ETC reports decrease in 3Q net loss

Environmental Tectonics Corp. reported today a third-quarter net loss of $113,000, or 4 cents a share, compared with a net loss of $2,098,000, or 26 cents a share, for last year's comparable quarter.

ETC has designed and manufactured testing and simulations systems for the automotive and heating-air industries for 35 years. The company also develops aircrew training systems, public entertainment systems and sterilization/environmental systems.

The company attributed the decreased net loss to increased sales and resulting gross profit, along with reduced selling, general and administrative expenses. Offsetting that partially were higher research and development expenses and slightly higher interest expense, the company said.

Sales for the third quarter $8.7 million, compared with $6.7 million, reflecting an increase in international sales that offset decreases in domestic and government sales.

The third-quarter results "reflect a major shift to sales of sophisticated pilot training simulators in the international markets, which was furthered by some significant increases in our domestic product lines, most notable our hyperbaric line, which was up over 100 percent."

However, he said, ". . . We expect to need additional cash to continue growing and operating our business. To that end, we are currently in negotiations with our major lender, H.F. Lenfest, and our bank, to provide additional funding."

Company shares last traded yesterday, at $1.05 on the American Stock Exchange, down 5 cents; the price has ranged from 55 cents to $2.95 in the last 52 weeks. -    Roslyn Rudolph