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ENVIRONMENTAL TECTONICS CORPORATION REPORTS FIRST QUARTER RESULTS

 SOUTHAMPTON, Pa., Aug. 11 /PRNewswire/ -- Environmental Tectonics Corporation (AMEX: ETC) today reported the financial results for the fiscal 1994 first quarter.
 Sales for the first quarter ending May 28, 1993, were $4,606,000 compared to $5,879,000 for the first quarter last year. The company earned $47,000 or $.02 per share, before the cumulative effect of change in accounting principle vs. a net loss of $127,000, or $.04 loss per share, for the prior year first quarter period. In the first quarter of fiscal 1994, the company implemented Financial Accounting Standard No. 109, "Accounting for Income Taxes," which increased net income by $573,000 or $.20 per share.
 William F. Mitchell, president and CEO, stated, "The reduction in the Company's sales revenues indicates that ETC must adapt to a modest growth economy and the new political attitude toward defense spending. However, with the company's recent successful completion and/or delivery of certain contracts, which enhance the company's reputation, and a new marketing plan for fiscal 1994, the company's outlook for fiscal 1994 is cautiously optimistic. We look to this new business to increase our May 28, 1993, backlog of $9.5 million."
 ENVIRONMENTAL TECTONICS CORPORATION
 Selected Financial Data
 (In thousands, except per-share amounts)
 First quarter ended
 5/28/93 5/29/92
 Sales $4,606 $5,879
 Pre tax income (loss) 75 (219)
 Income tax provision (benefit) 28 (92)
 Income (loss) before cumulative
 effect of change in accounting
 principle 47 (127)
 Cumulative effect -- change in
 accounting for income taxes 573 ---
 Net income (loss) 620 (127)
 Earnings (loss) per share before
 cumulative effect of change in
 accounting principle $.02 $(.04)
 Cumulative effect -- change in
 accounting principle .20 ---
 Earnings (loss) per share .22 (.04)
 Average shares 2,863 2,875
 ETC designs, manufactures and installs aircrew training systems, sterilization equipment, hyperbaric systems, environmental testing and simulation systems, and related products for domestic and international customers. ETC is listed on the AMEX and traded under the stock symbol "ETC."
 /delval/
 -0- 8/11/93
 /CONTACT: William F. Mitchell, president and CEO of Environmental Tectonics, 215-355-9100/
 (ETC)


CO: Environmental Tectonics Corporation ST: Pennsylvania IN: ARO SU: ERN

MJ-LJ -- PH021 -- 1792 08/11/93 15:23 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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