Environmental Tectonics gets reprieve from PNC
Environmental Tectonics Corp. today said PNC Bank, which extended a $15 million credit line to the Southampton company in July has given it until Jan. 31 to restate its earnings for the last fiscal year.
Environmental Tectonics Corp. today said PNC Bank, which extended a $15 million credit line to the Southampton company in July has given it until Jan. 31 to restate its earnings for the last fiscal year.
The agreement between the company and the bank relates to Environmental Tectonics' announcement earlier this month that it must refile prior financial statements after taking a charge for the value of receivables in a contract dispute with the U.S. Navy.
That development meant the company, which makes decompression chambers and simulation trainers, was not in compliance with terms for the PNC loan, and the bank could have demanded immediate payment.
The waiver letter is dated Nov. 21.
The company's audit committee has said it will need to restate financial results for periods including the fourth quarter that ended Feb. 23.
Shares were down 10 cents, or 4.7 percent, to $2.05 in midday Amex trading.
Yesterday, the company announced it had won a pair of contracts worth more than $1.5 million combined for two current customers.






















