ENVIRONMENTAL TECTONICS CORP

CIK:0000033113|SEC Filings

Earnings per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended			9 Months Ended
	Nov. 23, 2012	Feb. 24, 2012	Nov. 25, 2011	Nov. 23, 2012 Promissory Note [Member]	Nov. 23, 2012 Line of Credit with PNC Bank [Member]	Nov. 23, 2012 Series D Preferred Stock [Member]	Sep. 28, 2012 Series D Preferred Stock [Member]	Feb. 24, 2012 Series D Preferred Stock [Member]	Nov. 23, 2012 Series D Preferred Stock [Member] Issued in April 2009 [Member]	Feb. 24, 2012 Series D Preferred Stock [Member] Issued in April 2009 [Member]	Nov. 23, 2012 Series D Preferred Stock [Member] Issued in July 2009 [Member]	Feb. 24, 2012 Series D Preferred Stock [Member] Issued in July 2009 [Member]	Nov. 23, 2012 Series D Preferred Stock [Member] Issued in October 2010 [Member]	Feb. 24, 2012 Series D Preferred Stock [Member] Issued in October 2010 [Member]	Nov. 23, 2012 Series E Preferred Stock [Member]	Feb. 24, 2012 Series E Preferred Stock [Member]	Jul. 02, 2009 Series E Preferred Stock [Member]	Nov. 23, 2012 Series E Preferred Stock [Member] Issued in July 2009 [Member]	Feb. 24, 2012 Series E Preferred Stock [Member] Issued in July 2009 [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of common stock	1
Number of classes of cumulative participating preferred stock	2
Conversion basis of preferred stock	one-for-one
Cumulative convertible participating Preferred Stock	$ 12,127	$ 22,127				$ 0	$ 386	$ 386							$ 12,127	$ 21,741
Amount of preferred stock being converted									55	55	100	100	231	231				21,741	21,741
Exercise price of convertible preferred stock (in dollars per share)	$ 2								$ 0.94	$ 0.94	$ 1.11	$ 1.11	$ 3.02	$ 3.02				$ 2.00	$ 2.00
Shares issued upon conversion of preferred stock (in shares)	6,063,321								58,511	58,511	90,090	90,090	76,490	76,490	6,063,321		11,870,391	10,870,321	10,870,321
Issuance date of debt				Feb. 20, 2009	Jul. 02, 2009
Amount of promissory note				$ 2,000
Warrants issued (in shares)				200,000	500,000
Warrants to purchase common stock (in shares)				143,885	450,450
Exercise price of warrants (in dollars per share)				$ 1.39	$ 1.11
Outstanding options to purchase the Company's Common Stock (in shares)	240,921		270,921
Outstanding options to purchase the Company's Common Stock average price (in dollars per share)	$ 4.26		$ 4.35

Consolidated Statements of Cash Flows (unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Nov. 23, 2012	Nov. 25, 2011
Cash flows from operating activities:
Net income	$ 4,190	$ 3,968
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,375	1,256
Deferred tax assets	2,830	1,779
Increase in valuation allowance for deferred tax assets	0	343
Increase in allowances for accounts receivable and inventories, net	35	41
Accretion of loan origination deferred charge	141	130
Stock compensation expense	68	76
Changes in operating assets and liabilities:
Accounts receivable	(3,632)	(4,862)
Costs and estimated earnings in excess of billings on uncompleted long-term contracts	882	(8,480)
Inventories	224	(2,569)
Prepaid expenses and other assets	(1,056)	(131)
Accounts payable, trade	(1,800)	2,266
Billings in excess of costs and estimated earnings on uncompleted long-term contracts	(2,495)	(2,126)
Customer deposits	(647)	314
Accrued taxes	213	443
Accrued interest and dividends	(6)	157
Other accrued liabilities	3	(541)
Net cash provided by (used in) operating activities	325	(7,936)
Cash flows from investing activities:
Acquisition of property, plant, and equipment	(913)	(1,357)
Capitalized software development costs	(25)	(163)
Net cash used in investing activities	(938)	(1,520)
Cash flows from financing activities:
Proceeds from Term Loan	15,000	0
Repurchase of Preferred Stock	(10,000)	0
(Repayments) borrowings under line of credit	(3,731)	14,075
Payment of Preferred Stock dividends	(1,390)	(1,656)
Increase in restricted cash	(160)	(379)
Payments on the Term Loan and of other debt obligations	(258)	(250)
Payments of deferred financing and Preferred Stock repurchase cost	(136)	0
Issuance of Common Stock	31	37
Net cash (used in) provided by financing activities	(644)	11,827
Effect of exchange rate changes on cash	59	(209)
Net (decrease) increase in cash	(1,198)	2,162
Cash at beginning of period	3,425	1,423
Cash at end of period	2,227	3,585
Supplemental schedule of cash flow information:
Interest paid	886	278
Income taxes paid	181	631
Supplemental information on non-cash operating and investing activities:
Accrued dividends on Preferred Stock	838	552
Unrealized loss on cash flow hedge	$ (28)	$ 0

Consolidated Balance Sheets (unaudited) (USD $) In Thousands, unless otherwise specified	Nov. 23, 2012	Feb. 24, 2012
Current assets:
Cash and cash equivalents	$ 2,227	$ 3,425
Restricted cash	6,160	6,000
Accounts receivable, net	14,327	10,695
Costs and estimated earnings in excess of billings on uncompleted long-term contracts	17,884	18,766
Inventories, net	3,886	4,145
Deferred tax assets, current	3,804	4,170
Prepaid expenses and other current assets	1,805	830
Total current assets	50,093	48,031
Property, plant and equipment, net	14,634	14,860
Capitalized software development costs, net	455	666
Deferred tax assets, non-current, net	1,726	4,190
Other assets	15	39
Total assets	66,923	67,786
Current liabilities:
Current portion of long-term debt obligations	3,000	8
Accounts payable, trade	3,839	5,639
Billings in excess of costs and estimated earnings on uncompleted long-term contracts	4,024	6,519
Customer deposits	2,778	3,425
Accrued taxes	361	148
Accrued interest and dividends	935	941
Other accrued liabilities, current	3,568	3,565
Total current liabilities	18,505	20,245
Long-term debt obligations, less current portion:
Credit facility payable to bank	12,985	16,716
Term loan	11,750	0
Total long-term debt obligations, less current portion	24,735	16,716
Other accrued liabilities, non-current	28	0
Total liabilities	43,268	36,961
Commitments and contingencies
Shareholders' equity:
Cumulative convertible participating Preferred Stock	12,127	22,127
Common Stock, $0.05 par value, 50,000,000 shares authorized; 9,155,343 and 9,134,403 shares issued and outstanding at November 23, 2012 and February 24, 2012, respectively	457	456
Additional paid-in capital	9,890	9,892
Accumulated other comprehensive loss	(474)	(505)
Retained earnings (Accumulated deficit)	1,595	(1,186)
Total shareholders' equity before non-controlling interest	23,595	30,784
Non-controlling interest	60	41
Total shareholders' equity	23,655	30,825
Total liabilities and shareholders' equity	$ 66,923	$ 67,786