Form 10-K - Securities And Exchange Commission Page 21
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46Management's Discussion and Analysis of
Financial Condition and Results of Operations - Continued
Year 2000 Disclosure
As of January 1, 2000, the Company experienced no major issues during
the transition from 1999 to 2000.
Market for the Registrant's Common Stock and Related Security Holder Matters
The Company's Common Stock (the Common Stock) is traded on the American
Stock Exchange under the symbol ETC. As of May 8, 2000, the Company had 308
shareholders of record.
The following table sets forth the quarterly ranges of high and low
sale prices, and the closing sale price, for shares of the Common Stock for the
periods indicated, as adjusted for a 2 for 1 stock split effective May 28, 1999.
Such prices represent quotations between dealers and do not include mark-ups,
mark-downs or commissions, and may not necessarily represent actual
transactions.
Sale Prices
--------------------------
Closing
High
Low
Sale Price
----
---
----------
2000
First Quarter
$14-1/2
$7-15/16
$11-7/8
Second Quart
12-1/8
9
10-11/16
Third Quarter
10-5/8
8-5/8
9-5/8
Fourth Quarter
21
9-3/8
12-7/8
1999
First Quarter
$11-1/4
$8-1/4
$10-1/2
Second Quarter
12-7/8
9-1/8
9-3/4
Third Quarter
11-3/4
6-5/8
11
Fourth Quarter
17
9-1/16
16-1/8
The Company has never paid any cash dividends on the Common Stock in
the past and does not anticipate that any cash dividends will be declared or
paid in the foreseeable future. The Company's current line of credit facility
prohibits the payment of any dividends by the Company without the lender's prior
written consent.
Backlog
The Company's sales backlog at February 25, 2000 and February 26, 1999,
for work to be performed and revenue to be recognized under written agreements
after such dates, was approximately $44,146,000 and $32,141,000, respectively.
In addition, the Company's training and maintenance contracts backlog at
February 25, 2000 and February 26, 1999, for work to be performed and revenue to
be recognized after that date under written agreements, was approximately
$1,288,000 and $1,311,000, respectively. Of the February 25, 2000 backlog,
approximately $38,725,000 was under contracts for ATS and maintenance support
including $25,755,000 for the Walt Disney companies. Approximately 64% of the
February 25, 2000 backlog is expected to be completed prior to February 23,
2001.
6
Report of Independent Certified Public Accountants
Board of Directors
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