16.8.2004: Meldung: Ceco Environmental Corp.: Second Quarter Results

CECO Environmental Reports Second Quarter Results
Friday August 13, 8:01 am ET

NEW YORK, Aug. 13 / CECO Environmental Corp. (Nasdaq: CECE - News), a leading provider of industrial ventilation and pollution control systems, announced today second quarter and six month results for the period ending June 30, 2004.

Revenues for the second quarter and the first half of FY2004 were $15,006,000 and $29,152,000 compared with $17,754,000 and $32,955,000 in the same periods during FY2003. Revenue declined due to general market conditions and the lower number of major projects partially offset by improved component parts and duct product lines sales.

Second quarter and first half FY2004 gross profit was $3,134,000 (20.9%) and $5,939,000 (20.4%) compared to $3,162,000 (17.8%) and $6,231,000 (18.9%) during the second quarter and first half of FY2003. Gross margin increased by 3.1 percentage points in the second quarter of FY2004 over the same quarter in FY2003 largely due to improved construction margins along with reduced factory overhead spending.

CECO implemented a cost reduction initiative during the second quarter of FY2004, which is expected to produce annualized cost savings of $1,300,000 beginning in the third quarter.

Operating loss for the second quarter and first half of FY2004 was ($64,000) and ($253,000), respectively compared to an operating profit of $220,000 and $344,000 during the comparable periods in FY2003.

In the second quarter of FY2003, a $222,000 gain was recognized from the sale and leaseback of the Conshohocken, Pennsylvania property. Excluding this gain, second quarter FY2003 pretax loss was ($375,000) compared to ($579,000) in the second quarter of FY2004.

Net loss for the quarter ended June 30, 2004 was ($318,000) or ($0.03) per share compared to a net loss of ($82,000) or ($0.01) per share for the same period in FY2003. Net loss for the six months ended June 30, 2004 was ($699,000) or ($0.07) per share compared to a net loss of ($331,000) or ($0.03) per share for the same period in FY2003.

June 30, 2004, backlog increased by $2,300,000 to $9,600,000 compared to $7,300,000 at December 31, 2003.

President Richard Blum stated, "Second quarter results were disappointing. In light of the current level of revenue, we implemented approximately $1.3 million in annualized costs reductions. Third quarter will begin to reflect these savings." Blum added, "We have also bolstered our sales and marketing efforts and expect to see sales improvement in our major projects during the third quarter. We also expect continued improvement in our component parts and duct product lines."


CECO Environmental Corp. is North America"s largest independent air pollution control company. Through its five subsidiaries -- Busch, CECO Filters, CECO Abatement Systems, kbd/Technic and Kirk & Blum -- CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvement systems. CECO is a full-service provider to the steel, military, aluminum, automotive, 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/ .

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

Three months ended Six months ended
30-June-04 30-June-03 30-June-04 30-June-03

Net sales $15,006 $17,754 $29,152 $32,955
Cost of sales 11,872 14,592 23,213 26,724
Gross Profit 3,134 3,162 5,939 6,231
Selling and
administrative 2,785 2,546 5,360 5,088
Depreciation and
amortization 413 396 832 799
Operating income (64) 220 (253) 344
Interest (expense)
& other income (515) (373) (1,019) (966)
Income (loss) before
income taxes (579) (153) (1,272) (622)
Income tax benefit 261 71 573 291
Net income (loss) ($318) ($82) ($699) ($331)

Per Share Data
(basic & diluted):
Net income (loss)
per share ($0.03) ($0.01) ($0.07) ($0.03)

Weighted average
shares outstanding:
Basic and diluted 9,989,836 9,852,876 9,987,405 9,722,033

Corporate Information
Phillip DeZwirek, CECO Environmental Corp.
Email: investors@cecoenviro.com

Source: CECO Environmental Corporation
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