UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Environmental Tectonics Corporation
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(NAME OF ISSUER)
Common Stock
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(TITLE OF CLASS OF SECURITIES)
294092-10-1
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(CUSIP NUMBER)
Thomas P. Oldweiler, Esq.
Armbrecht Jackson LLP
63 South Royal Street, Suite 1300
Mobile, Alabama 36601
(251) 405-1300
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON
AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS)
June 29, 2005
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [X]
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CUSIP NO. 294092-10-1 13D Page 2 of 10
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
---------------- -----------------------------------------------------------------------------------------------------
Advanced Technology Asset Management, LLC (f/k/a ETC Asset Management, LLC)
(63-1280098)
---------------- -----------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) |_|
(B) |X|
---------------- -----------------------------------------------------------------------------------------------------
3. SEC USE ONLY
---------------- -----------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(SEE ITEM 3 BELOW)
---------------- -----------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
---------------- -----------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Alabama
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7. SOLE VOTING POWER
1,076,720 shares of Common Stock
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NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 43,900 shares of Common Stock
EACH -----------------------------------------------------------------------------------------
REPORTING
PERSON 9. SOLE DISPOSITIVE POWER
WITH
1,076,720 shares of Common Stock
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10. SHARED DISPOSITIVE POWER
43,900 shares of Common Stock
---------------------------- -----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,120,620 shares of Common Stock
---------------- -----------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
---------------- -----------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.42%(1)
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14. TYPE OF REPORTING PERSON
OO (Limited Liability Company)
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CUSIP NO. 294092-10-1 13D Page 3 of 10
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
---------------- -----------------------------------------------------------------------------------------------------
T. Todd Martin, III
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) |_|
(B) |X|
---------------- -----------------------------------------------------------------------------------------------------
3. SEC USE ONLY
---------------- -----------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(SEE ITEM 3 BELOW)
---------------- -----------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
---------------- -----------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
---------------------------- -----------------------------------------------------------------------------------------
7. SOLE VOTING POWER
1,411,230 shares of Common Stock
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NUMBER OF
SHARES 8. SHARED VOTING POWER
BENEFICIALLY
OWNED BY 48,200 shares of Common Stock
EACH -----------------------------------------------------------------------------------------
REPORTING
PERSON 9. SOLE DISPOSITIVE POWER
WITH
1,411,230 shares of Common Stock
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10. SHARED DISPOSITIVE POWER
48,200 shares of Common Stock
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,459,430 shares of Common Stock
---------------- -----------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
---------------- -----------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18%(1)
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14.
TYPE OF REPORTING PERSON
IN
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CUSIP NO. 294092-10-1 13D Page 4 of 10
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
---------------- -----------------------------------------------------------------------------------------------------
Allied Williams Companies, Inc. (f/k/a Allied Bruce Terminix Companies, Inc.)
(62-0639924)
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) |_|
(B) |X|
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3. SEC USE ONLY
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4. SOURCE OF FUNDS
(SEE ITEM 3 BELOW)
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7. SOLE VOTING POWER
26,900 shares of Common Stock
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8. SHARED VOTING POWER
NUMBER OF 1,093,720 shares of Common Stock
SHARES -----------------------------------------------------------------------------------------
BENEFICIALLY
OWNED BY 9. SOLE DISPOSITIVE POWER
EACH
REPORTING 26,900 shares of Common Stock
PERSON -----------------------------------------------------------------------------------------
WITH
10. SHARED DISPOSITIVE POWER
1,093,720 shares of Common Stock
---------------------------- -----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,120,620 shares of Common Stock
---------------- -----------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
---------------- -----------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.42%(1)
---------------- -----------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
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CUSIP NO. 294092-10-1 13D Page 5 of 10
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
---------------- -----------------------------------------------------------------------------------------------------
Equity Management, LLC
---------------- -----------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(A) |_|
(B) |X|
---------------- -----------------------------------------------------------------------------------------------------
3. SEC USE ONLY
---------------- -----------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS
(SEE ITEM 3 BELOW)
---------------- -----------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |_|
---------------- -----------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Alabama
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7. SOLE VOTING POWER
17,000 shares of Common Stock
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NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 1,103,620 shares of Common Stock
OWNED BY -----------------------------------------------------------------------------------------
EACH
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON
WITH 17,000 shares of Common Stock
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10. SHARED DISPOSITIVE POWER
1,103,620 shares of Common Stock
---------------------------- -----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,120,620 shares of Common Stock
---------------- -----------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES |_|
---------------- -----------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.42%(1)
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14. TYPE OF REPORTING PERSON
OO (Limited Liability Company)
---------------- -----------------------------------------------------------------------------------------------------
(1) Based on shares of the Common Stock outstanding as of May 6, 2005, as
reported in the Company's Form 10-K for the fiscal year ended February 25, 2005
(9,019,376).
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CUSIP NO. 294092-10-1 13D Page 6 of 10
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ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock (the "Common Stock") of
Environmental Tectonics Corporation (the "Company"). The Company's principal
offices are located at County Line Industrial Park, Southampton, Pennsylvania
18966.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is being filed by (i) Advanced Technology Asset
Management, LLC (f/k/a ETC Asset Management, LLC), an Alabama limited liability
company ("ATAM"), with respect to shares beneficially owned by it; (ii) T. Todd
Martin, III with respect to shares beneficially owned by him, (iii) Allied
Williams Companies, Inc. (f/k/a Allied Bruce Terminix, Inc.), a Delaware
corporation ("Allied"), with respect to shares beneficially owned by it; and
(iv) Equity Management, LLC, an Alabama limited liability company ("EM"), with
respect to shares beneficially owned by it. ATAM, Mr. Martin, Allied and EM are
collectively referred to herein as the "Filing Persons." The undersigned hereby
file this statement on Schedule 13D on behalf of the Filing Persons pursuant to
Rule 13d-1(k)(1)-(2) under the Securities Exchange Act of 1934, as amended (the
"Act").
(b) The business address of ATAM, Mr. Martin, Allied and EM is 50
Midtown Park East, Mobile, Alabama 36606.
(c) ATAM is a limited liability company that was formed to own and
manage its members' investment in the Company. Mr. Martin's principal occupation
is an investor, and is manager of ATAM and EM and he is an officer and director
of Allied. Allied is the successor to Allied Bruce Terminix, Inc., and its
principal business is business strategic planning and acquisition. The principal
business of EM is to facilitate its members' investments.
(d) During the last five years, none of the Filing Persons have been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of the Filing Persons have been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction as a result of which he or it was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
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CUSIP NO. 294092-10-1 13D Page 7 of 10
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(f) Mr. Martin is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The requirements of this item are not applicable.
ITEM 4. PURPOSE OF TRANSACTION.
Each of the Filing Persons acquired their shares of Common Stock for
investment purposes. The Filing Persons previously reported their ownership of
shares of Common Stock on Schedule 13G. The Filing Persons believe that the
Common Stock is undervalued and represents an attractive investment opportunity.
The primary interest of the Filing Persons is to maximize the value of
the Common Stock of the Company for the benefit of all stockholders. To this
end, the Filing Persons intend to continually review the Company's business
affairs, financial position and future prospects, as well as conditions in the
securities markets and general economic and industrial conditions.
Depending upon the foregoing factors or any other factors deemed
relevant by the Filing Persons, the Filing Persons may acquire additional shares
of Common Stock, or dispose of all or part of their shares of Common Stock, in
open market transactions, privately negotiated transactions or otherwise. Any
such acquisitions or dispositions may be effected by the Filing Persons at any
time without prior notice.
The Filing Persons may engage in communications from time to time with
one or more stockholders, potential suitors, officers or directors of the
Company regarding strategic alternatives available to or explored by the
Company, various means of maximizing stockholder value or other matters that, if
effected, could result in or relate to, among other things, any of the matters
set forth in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Except as
described herein, the Filing Persons do not have any present plans or intentions
which would result in or relate to any of the matters set forth in subparagraphs
(a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) ATAM beneficially owns 1,120,620 shares of Common Stock, which
constitutes 12.42% of the Common Stock outstanding (based on shares of the
Common Stock outstanding as of May 6, 2005, as reported in the Company's Form
10-K for the fiscal year ended February 25, 2005 (9,019,376)).
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CUSIP NO. 294092-10-1 13D Page 8 of 10
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Mr. Martin beneficially owns 1,459,430 shares of Common Stock, which
constitutes 16.18% of the Common Stock outstanding (based on shares of the
Common Stock outstanding as of May 6, 2005, as reported in the Company's Form
10-K for the fiscal year ended February 25, 2005 (9,019,376)).
Allied beneficially owns 1,120,620 shares of Common Stock, which
constitutes 12.42% of the Common Stock outstanding (based on shares of the
Common Stock outstanding as of May 6, 2005, as reported in the Company's Form
10-K for the fiscal year ended February 25, 2005 (9,019,376)).
EM beneficially owns 1,120,620 shares of Common Stock, which
constitutes 12.42% of the Common Stock outstanding (based on shares of the
Common Stock outstanding as of May 6, 2005, as reported in the Company's Form
10-K for the fiscal year ended February 25, 2005 (9,019,376)).
(b) ATAM has the sole voting power and sole power to dispose of
1,076,720 shares of Common Stock. Mr. Martin has the sole voting power and sole
power to dispose of 1,411,230 shares of Common Stock. Allied has sole voting
power and sole power to dispose of 26,900 shares of Common Stock. EM has sole
voting power and sole power to dispose of 17,000 shares of Common Stock.
(c) In the past 60 days the Filing Persons have effected the following
transactions:
From May 18, 2005 through June 30, 2005, Mr. Martin purchased a total
of 54,010 shares of Common Stock, as more fully described on Annex A attached
hereto and made a part hereof.
(d) N/A
(e) N/A
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None
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CUSIP NO. 294092-10-1 13D Page 9 of 10
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SIGNATURE
After reasonable inquiry and to the best of their knowledge and belief,
each of the parties set forth below certifies that the information set forth in
this statement is true, complete and correct.
Date: June 30, 2005
Advanced Technology Asset Management, LLC
By: /s/ T. Todd Martin, III
------------------------
T. Todd Martin, III
Manager
/s/ T. Todd Martin, III
------------------------
T. Todd Martin, III
Allied Williams Companies, Inc.
By: /s/ T. Todd Martin, III
------------------------
T. Todd Martin, III
Vice President
Equity Management, LLC
By: /s/ T. Todd Martin, III
------------------------
T. Todd Martin, III
Manager
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CUSIP NO. 294092-10-1 13D Page 10 of 10
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ANNEX A
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
PURCHASER DATE OF TRANSACTION AMOUNT OF SECURITIES PRICE PER SHARE HOW TRANSACTION
ACQUIRED EFFECTED
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 5/18/2005 2,000 $5.49 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 5/19/2005 7,000 $5.4814 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 5/20/2005 1,110 $5.49 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 5/27/2005 4,000 $5.3125 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/3/2005 6,000 $5.3393 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/15/2005 1,900 $5.1984 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/21/2005 10,000 $5.227 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/22/2005 2,900 $4.9834 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/23/2005 1,400 $5 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/24/2005 1,100 $5.016 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/29/2005 12,100 $5.4619 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
T. Todd Martin, III 6/29/2005 4,500 $5.508 AMEX
------------------------- ---------------------- ----------------------- ---------------------- ----------------------