Environmental Tectonics Corporation reports fiscal 2018 first quarter results

Environmental Tectonics Corporation (ETC) has reported its financial results for the thirteen week period ended May 26, 2017 (the 2018 first quarter). Net income attributable to ETC was US$0.1m in the 2018 first quarter, compared to a net loss attributable to ETC of US$0.5m during the 2017 first quarter. The US$0.6m variance is due to the combined effect of a US$0.7m increase in gross profit, a US$0.2m favorable variance in other (income) expense, net, and a US$41 thousand decrease in interest expense, offset, in part, by a $0.4 million increase in operating expenses. Net sales in the 2018 first quarter were US$11.5m, an increase of US$0.8m, or 7.1%, compared to 2017 first quarter net sales of US$10.7m.