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Prospector
Profile
07.1592
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| Environmental Tectonics Corp. |
NAICS |
511210 |
| 125 James Way
Southampton, PA 18966 |
Description |
Software Publishers |
| (215) 355-9100 |
Employees |
257 |
| http://www.etcusa.com |
Revenue |
(mil) |
17.4200 |
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Income |
(mil) |
-8.9400 |
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Assets |
(mil) |
31.5200 |
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Liability |
(mil) |
16.7300 |
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(for the year ended 2007-02-28) |
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Category:
Default
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Event:
On Nov. 14, 2007, Environmental Tectonics Corporation restated its previously issued consolidated financial statements for prior periods, including the periods ended Nov. 24, 2006 and Feb. 23, 2007, due to errors in accounting with respect to accounts receivable related to the carrying value of a claims receivable booked in connection with a contract with the Department of the Navy for a submarine decompression chamber project. As a result of the restatement, the company is not in compliance as of Feb. 23, 2007 with the consolidated tangible net worth covenant contained in a letter agreement dated as of Nov. 16, 2006, between the company and PNC Bank, National Association. The company has requested a waiver from PNC with respect to this covenant violation. The company's breach of the credit agreement results in an event of default under the promissory note the company issued to PNC relating to the credit agreement. As a result of the event of default, PNC is not obligated to make further advances to the company or issue any additional letters of credit under the credit agreement or the note. Additionally, PNC has the right to demand immediate payment of all principal and interest due under the note.
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Intellectual Property:
The Company presently holds two patents which are deemed significant to its operations, including Patent Number 5,051,094 for “G-Force Trainer” and Patent Number 6,818,178 B2 for a “Method for High Vacuum Sterilization of Closures.” It also holds a trademark on its logo, ETC®, as well as on the productsBara-Med® , Dataprint® , ETC® , GAT-II®, G-LAB®, Gyrolab®, MRC Monster Roll Cage® and The Ride Works®. The Company also has unregistered trademarks and service marks. [SEC Filing 10-K 05-24-07]
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Description:
The Company engages in the design, manufacture, and sale of software driven products used to recreate and monitor the physiological effects of motion on humans and equipment.
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Officers:
William F. Mitchell (CEO); Duane D. Deaner (CFO)
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Auditor:
Grant Thornton LLP
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Securities:
Common Stock Symbol ETC; AMEX;
9,028,469 common shares outstanding as of May 11, 2007.
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