This morning it could be a good move for investors to take a look at Environmental Tectonics Corporation (OTCMKTS:ETCC) after the company came into the news cycle following the announcement of its financial results for the second fiscal quarter of 2023 that had concluded on August 26, 2022.
Trading Data
On Monday, ETCC stock ended flat at $0.3489 with more than 100 shares traded, compared to volume of 6.87K shares. The stock moved within a range of $0.3489 – 0.3489 after opening trading at $0.3200.
ETC Announces Fiscal 2023 Second Quarter Results
In addition to that, the company also provided the financial results for the 26 week period that had ended on the same date. In the second quarter, the company managed to bring in net attributable income to the tune of $1.2 million which worked out to diluted earnings per share of $0.07. In the prior year period, the company had actually suffered an attributable net loss of as much as $1.4 million.
The swing into profits was primarily due to the fact that Environmental Tectonics Corporation had managed to complete the sale of a facility situated on 125 James Way in Southampton, PA. On the other hand, the net sales for the period came in at $5.2 million and that reflected a year on year rise of 16.3% from the $4.4 million in sales in the prior year period. It remains to be seen if the Environmental Tectonics Corporation stock moves today or not.
Key Quote
Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the overall 19% increase in second quarter sales vs. prior year, and more importantly, with the 466% increase in bookings in the second quarter when compared to prior year. This has increased our backlog 39%, to the current $25.3 million. This increased backlog, along with a solid pipeline of opportunities, position us well moving forward.
Technical Data
ETCC stock is trading below the 20-Day and 50-Day Moving averages of $0.38 and $0.37 respectively. However, the stock is trading above the 200-Day moving average of $0.33.
