-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MFH3h3M5ZuzfI0UE0610RSZ/KMpP0E+61GUCAY6E0mEkV3bHuIaBgInGzuNun3f4 GYXAaDVROb7LiEJ1uhyUXQ== 0000950116-02-002845.txt : 20021224 0000950116-02-002845.hdr.sgml : 20021224 20021223204803 ACCESSION NUMBER: 0000950116-02-002845 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021218 ITEM INFORMATION: Other events FILED AS OF DATE: 20021224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRONMENTAL TECTONICS CORP CENTRAL INDEX KEY: 0000033113 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 231714256 STATE OF INCORPORATION: PA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10655 FILM NUMBER: 02867899 BUSINESS ADDRESS: STREET 1: COUNTY LINE INDUSTRIAL PARK CITY: SOUTHAMPTON STATE: PA ZIP: 18966 BUSINESS PHONE: 2153559100 MAIL ADDRESS: STREET 1: COUNTYLINE INDUSTRIAL PARK CITY: SOUTHAMPTON STATE: PA ZIP: 18966 FORMER COMPANY: FORMER CONFORMED NAME: ENVIRONMENTAL TECHNOLOGY CORP DATE OF NAME CHANGE: 19730208 8-K 1 eight-k.txt 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Earliest Event Reported December 18, 2002 Environmental Tectonics Corporation (Exact name of registrant as specified in its charter) Pennsylvania (State or other jurisdiction of incorporation of organization) 1-10655 23-1714256 (Commission File Number) (IRS Employer Identification Number) County Line Industrial Park Southampton, Pennsylvania 18966 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (215) 355-9100 Item 5. Other Events and Required FD Disclosure. On December 18, 2002, Environmental Tectonics Corporation (the "Company") terminated existing term sheets with new lenders that would have allowed it to refinance its credit facilities with its current lender on a long term basis. These term sheets permitted the Company, in accordance with FASB No. 6, to classify its bank borrowings under its Revolving Credit Agreement as long term debt on its balance sheet. The Revolving Credit Agreement is scheduled to expire on February 28, 2003. Accordingly, due to the termination of these proposed transactions, the Company will now classify existing indebtedness under its Revolving Credit Agreement, estimated at November 22, 2002 to consist of approximately $6,300,000 of cash backed letters of credit, industrial revenue bonds in the principal amount of approximately $5,000,000 and cash borrowings for operations in the principal amount of approximately $4,000,000, as short term debt until such time as it is able to refinance this indebtedness or comply with the requirements of FASB No. 6 in a manner that will permit it to classify this indebtedness as long term debt on its balance sheet. The Company is presently in the process of negotiating the extension of the Revolving Credit Agreement with its current lender and is also evaluating various refinancing options with other lenders and investors. The Company presently has cash of approximately $1,100,000 and the ability to borrow an additional $4,600,000 under the Revolving Credit Agreement, subject to its expiration on February 28, 2003. Additionally, the Company anticipates receiving cash from operations of at least $2,500,000 within the next 30 days. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENVIRONMENTAL TECTONICS CORPORATION Registrant Date: December 24, 2002 By /s/ Duane D. Deaner --------------------------------- Duane D. Deaner Chief Financial Officer 3 -----END PRIVACY-ENHANCED MESSAGE-----