant payments from the Polish and Turkish governments, totaled $1.2 million for fiscal 2013 compared to $1.4 million in fiscal 2012, a decrease of $0.2 million, or 16.5%. The decrease was a result of more research and development employees being assigned to specific contracts; thus, expenses related to these employees were included in cost of sales in fiscal 2013. Most of the Company’s research efforts, which were and continue to be a significant cost of its business, are included in cost of sales for applied research for specific contracts, as well as research for feasibility and technology updates. As a percentage of net sales, research and development expenses decreased slightly to 1.9% in fiscal 2013 compared to 2.1% in fiscal 2012.
 
Operating income
Operating income increased $1.8 million, or 22.2%, to $9.9 million for fiscal 2013 compared to $8.1 million in fiscal 2012. The 5.7% increase in gross profit combined with a 3.0% reduction in operating expenses generated the increase in operating income.
 
On a segment basis, Aerospace had operating income of $9.1 million for fiscal 2013, a $1.9 million, or 26.7%, increase in operating income compared to $7.2 million in fiscal 2012. CIS had operating income of $3.9 million for fiscal 2013, a $0.2 million, or 4.2%, decrease in operating income compared to $4.1 million in fiscal 2012. These segment operating results were offset, in part, by unallocated corporate expenses.
 
Given the positive operating performance in fiscal 2013, the level and mix of the Company’s sales backlog as of February 22, 2013, open proposals and proposals under preparation, which include quotations for some significant potential international contract awards, and the Company’s continuing positive feedback from potential customers for its ATFS technology, it is anticipated that the Company will produce income from operations in fiscal 2014.
 
Net income attributable to ETC
Net income attributable to ETC was $5.0 million, or $0.19 per diluted share, in fiscal 2013 versus $4.9 million, or $0.13 per diluted share, in fiscal 2012; an increase of $0.1 million, or 1.5%. Operating income for fiscal 2013 was $9.9 million versus $8.1 million in fiscal 2012, an increase of $1.8 million, or 22.2%. Operating income was favorably affected in dollars by a higher gross profit and was favorably affected as a percentage of net sales by a 3.0% decrease in operating expenses. The significant increase in diluted earnings per share was due in part to increased income and also to reduced shares outstanding following the repurchase of 386 shares of Series D Preferred Stock, representing all of the Company’s issued and outstanding shares of Series D Preferred Stock, and 9,614 shares of Series E Preferred Stock, representing a significant portion of the Company’s issued and outstanding Series E Preferred Stock.
 
Fiscal 2013 Fourth Quarter Results of Operations:
Net sales for the fiscal 2013 fourth quarter (“the 2013 quarter”) of $15.1 million, decreased $1.8 million, or 11.0% compared to net sales of $16.9 million in the fiscal 2012 fourth quarter (“the 2012 quarter”). The decrease reflects decreased sales to Domestic customers and to the U.S. Government, while sales to International customers remained relatively flat.
 
Despite lower net sales, income before income taxes for the 2013 quarter was $1.6 million, a $1.0 million, or 167.1%, increase over the 2012 quarter. The increase in income before income taxes was due primarily to an increase in gross profit margin as a percentage of net sales to 38.7% for the 2013 quarter compared to 32.3% in the 2012 quarter, which was the result of a more profitable product and customer sales mix, combined with a 19.2% decrease in operating expenses.
 
Domestic sales for the 2013 quarter were $4.3 million, a decrease of $1.3 million, or 23.4%, compared to $5.6 million in the 2012 quarter, and represented 28.4% of total net sales in the 2013 quarter compared to 33.0% in the 2012 quarter. The decrease in Domestic sales is primarily a result of lower sales of Hyperbaric (monoplace) chambers, Environmental Testing and Simulation Systems, and spare parts. These decreases were offset, in part, by an increase in sales of Sterilization Systems, which reflects record orders received in fiscal 2012.
 
U.S. Government sales for the 2013 quarter were $3.7 million, a decrease of $0.5 million, or 12.9%, compared to $4.2 million in the 2012 quarter, which reflect lower sales related to a high performance human centrifuge, offset, in part, by increased sales related to a suite of altitude (hypobaric) chambers. U.S. Government sales represented 24.6% of total net sales in the 2013 quarter compared to 25.1% in the 2012 quarter. Given the existing progress made on U.S. Government contracts in the Company’s sales backlog as of February 22, 2013, the Company anticipates the concentration of sales with the U.S. Government will continue to lessen in fiscal 2014.
 
International sales in both the 2013 quarter and the 2012 quarter, including those of the Company’s foreign subsidiaries, were $7.1 million. Although International sales remained flat quarter over quarter, there was a shift in sales away from ATS, primarily due to less revenue recorded on one of our international contracts for multiple Aerospace products as the aeromedical center in which this equipment is housed was dedicated in October 2012, and towards ETC-PZL and Sterilization Systems.
 
Segment sales
Aerospace sales were $10.1 million for the 2013 quarter, a decrease of $1.4 million, or 11.9%, compared to sales of $11.5 million in the 2012 quarter. Sales of these products accounted for 67.2% of total net sales in the 2013 quarter compared to 67.9% in the 2012 quarter. CIS sales decreased $0.5 million, or 9.0%, to $4.9 million for the 2013 quarter compared to $5.4 million in the 2012 quarter, and constituted 32.8% of total net sales in the 2013 quarter compared to 32.1% in the 2012 quarter.
 
Gross profit
Gross profit for the 2013 quarter was $5.8 million compared to $5.4 million in the 2012 quarter, an increase of $0.4 million, or 6.8%. The increase in gross profit was achieved despite a decrease in net sales, due primarily to the increase in gross profit margin as a percentage of net sales to 38.7% for the 2013 quarter from 32.3% in the 2012 quarter. This increase was due primarily to costs incurred in the 2012 quarter related to a U.S. government contract, and to a more profitable product and customer sales mix for the 2013 quarter.
 
Operating expenses
Selling and marketing expenses for the 2013 quarter of $1.5 million remained unchanged compared to the 2012 quarter. As a percentage of net sales, selling and marketing expenses increased to 9.6% in the 2013 quarter from 8.7% in the 2012 quarter. The increase is primarily the result of a decrease in net sales.
 
General and administrative expenses for the 2013 quarter were $2.2 million compared to $2.5 million in the 2012 quarter, a decrease of $0.3 million, or 13.0%. As a percentage of net sales, general and administrative expenses decreased to 14.9% in the 2013 quarter from 15.2% in the 2012 quarter. The decrease is primarily the result of lower professional fees and an on-going effort to reduce non-revenue generating expenses.
 
Research and development expenses include spending for potential new products and technologies, and internationally, work performed under government grant programs. This spending, net of grant payments from the Polish and Turkish governments, totaled $0.3 million for the 2013 quarter compared to $0.9 million for the 2012 quarter, a decrease of $0.6 million, or 68.9%. The decrease was a result of more research and development employees being assigned to specific contracts; thus, expenses related to these employees were included in cost of sales in the 2013 quarter. Most of the Company’s research efforts, which were and continue to be a significant cost of its business, are included in cost of sales for applied research for specific contracts, as well as research for feasibility and technology updates. As a percentage of net sales, research and development expenses decreased to 1.8% in the 2013 quarter compared to 5.0% in the 2012 quarter.
 
Operating income
Operating income increased by $1.3 million, or 231.7%, to $1.9 million for the 2013 quarter compared to $0.6 million in the 2012 quarter. Operating income as a percentage of net sales increased to 12.5% for the 2013 quarter from 3.4% in the 2012 quarter. The 6.8% increase in gross profit combined with a 19.2% reduction in operating expenses generated the increase in operating income.
 
On a segment basis, Aerospace had operating income of $2.2 million for the 2013 quarter, a $1.8 million increase from operating income of $0.4 million in the 2012 quarter. CIS had operating income of $0.5 million in the 2013 quarter, a $0.6 million decrease from operating income of $1.1 million in the 2012 quarter. These segment operating results were offset, in part, by unallocated corporate expenses of $0.8 million and $1.0 million in the 2013 quarter and the 2012 quarter, respectively.
 
Net income attributable to ETC
Net income attributable to ETC was affected by an income tax provision of $0.8 million for the 2013 quarter compared to an income tax benefit of $0.3 million in the 2012 quarter. As a result, net income attributable to ETC was $0.8 million for the 2013 quarter, or $0.04 per diluted share, versus $0.9 million, or $0.02 per diluted share, in the 2012 quarter. The significant increase in diluted earnings per share was due in part to increased operating income, offset by a higher tax provision, and also the positive affect of reduced shares outstanding following the repurchase of 386 shares of Series D Preferred Stock, representing all of the Company’s issued and outstanding shares of Series D Preferred Stock, and 9,614 shares of Series E Preferred Stock, representing a significant portion of the Company’s issued and outstanding Series E Preferred Stock.
 
Financial Tables Follow

may-23-13-01

may-23-13-02

may-23-13-03

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ETC Contracts with Histria International to Supply BARA-MED XD in Romaniahttps://www.etcusa.com/etc-contracts-with-histria-international-to-supply-bara-med-xd-in-romania/ https://www.etcusa.com/etc-contracts-with-histria-international-to-supply-bara-med-xd-in-romania/#comments Tue, 14 May 2013 19:08:34 +0000 https://www.etcusa.com/?p=3004 Continue reading ]]>

Southampton, PA, USA, May 14, 2013 – Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) has contracted with Histria International to ship one BARA-MED® XD hyperbaric chamber to Bucharest, Romania. The chamber will be computer-controlled and will include ETC’s patient-friendly SMOOTH-RIDE™ compression protocol.
 
ETC’s International Marketing Manager, Jamal Radford, stated, “We are proud to deliver the best technology in hyperbaric therapy to the country of Romania.”
 
Currently, both in the United States and overseas, only a small percentage of hospitals offer hyperbaric oxygen therapy (HBO). However, as the benefits of hyperbaric medicine become more widely recognized, the number of chambers is increasing. ETC’s BioMedical Systems Division, and our customers, remain at the forefront of hyperbaric medicine, in equipment, research, and application. In addition to their regular use in clinical treatments at some of the best medical facilities around the world, ETC’s hyperbaric chambers are routinely involved in research on new indications for which HBO holds promise, and on the refinements of treatment protocols for established indications.
 
ETC’s monoplace hyperbaric chambers, provided by the company’s BioMedical Systems Group, include BARA·PRESS(TM) and SMOOTH-RIDE(TM). BARA·PRESS is the software which can control, as well as record, the treatment, allowing the operator to monitor the patient more easily, consistently and accurately. SMOOTH-RIDE(TM) is a pressure change technology that enhances patient comfort by reducing the incidence of barotrauma by 67 percent, ensuring more patients complete all their treatment sessions. The BARA-MED XD accommodates patients up to 700 pounds.

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ETC Simulation Contracted to Update ADMS Training Center for Korean National Fire Service Academyhttps://www.etcusa.com/etc-simulation-contracted-to-update-adms-training-center-for-korean-national-fire-service-academy/ https://www.etcusa.com/etc-simulation-contracted-to-update-adms-training-center-for-korean-national-fire-service-academy/#comments Thu, 09 May 2013 19:09:54 +0000 https://www.etcusa.com/?p=3006 Continue reading ]]>

KNFSA release photo
 
SOUTHAMPTON, Pa., USA, May 9, 2013 – Environmental Tectonics Corporation’s (OTC Pink: ETCC) (“ETC” or the “Company”) Simulation Division, located in Orlando, Fla., has been contracted by the Korean National Fire Service Academy (“KNFSA”) to extend their Maintenance Plan for their Advanced Disaster Management Simulator (“ADMS”). The KNFSA’s customized ADMS-Command was first delivered in 2007, and the extension of their annual maintenance plan will ensure continued optimal performance of their simulator.
 
The KNFSA currently possesses a customized ADMS system featuring a nearly 200 square mile geo-typical South Korean city with response vehicles that reflect those used by local emergency responders. The KNFSA system is used to provide advanced training for all Korean Fire Service Officers. ADMS allows trainees to gain true-to-life experience and build confidence in managing incidents that cannot be trained for live, including low and high-rise structural firefighting, industrial and hazardous materials fires, traffic accidents, urban search and rescue and mountain wildfires.
 
“We are pleased that the KNFSA continues to put their trust in both their ADMS system and in ETC Simulation.” said Marco van Wijngaarden, President of ETC Simulation. “Since 2007, they have been able to offer their students a higher level of training through the use of ADMS, and the extension of their contract demonstrates their commitment to provide the best training experience possible.”

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ETC Ships First of Four Research Altitude Chambers to United States Air Forcehttps://www.etcusa.com/etc-ships-first-of-four-research-altitude-chambers-to-united-states-air-force/ https://www.etcusa.com/etc-ships-first-of-four-research-altitude-chambers-to-united-states-air-force/#comments Thu, 25 Apr 2013 19:23:32 +0000 https://www.etcusa.com/?p=3008 Continue reading ]]>

Southampton, PA, April 25, 2013 – Environmental Tectonics Corporation (ETC) (OTC Pink: ETCC) announced the shipment of the first of four Research Altitude Chambers to the 711th Performance Wing at Wright Patterson Air Force Base in Dayton, OH, USA.
 
The first of the four altitude chambers sold to the US Air Force was shipped today to the 711th Performance Wing building where it will be integrated with the other three chambers, when completed, and then, commissioned together.
 
Valued at over $37 Million, the suite of research chambers allows maximum flexibility for the design and configuration of unique test scenarios under a wide range of environmental conditions. Each of the four chambers will have its own unique internal layouts and compartmentalization. Three of these four chambers will be “man-rated” allowing human occupancy for ongoing initiatives. The fourth chamber will be utilized for equipment and various research testing scenarios.
 
ETC’s suite of chambers will support the operational missions for the Aeromedical Research Mission which include:

  • Human performance assessment in moderate and high altitude conditions
  • Aircrew equipment development, qualification and Man Rating
  • Operationally focused aeromedical research
  • Non-medical engineering test work for aircraft/weapons programs

 
States William F. Mitchell, President and CEO, “We are pleased to take this program to the field and look forward to completing the installation of a suite of research altitude chambers which will allow the Air Force to carry out its important mission for our military personnel.”

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ETC Announces Voluntary Deregistration of its Common Stockhttps://www.etcusa.com/etc-announces-voluntary-deregistration-of-its-common-stock/ https://www.etcusa.com/etc-announces-voluntary-deregistration-of-its-common-stock/#comments Wed, 27 Mar 2013 19:25:32 +0000 https://www.etcusa.com/?p=3010 Continue reading ]]>

SOUTHAMPTON, PA, USA, March 27, 2013 – Environmental Tectonics Corporation (OTCQB: ETCC) (“ETC” or the “Company”) announced today that it filed a Form 15 with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its shares of common stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result of this filing, the Company’s obligation to file certain reports with the SEC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, was immediately suspended. Other filing requirements will terminate upon the effectiveness of the deregistration, which is expected to occur 90 days after the filing of the Form 15.
 
As a result of filing the Form 15, ETC anticipates that its shares of common stock will no longer be quoted on the OTC Quality Board but instead will be quoted on the OTC Pink Market under the ticker symbol “ETCC”. However, ETC cannot guarantee that trading in its common stock will continue in the OTC Pink Market or in any other forum.
 
Commenting on the Form 15 filing, William F. Mitchell, Sr., ETC’s President and Chief Executive Officer, said, “After careful consideration of the advantages and disadvantages, and in light of our size and market capitalization, we have concluded that deregistration of our securities will generate substantial cost savings and allow greater management focus on the core business of ETC. Even though we will no longer be required to file reports under the Exchange Act, we still intend to release financial results, be audited annually and issue press releases from time to time for the benefit of our shareholders.”

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ETC Simulation Contracted to Deliver ADMS-Command Training System to Florida State College at Jacksonvillehttps://www.etcusa.com/etc-simulation-contracted-to-deliver-adms-command-training-system-to-florida-state-college-at-jacksonville/ https://www.etcusa.com/etc-simulation-contracted-to-deliver-adms-command-training-system-to-florida-state-college-at-jacksonville/#comments Tue, 19 Mar 2013 19:27:13 +0000 https://www.etcusa.com/?p=3012 Continue reading ]]>

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SOUTHAMPTON, Pa., USA, March 19, 2013 – Environmental Tectonics Corporation`s (“ETC” or the “Company”) Simulation Division, located in Orlando, FL, has been awarded a contract by Florida State College at Jacksonville (FSCJ) for an Advanced Disaster Management Simulator (ADMS(TM)) system.
 
ADMS is a comprehensive virtual reality system used to train all levels of emergency management, including on scene incident command, command teams, emergency operations and command post staff.
 
An ADMS component is being added to the FSCJ curriculum to provide students with valuable hands-on experience in a safe, structured environment. Students will increase their understanding of learned theory by experiencing emergencies and disasters in a realistic and interactive way, while at the same time improving critical decision making skills and building confidence to apply these skills to real world events.
 
FSCJ will use the ADMS system in its Military, Public Safety, and Security Division (MPSS). “Northeast Florida is a natural laboratory for manmade and natural challenges, such as maritime and port security, big sports events with attendant safety and security issues, hurricanes, floods, wildfires, and other things. For our students to be able to investigate effective response options on ADMS means that as practitioners they`ll be poised to spring into action when calamities strike,” said Dr. Paul Herman, Dean of Academics and Student Success at FSCJ. “Further, some of ADMS` more tactical scenarios, such as active shooters and aircraft fires, can be used to build synergies across the College`s academic programs and its Law Enforcement and Firefighting academies.”
 
FSCJ was able to procure the ADMS system through funds made available by the United States Department of Education (USDOE) Carl D. Perkins Federally Funded Grant.

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ETC BioMedical Systems Group Installs Mexico’s First Clinical BARA-MED® Hyperbaric Chamberhttps://www.etcusa.com/etc-biomedical-systems-group-installs-mexicos-first-clinical-bara-med-hyperbaric-chamber/ https://www.etcusa.com/etc-biomedical-systems-group-installs-mexicos-first-clinical-bara-med-hyperbaric-chamber/#comments Thu, 14 Mar 2013 19:30:13 +0000 https://www.etcusa.com/?p=3014 Continue reading ]]>

SOUTHAMPTON, PA, USA, March 14, 2013 – Environmental Tectonics Corporation’s (OTCQB: ETCC) (“ETC” or the “Company”) BioMedical Systems Group has installed Mexico’s first clinical BARA-MED® hyperbaric chamber at the Hyperbaric O2 Life facility in Monterrey.
 
The system is a BARA-MED hyperbaric chamber containing exclusive ETC technology known as the Operating System for Control and Recordkeeping (O.S.C.A.R.(TM)). This technology has been praised for saving time for technicians, allowing them to devote their attention to patient care and management.
 
ETC’s Director of the Mexico and Caribbean Territory, Peter J. Amalbert said, “We are very proud that Hyperbaric O2 Life is the first organization in Mexico to offer new, state-of-the-art clinical hyperbaric chamber technology. This chamber has high-tech equipment that will provide advanced treatment of wounds and a comfortable treatment. Hyperbaric O2 Life will now be able to provide patients the most advanced medical technology available.”
 
ETC chambers provide a patient-friendly pressurization alternative known as Smooth-Ride™. This technology minimizes complications due to middle ear and sinus barotraumas without increasing compression time.

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ETC BioMedical Systems Group Installs Hyperbaric Chambers at St. Vincent Charity Medical Centerhttps://www.etcusa.com/etc-biomedical-systems-group-installs-hyperbaric-chambers-at-st-vincent-charity-medical-center/ https://www.etcusa.com/etc-biomedical-systems-group-installs-hyperbaric-chambers-at-st-vincent-charity-medical-center/#comments Wed, 27 Feb 2013 19:45:20 +0000 https://www.etcusa.com/?p=3020 Continue reading ]]>

Southampton, PA, USA, February 27, 2013 – Environmental Tectonics Corporation (“ETC” or the “Company”) BioMedical Systems Group has delivered and installed three BARA-MED® Select(TM) hyperbaric chambers to St. Vincent Charity Medical Center, where medical professionals praised the computerized systems as “state-of-the-art.”
 
Director of Laboratory Medicine and Pulmonary Services Mario Markovic stated, “We are extremely elated with the ETC chambers as they provide us with state-of-the-art hyperbaric treatment. The size of the chambers allows comfort to the patient as well as ease of operation for the staff. The convenience of storing the gurney below the chamber is an additional perk and a space saver. The computerized system makes operation of the chambers precise and convenient and adds to our overall satisfaction. We would highly recommend ETC.”
 
President of ETC BioMedical Systems Don Webber declared, “We offer the largest computerized monoplace chamber in the world, improving patient comfort and oxygen savings at the same time.” The BARA-MED Select accommodates patients up to 700 pounds and is the only monoplace chamber which provides a gurney garage storage area for optimal use of space. The BARA-MED Select comes with O.S.C.A.R.™ (Operating System for Control and Recordkeeping), an automatic control system allowing for programmable treatment profiles; BARA·PRESS™, a software control system; and SMOOTH-RIDE™, a pressure change technology that enhances patient comfort, while reducing incidences of barotrauma by 67 percent, ensuring more patients complete all treatment sessions.

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ETC Simulation to Deliver ADMS-Command to Minneapolis – St. Paul Airport as They Expand Their ADMS Training Centerhttps://www.etcusa.com/etc-simulation-to-deliver-adms-command-to-minneapolis-st-paul-airport-as-they-expand-their-adms-training-center/ https://www.etcusa.com/etc-simulation-to-deliver-adms-command-to-minneapolis-st-paul-airport-as-they-expand-their-adms-training-center/#comments Wed, 27 Feb 2013 19:32:29 +0000 https://www.etcusa.com/?p=3016 Continue reading ]]>

MSP press release picture
 
SOUTHAMPTON, Pa., USA, February 27, 2013 – Environmental Tectonics Corporation’s (“ETC” or the “Company”) Simulation Division, located in Orlando, FL, has entered into an agreement with Minneapolis – St. Paul International Airport (MSP) to add ADMS-Command Training for Airport Emergency Management to their existing Advanced Disaster Management Simulator (ADMS(TM)) system. MSP has been an ADMS customer for over 11 years and currently uses ADMS-Drive. This is the first airport with a complete ADMS Training Center.
 
“Our ADMS Training Center will help us provide a complete training program,” said Kyle Scapple, Systems Administrator for Minneapolis – St. Paul International Airport. “We want to ensure all of our employees receive thorough training and are properly prepared for emergency situations. With this expansion, not only will trainees be able to practice processes like operational driving skills, but now they can work on incident command and emergency response.”
 
The current ADMS -Drive system in use by MSP includes a full cab vehicle simulator networked with multiple desktop stations to train airport drivers, ARFF crews, and snow plow operators. MSP uses ADMS to practice operational procedures such as snow removal. The adjustable weather conditions in the system allow for training in a wide variety of environmental conditions. Besides snow, trainees can practice in low visibility conditions caused by rain or fog.
 
“This expansion makes Minneapolis – St. Paul International Airport the first with a full ADMS Simulator range” said Marco van Wijngaarden, President of ETC Simulation. “Through our long-standing relationship, MSP has been able to train their airport drivers with ADMS-Drive and will now be able to train their emergency responders in a variety of large-scale incidents. We are glad they chose to expand their system and look forward to continuing our relationship.”

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ETC Simulation Awarded Contract by East Central Florida Regional Planning Council to Provide ADMS On-Site Traininghttps://www.etcusa.com/etc-simulation-awarded-contract-by-east-central-florida-regional-planning-council-to-provide-adms-on-site-training/ https://www.etcusa.com/etc-simulation-awarded-contract-by-east-central-florida-regional-planning-council-to-provide-adms-on-site-training/#comments Mon, 25 Feb 2013 19:56:54 +0000 https://www.etcusa.com/?p=3024 Continue reading ]]>

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SOUTHAMPTON, Pa., USA, February 25, 2013 – Environmental Tectonics Corporation’s (“ETC” or the “Company”) Simulation Division, located in Orlando, FL, has been awarded a contract to provide on-site training services to the East Central Florida Regional Planning Council (ECFRPC). The training will be conducted at Daytona Beach International Airport and will be held in preparation for their FAA-mandated tri-annual drill. ETC Simulation will provide their Advanced Disaster Management Simulator (ADMS) team training system, along with exercise control and facilitation staff.
 
“Airports certified under 14 CFR part 139 are required to complete a full-scale exercise every three years, and it is vital in preparing responders for an actual emergency situation,” said Tim Kitchen, Manager of Emergency Preparedness with the East Central Florida Regional Planning Council. “To enhance capabilities for the tri-annual event, Volusia County identified an opportunity to utilize the ADMS system to provide responders a chance to practice and train on current response procedures. The system allows for us to cover a much larger audience base, including multiple agencies and shifts. If we did live training to prepare for our tri-annual, it would be incredibly costly in terms of money and resources. ADMS helps us prepare with the scenarios we need while offering cost savings, time savings, and reduced environmental impact.”
 
The Federal Aviation Administration (FAA) mandates that airports complete this exercise once every three years. The drill involves a full-scale training scenario. It is used to practice procedures for incident command, first responders, communications and other supporting departments, and to identify areas of improvement. The exercise will be conducted in compliance with the requirements of the Homeland Security Exercise and Evaluation Program (HSEEP). Volusia County officials will be on hand to ensure the proper execution of the exercise and to provide a thorough after action review. Participants will include representatives from the Volusia County Division of Emergency Management, Daytona Beach International Airport Operations Division, as well as fire departments, HazMat teams, communications, and emergency medical personnel from Daytona Beach International Airport and the surrounding area.

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ETC Announces Decision to Deregister its Common Stockhttps://www.etcusa.com/etc-announces-decision-to-deregister-its-common-stock/ https://www.etcusa.com/etc-announces-decision-to-deregister-its-common-stock/#comments Fri, 15 Feb 2013 20:01:00 +0000 https://www.etcusa.com/?p=3026 Continue reading ]]>

SOUTHAMPTON, PA, USA, February 15, 2013 – Environmental Tectonics Corporation (OTCQB: ETCC) (“ETC” or the “Company”) announced today that its Board of Directors approved the filing of a Form 15 with the Securities and Exchange Commission (“SEC”) to voluntarily deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934 (“the Exchange Act”). The Company intends to file the Form 15 on or about February 25, 2013. As a result of the filing of the Form 15, the Company’s reporting obligations, including its obligations to file annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K with the SEC, will be suspended. Other filing requirements will terminate upon the effective date of the Form 15, which is expected to occur 90 days after filing.
 
ETC’s President and CEO William F. Mitchell, Sr. commented, “The Company’s decision to deregister was made after careful consideration of the advantages and disadvantages, and in light of our size and market capitalization, and the high costs and demands on management’s time of our ongoing compliance with SEC and Sarbanes-Oxley reporting requirements. We expect to recognize substantial cost savings associated with this decision, in addition to allowing senior management to devote more resources to the core business of ETC.”
 
ETC intends to continue to prepare and publish quarterly and annual financial results that will include much of the financial information currently disclosed in the Company’s SEC periodic reports. In addition, the Company intends for its annual financial statements to continue to be audited.
 
The Company also expects that the Company’s common stock will continue to be traded in the over-the-counter market under the ticker symbol “ETCC”. No guarantee, however, can be made that a trading market in the Company’s common stock through any over-the-counter market will be maintained.

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ETC Ships Final Main Motion System Components of ATFS-400 Model 31 To USAF’s 711th Performance Wing at WPAFB in Dayton, OHhttps://www.etcusa.com/etc-ships-final-main-motion-system-components-of-atfs-400-model-31-to-usafs-711th-performance-wing-at-wpafb-in-dayton-oh/ https://www.etcusa.com/etc-ships-final-main-motion-system-components-of-atfs-400-model-31-to-usafs-711th-performance-wing-at-wpafb-in-dayton-oh/#comments Thu, 07 Feb 2013 21:37:13 +0000 https://www.etcusa.com/?p=3079 Continue reading ]]>

Southampton, PA – February 7, 2013 – ETC (www.etcusa.com) announced today the shipment of the final main motion system components of the Authentic Tactical Flight Simulator (ATFS 400 Model 31) (http://www.etctacticalflight.com/simulators/4th-5th-generation-tactical-aircraft) to its customer, the United States Air Force, where the flight simulator will be installed at the 711th Human Performance Wing’s new complex at Wright Patterson Air Force Base in Dayton, Ohio.
 
Shipped today were the final major components of the gimbal system, consisting of the roll ring and gondola assembly. In ETC’s design, the gondola serves as the container which houses the interchangeable, aircraft specific “cockpit” and is where the trainee is placed during utilization of the simulator. The roll ring assembly encases the gondola structure and provides the physical actuation of the gondola in roll axis. It is responsible for providing a portion of the motion which allows the alignment of the G forces on the subject to mimic the real physiological effects of flight.
 
To date, the majority of the device components have shipped and are currently onsite, ready for integration with the existing structures. Components yet to ship are non-motion system related items.
 
States William F. Mitchell, President and CEO, “we are pleased that the device is coming together so well and are looking forward to the end of 2013 when we anticipate being able to finally commission the device and begin testing”.
 
The ATFS-400 Model 31 will be used by the USAF to support aircrew high-G training, acceleration research, as well as a variety of other training and research initiatives.

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Zero Gravity Corporation and NASTAR Center Sign Teaming Agreement for Space Traininghttps://www.etcusa.com/zero-gravity-corporation-and-nastar-center-sign-teaming-agreement-for-space-training/ https://www.etcusa.com/zero-gravity-corporation-and-nastar-center-sign-teaming-agreement-for-space-training/#comments Mon, 04 Feb 2013 21:35:05 +0000 https://www.etcusa.com/?p=3077 Continue reading ]]>

Southampton, PA, USA. February 4, 2013 – The NASTAR® Center, the premier commercial aerospace training and research center, announced today it signed a teaming agreement with Zero Gravity Corporation (ZERO-G) to provide space training programs and opportunities to pilots as well as crew, participants and general public audiences.
 
The goals of the collaboration are to advance the awareness, education and preparation of upcoming commercial space travelers, as well as provide exciting space experiences for general audiences everywhere.
 
Space training has been a standard part of professional astronaut training since the earliest days of space exploration. Space training can encompass many elements, but at its core it ensures space flight participants can survive and enjoy the journey to and from space; particularly, the launch, the weightlessness and the reentry phases of flight. Training to operate under the high G’s of rocket launch and reentry is the specialty of NASTAR Center, while ZERO-G provides microgravity training so participants learn to function effectively in space environments.
 
The NASTAR Center is the world’s leading provider of training services for commercial suborbital space flights and is able to support a variety of nominal and off-nominal scenarios and task objectives for suborbital and orbital spaceflight missions It is the first facility to receive safety approval from the Federal Aviation Administration (FAA) to conduct suborbital space training and now holds two of the four total safety approvals issued by the FAA (altitude training and launch/reentry high-G training). To date, more than 250 future space travelers have prepared for space at the NASTAR Center in Southampton, Pa.
 
Of the partnership, ZERO-G co-founder and former Space Shuttle Astronaut Byron Lichtenberg remarked, “space travel requires humans to quickly adapt to rapidly changing and completely new environments. Training in the most realistic analogs possible has been, and will continue to be, fundamental to passenger and crew effectiveness and safety. ZERO-G is in a unique position to provide that training and NASTAR will be a strong partner.”
 
ZERO-G uses a specially modified Boeing 727, G-FORCE ONE(TM), to perform aerobatic maneuvers known as parabolas to create the reduced environments encountered during suborbital and orbital flights. Training participants also experience Martian and Lunar gravity conditions as well as up to 1.8 G’s of hyper gravity. Issued a safety approval in 2011 by the FAA Office of Commercial Space Transportation for crew qualification and flight training, ZERO-G has flown 320 commercial parabolic missions for more than 9,000 people worldwide and holds the contract to conduct NASA’s microgravity research and education programs.
 
“We are interested in forming partnerships that add value for our clients,” states Brienna Henwood, director of space training and research at NASTAR Center. “Zero G is a great complement to our capability-we can put the G’s on, and they take them off. It’s a great match.”
 
Together, the companies aim to provide a comprehensive training solution for interested audiences and spaceflight clients. Look for opportunities and announcements from both companies in the year to follow.

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