ETC reports turnaround for 2010

Environmental Tectonics Corp. reported net income of $6.5 million (30 cents a share) for fiscal 2010, which ended Feb. 26, versus a previous year's loss of $2 million (32 cents a share).

The Southampton maker of flight and driving simulators and other devices attributed the turnaround, in part, to an increase in sales and the resulting gross profit, as well as a $1.8 million tax benefit.

Domestic sales were down 10.9 percent, but international sales were up 13.3 percent, the company said.

The company, whose stock now trades over-the-counter, agreed last year to a $7.5 million credit facility from H.F. "Gerry" Lenfest, the former suburban cable operator and Philadelphia philanthropist. Interest expenses for the year were down 16.6 percent.       - Inquirer staff