Form 10-K - Securities And Exchange Commission Page 16
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46ENVIRONMENTAL TECTONICS CORPORATION
2000
ANNUAL SHAREHOLDERS' REPORT
FINANCIAL REVIEW
($ in thousands, except share and per share data)
Fiscal Year End
2000
1999
1998
1997
1996
----
----
----
----
----
Net sales
$ 34,920
$ 29,225
$ 29,284
$ 21,884
$ 15,580
Gross profit
12,798
11,672
9,298
5,742
5,206
Operating income
5,327
4,759
4,208
1,196
1,492
Net income (loss)
2,837
2,170
1,794
(20)
299
Earnings (loss) per common share:
Basic
.40
.32
.25
(.01)
.05
Diluted
.36
.29
.23
(.01)
.05
Working capital
16,306
13,755
11,462
10,334
7,860
Long-term obligations
4,455
4,219
4,356
6,997
5,514
Total assets
31,897
35,448
22,955
23,095
20,926
Total stockholders' equity
16,245
11,030
8,579
6,409
6,111
Weighted average common shares:
Basic
6,604,000
5,861,000
5,981,000
5,930,000
5,870,000
Diluted
7,319,000
6,312,000
6,496,000
5,930,000
5,870,000
All earnings per share and share amounts have been restated to reflect a 2 for 1
stock split effective May 28, 1999. No cash dividends have ever been paid on the
Company's common stock, and the Company is currently prohibited from declaring
any cash dividends on common stock under the terms of its credit facility.
1
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Results of Operations
Fiscal 2000 Versus Fiscal 1999
Certain statements under Item 1 and Item 7 contained herein or as may
otherwise be incorporated by reference herein constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include but are not limited to: statements
regarding future product development, technological advances and market
acceptance of products. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Environmental Tectonics Corporation (the
"Company"), or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among other things, general
economic and business conditions, competition, technological advances, political
unrest in customer countries, contract cancellations and other risk factors that
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