Environmental Tectonics Corporation has released its financial results for the thirteen week period ended August 24, 2018 (2019 second quarter).
Net income attributable to ETC was US$0.4 million in both the 2019 second quarter and the 2018 second quarter. Although most items contributing to net income attributable to ETC remained flat quarter over quarter, there was a US$0.1 million increase in operating expenses that was offset by a US$0.1 million decrease in other expense, net.
Net sales in the 2019 second quarter were US$10.3 million, an increase of US$0.2 million, or 1.6%, compared to 2018 second quarter net sales of US$10.1 million. The increase reflects higher International sales, especially within the company’s Aerospace segment, offset, in part, by a decrease in Domestic sales, especially within its CIS segment.
Gross profit for both the 2019 second quarter and the 2018 second quarter was US$3.7 million. Gross profit margin as a percentage of net sales also remained relatively flat quarter over quarter at 36.4% for the 2019 second quarter compared to 36.5% for the 2018 second quarter.