14.8.2006: Meldung: CECO Environmental Reports Record Six Month Revenue and Operating Income

CECO Environmental Corp., a leading provider of air pollution control and industrial ventilation systems today announced record revenues of $56.1 million for the six months ended June 30, 2006, a 60.0% increase compared to $35.1 million for the same period in 2005. Revenues for the second quarter of 2006 increased 58.6% to $31.7 million compared to $20.0 million for the same period in 2005

Gross profit was $9.7 million for the first six months of 2006, an increase of 51.2% or $3.3 million compared to $6.4 million for the same period in 2005. Second quarter 2006 gross profit was $5.6 million, an increase of 31.3%, compared to gross profit of $4.3 million during the same period in 2005.

Operating income for the first six months of 2006 was $1.9 million, an increase of 735% compared to operating income of $232,000 during the same period of 2005. Operating income was $1.24 million in the second quarter of 2006 compared to operating income of $1.19 million during the same quarter of 2005. Costs associated with the absorption of H. M. White and greater than expected costs on one large contract affected second quarter operating income.

Other income was $1.4 million in the second quarter of 2006 compared to $26,000 in the second quarter of 2005. $1.3 million of this second quarter 2006 income was the result of the exercise of 248,000 warrants plus $96,000 of income created by a slight decrease in the Company"s stock price which reduced the carrying value of the remaining 119,000 warrants.

Pre-tax net income for the six months ended June 30, 2006 was $1.1 million compared with a net loss of $914,000 for the same period in 2005. Pre-tax net income for the second quarter was $2.1 million as compared to $593,000 for the same period in 2005.

Net income for the six months ended June 30, 2006 was $826,000 or $.07 per diluted share compared with a net loss of $(397,000) or $(.04) per diluted share for the same period in 2005. Net income for the quarter ended June 30, 2006 was $1.6 million or $.12 per diluted share compared with net income of $235,000 or $.02 per diluted share for the same period in 2005.

Our backlog as of June 30, 2006 was $43.7 million compared to $28.9 million as of December 31, 2005.

President, Rick Blum stated, "Second quarter results were very strong with most of the contribution coming from our contracting activities and component parts sales. Our backlog continues to grow along with our increasing level of sales and we are confident that future results will continue to reflect this improved performance."

Chairman and CEO, Phillip DeZwirek commented that, "The turnaround in the first quarter coupled with our strong second quarter performance resulted in record revenues and operating income for the six months combined. We expect our second half to be robust as well and we anticipate additional contributions from our equipment group later in the year."

ABOUT CECO ENVIRONMENTAL

CECO Environmental Corp. is North America"s largest independent air pollution control company. Through its seven subsidiaries -- Busch, CECOaire, CECO Filters, CECO Abatement Systems, kbd/Technic, Kirk & Blum and H. M. White, Inc. -- CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvements systems. CECO is a full-service provider to the steel, military, aluminum, automotive, ethanol, aerospace, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all-industrial process industries.

For more information on CECO Environmental please visit the company"s website at http://www.cecoenviro.com/.

Contact:
Corporate Information
Phillip DeZwirek, CECO Environmental Corp.
Email: investors@cecoenviro.com
1-800-606-CECO



CECO Environmental Corp.
Condensed Consolidated Statement of Operations
($"s in thousands, except per share data)
(unaudited)

Three months ended Six months ended
30-June-06 30-June-05 30-June-06 30-June-05

Net sales $31,745 $20,015 $56,127 $35,070
Cost of sales 26,142 15,747 46,391 28,629
Gross Profit 5,603 4,268 9,736 6,441
Selling and administrative 4,070 2,785 7,215 5,626
Depreciation and amortization 293 291 585 583
Operating income 1,240 1,192 1,936 232
Interest (expense) (526) (625) (1,097) (1,222)
Other income 1,374 26 294 76
Income (loss) before
income taxes 2,088 593 1,133 (914)
Income tax provision
(benefit) 526 358 307 (517)
Net income (loss) $1,562 $235 $826 ($397)

Per share data:
Basic net income (loss) $.14 $.02 $.07 $(.04)
Diluted net income (loss) $.12 $.02 $.07 $(.04)

Weighted average shares
outstanding:
Basic 11,225,038 9,993,260 11,070,131 9,993,260
Diluted 12,881,584 10,575,497 12,659,750 9,993,260

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward- looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO"s Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. 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.


Source: CECO Environmental Corp.
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