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CECO Environmental Reports Second Quarter and Six Month 2014 Results

Achieves Record Year-to-Date Bookings and Non-GAAP Operating Margin

CINCINNATI, Aug. 7, 2014 /PRNewswire/ -- CECO Environmental Corp. (NasdaqGM: CECE), a leading global environmental technology company focused on critical solutions in the air pollution control, energy and fluid handling and filtration industries, today reported its financial results for the second quarter of 2014. Results include the operations of Aarding Thermal Acoustics ("Aarding") from the date of its acquisition on February 28, 2013 and Met-Pro Corporation ("Met-Pro") from the date of its acquisition on August 27, 2013.

Revenue in the second quarter of 2014 was $66.6 million, up 50.0% from revenue of $44.4 million in the prior-year's second quarter. Met-Pro contributed $23.1 million of revenue in the quarter.

Revenue in the first six months of 2014 was $123.8 million, up 57.1% from revenue of $78.8 million in the prior-year period. Met-Pro contributed $42.3 million of revenue in the first six months of 2014.

Net income was $4.5 million in the second quarter of 2014 as compared with net income of $3.0 million in the second quarter of 2013. Excluding acquisition and integration expenses, amortization and earn out expenses, and plant, property and equipment valuation adjustments attributable to the Met-Pro and Aarding acquisitions, non-GAAP net income increased 18.2% to $6.5 million from $5.5 million in the prior-year period.

Net income was $7.5 million in the first six months of 2014, up 41.5% as compared with net income of $5.3 million in the prior year period. Excluding acquisition and integration expenses, amortization and earn-out expenses, and plant, property and equipment valuation adjustments attributable to the Met-Pro and Aarding acquisitions, non-GAAP net income increased 31.0% to $11.4 million from $8.7 million in the prior-year period.

Cash and cash equivalents were $17.8 million and bank debt was $79.2 million as of June 30, 2014 compared with $22.7 million and $89.1 million, respectively, as of December 31, 2013.  During the six months ended June 30, 2014, the Company repaid $10.1 million of debt and sold non-core assets for net proceeds of $7.1 million.

Non-GAAP EBITDA in the second quarter of 2014 was $11.0 million, up 61.8% from non-GAAP EBITDA of $6.8 million in the prior year's second quarter.

BACKLOG AND BOOKINGS

Total backlog at June 30, 2014 was $96.0 million as compared with $98.5 million on December 31, 2013, and $104.9 million on March 31, 2014.

Bookings were $121.3 million in the first six months of 2014, compared with $84.1 million in the first six months of 2013, an increase of 44.2%. 

Year-to-date bookings through July 31, 2014 were in excess of $150 million as the Company achieved significant bookings of over $30 million in the month of July 2014.

QUARTERLY DIVIDEND

On August 7, 2014, CECO's Board of Directors approved a quarterly dividend of $0.06 per share. The dividend will be paid on September 30, 2014 to all shareholders of record at the close of business on September 16, 2014. CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.

OPERATIONAL SUMMARY

"CECO achieved record non-GAAP operating margins of almost 15% in the second quarter of 2014, which was driven by our continued focus on high margin business, recurring revenues, growth in China, operational excellence and our asset light manufacturing model." said Jeff Lang, Chief Executive Officer of CECO. "Revenues increased over 16% on a sequential basis from Q1 2014. Since the beginning of July, we have seen a significant increase in organic bookings flow with over $30 million of new bookings in the month, which we expect will drive more organic revenue growth in the second half of 2014." 

Jeff Lang also commented, "Our continued focus on our "OneCECO" sales initiative is strengthening our organic growth drivers and complements our acquisition strategy.  Our efforts in China are also progressing as planned, with strong bookings from many new projects in the region during the quarter. We have made solid progress across a number of our initiatives in the first half of 2014 and we are excited about our prospects in the second half of 2014 and beyond, as we continue to leverage our growing installed base, recurring revenue focus and our strengthened platform. Our focus remains on creating long-term shareholder value with a balanced growth strategy and intense focus on profitability through operational excellence."

Jeff Lang, Chief Executive Officer, and Ed Prajzner, Chief Financial Officer, will discuss the Company's first quarter results during a conference call scheduled for Thursday, August 7, 2014 at 8:30 a.m. EDT (7:30 a.m. Central Time).

The North American toll-free number for the call is (855) 626-8629. International callers should dial (954) 320-7630. The conference code for the call is 60426991. A webcast of the live call can be either accessed at CECO's website at http://www.cecoenviro.com, or directly accessed at https://engage.vevent.com/rt/cecoenvironmentalao~080714

For those unable to listen to the live call, a taped replay will be available from 11:30 a.m. EDT on August 8 until 11:59 p.m. EDT on August 21, 2014. To access the replay, call (855) 859-2056 (North American callers) or (404) 537-3406 (international callers) and use conference code 60426991.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading global environmental technology company focused on critical solutions in the air pollution control (APC), energy and fluid handling and filtration industries. Through its well-known brands, CECO provides a wide spectrum of products and services including dampers & diverters, cyclonic technology, thermal oxidizers, filtration systems, scrubbers, fluid handling equipment and plant engineered services and engineered design build fabrication. These products play a vital role in helping companies achieve exacting production standards, meeting increasing plant needs and stringent emissions control regulations around the globe. CECO globally serves a broad range of markets and industries including power, municipalities, chemical, industrial manufacturing, refining, petrochemical, metals, minerals & mining, hospitals and universities. CECO is focused on building long-term shareholder value by bringing its unique technology, portfolio and operational excellence to strategic key growth markets around the world, while maintaining the highest standards of employee development, project execution and safety leadership. CECO is listed on NASDAQ under the ticker symbol "CECE" and is a member company of the Russell 2000 Index. For more information on CECO Environmental, please visit the website at http://www.cecoenviro.com

Contact:
Corporate Information
Jeffrey Lang, Chief Executive Officer
Edward Prajzner, Chief Financial Officer
1-800-333-5475

or

Investor Relations:
Shawn Severson
The Blueshirt Group
Phone:  (415) 489-2198
Email:  [email protected]  

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED BALANCE SHEETS 






(dollars in thousands, except per share data)

JUNE 30,
2014


DECEMBER 31,
2013


(Unaudited)



ASSETS




Current assets:




Cash and cash equivalents

$        17,788


$        22,661

Accounts receivable, net

41,298


44,364

Costs and estimated earnings in excess of billings on uncompleted contracts

15,215


11,110

Inventories, net

24,063


25,376

Prepaid expenses and other current assets

6,153


6,651

Prepaid income taxes

5,622


3,527

Assets held for sale

4,243


11,083

Total current assets

114,382


124,772

Property, plant and equipment, net

19,432


21,665

Goodwill

134,001


132,220

Intangible assets-finite life, net

42,933


46,813

Intangible assets-indefinite life

18,394


18,419

Deferred charges and other assets

4,484


4,647






$      333,626


$      348,536

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Current portion of debt

$          7,013


$          9,922

Accounts payable and accrued expenses

26,557


34,356

Billings in excess of costs and estimated earnings on uncompleted contracts

11,319


13,486

Income taxes payable

775


1,569





Total current liabilities

45,664


59,333

Other liabilities

10,207


10,302

Debt, less current portion

72,170


79,160

Deferred income tax liability, net

29,982


29,335

Total liabilities

158,023


178,130

Commitments and contingencies




Shareholders' equity:




Preferred stock, $.01 par value; 10,000 shares authorized, none issued


Common stock, $.01 par value; 100,000,000 shares authorized, 25,797,722 and
     25,724,519 shares issued in 2014 and 2013, respectively

258


257

Capital in excess of par value

160,186


159,566

Accumulated earnings

16,599


11,911

Accumulated other comprehensive loss

(1,084)


(972)


175,959


170,762

Less treasury stock, at cost, 137,920 shares in 2014 and 2013

(356 )


(356)

Total shareholders' equity

175,603


170,406


$      333,626


$      348,536





 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)





















THREE MONTHS ENDED


SIX MONTHS ENDED


JUNE 30,


JUNE 30,

(dollars in thousands, except per share data)

2014


2013


2014


2013

Net sales

$              66,641


$              44,433


$            123,811


$              78,794

Cost of sales

45,192


30,136


82,633


53,313









Gross profit

21,449


14,297


41,178


25,481

Selling and administrative

11,685


8,100


23,364


14,692

Acquisition and integration expenses

170


2,299


240


3,394

Amortization and earn out expenses

2,406


591


4,894


750









Income from operations

7,188


3,307


12,680


6,645

Other income (expense), net

(121 )


(59 )


(227 )


72

Interest expense

(746 )


(154 )


(1,488 )


(251 )









Income before income taxes

6,321


3,094


10,965


6,466

Income tax expense

1,828


51


3,451


1,215









Net income

$                4,493


$                3,043


$                7,514


$                5,251

















Earnings per share:








Basic

$                  0.18


$                  0.17


$                  0.29


$                  0.30









Diluted

$                  0.17


$                  0.17


$                  0.29


$                  0.29

















Weighted average number of common shares outstanding:








Basic

25,643,508


17,750,512


25,625,033


17,416,118

Diluted

26,107,648


18,355,496


26,111,683


18,066,539

 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES






Three Months Ended June 30,


        Six  Months Ended June 30,

(dollars in millions)

2014


2013


2014


2013

Gross profit as reported in accordance with GAAP

$             21.4


$             14.3


$           41.2


$           25.5

Gross profit margin in accordance with GAAP

32.1 %


32.2 %


33.3 %


32.4%

Plant, property and equipment valuation adjustment

0.1



0.3










Non-GAAP gross margin

$             21.5


$             14.3


$           41.5


$           25.5

Non-GAAP gross profit margin

32.3%


32.2 %


33.3%


32.4 %


























Three Months Ended June 30,


Six Months Ended June 30,

(dollars in millions)

2014


2013


2014


2013

Operating income as reported in accordance with GAAP

$               7.2


$               3.3


$           12.7


$             6.6

Operating margin in accordance with GAAP

10.8 %


7.4 %


10.3 %


8.4 %

Plant, property and equipment valuation adjustment

0.1



0.3


Acquisition and integration expenses

0.2


2.3


0.2


3.4

Amortization and contingent acquisition expenses

2.4


0.6


4.9


0.8









Non-GAAP operating income

$               9.9


$               6.2


$           18.1


$           10.8

Non-GAAP operating margin

14.9 %


13.9%


14.6 %


13.7 %


























Three Months Ended June 30,


Six Months Ended June 30,

(dollars in millions)

2014


2013


2014


2013

Net income as reported in accordance with GAAP

$               4.5


$               3.0


$             7.5


$             5.3

Plant, property and equipment valuation adjustment

0.1



0.3


Acquisition and integration expenses

0.2


2.3


0.2


3.4

Amortization and earn out expenses

2.4


0.6


4.9


0.8

Tax benefit of expenses

(0.7 )


(0.4)


(1.5 )


(0.8)









Non-GAAP net income

$               6.5


$               5.5


$           11.4


$             8.7

                    Depreciation

0.7


0.3


1.5


0.6

                    Non-cash stock compensation

0.4


0.2


0.8


0.4

                    Other (income)/expense

0.1


0.1


0.2


(0.1)

                    Interest expense

0.8


0.2


1.5


0.3

                    Income tax expense

2.5


0.5


5.0


2.0









Non-GAAP EBITDA

$             11.0


$               6.8


$           20.4


$           11.9


























Three Months Ended June 30,


         Six Months Ended June 30,


2014


2013


2014


2013









Earnings per share:








Basic

$             0.18


$             0.17


$           0.29


$           0.30









Diluted

$             0.17


$             0.17


$           0.29


$           0.29

 

Non-GAAP earnings per share:








Basic

$             0.25


$             0.31


$           0.45


$           0.50









Diluted

$             0.25


$             0.30


$           0.44


$           0.48









 

 

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

CECO is providing the non-GAAP historical financial measures presented above, as the Company believes that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO's core operations. A "non-GAAP financial measure" is a numerical measure of a company's historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in the GAAP statement of operations.

Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP gross profit margin, non-GAAP operating margin, non-GAAP earnings per basic and diluted share , as we present them in the financial data included in this press release, have been adjusted to exclude the effects of expenses related to acquisition and integration expense activities including retention, legal, accounting, banking, amortization and contingent earnout expenses, and the associated tax benefit of these charges. Management believes that these items are not necessarily indicative of the Company's ongoing operations and their exclusion provides individuals with additional information to compare the Company's results over multiple periods.  Additionally, management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP gross profit margin, non-GAAP operating margin, and non-GAAP earnings per basic and diluted shares are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO's results as reported under GAAP.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP gross profit margin, non-GAAP operating margin, and non-GAAP earnings per basic and diluted share stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

Safe Harbor

Any statements contained in this press release other than statements of historical fact, including statements about management's beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management's views and assumptions regarding future events and business performance. Words such as "estimate," "believe," "anticipate," "expect," "intend," "plan," "target," "project," "should," "may," "will" and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties include, but are not limited to, a number of factors related to our business including economic and financial market conditions generally and economic conditions in CECO's service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for contract revenue; fluctuations in operating results from period to period due to seasonality of the business; the effect of growth on CECO's infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation; changes in or developments with respect to any litigation or investigation; the potential for fluctuations in prices for manufactured components and raw materials; the substantial amount of debt in connection with the Met-Pro acquisition and CECO's ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; economic and political conditions generally; and the effect of competition in the air pollution control and industrial ventilation industry. These and other risks and uncertainties are discussed in more detail in CECO's filings with the Securities and Exchange Commission, including our reports on Form 10-K and Form 10-Q. Many of these risks are beyond management's ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. All forward-looking statements attributable to CECO or persons acting on behalf of CECO are expressly qualified in their entirety by the cautionary statements and risk factors contained in this press release and CECO's respective filings with the Securities and Exchange Commission. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, CECO undertakes no obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE CECO Environmental Corp.

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