19.5.2004: Meldung: CECO Environmental Reports First Quarter Results
Revenue for the three-month period ended March 31, 2004 was $14,146,000 compared to $15,201,000 during the same quarter in 2003. CECO"s component parts and duct product lines posted improved sales over 2003 while construction revenues accounted for the decline.
Nearly all of CECO"s operations showed increased bookings in 2004 as orders booked increased by 5% during the first quarter of 2004. It is important to note, that 2003 included one $2.8 million order with no comparably sized orders in 2004. In total, orders increased by $650,000 to $15,000,000 in 2004 compared to $14,350,000 in the same quarter of 2003.
Richard Blum, President, stated, "our bellwether, component parts, posted a 20% increase in orders, followed by credible increases in orders at most of our other operations. Our pipeline of major projects not yet awarded is healthy, despite the fact that the bookings of these orders are currently lagging." Blum added, "we are seeing pockets of increased industrial activity that we"re pursuing as well as developing international opportunities. However, our top-line has been somewhat hampered by delays in capital spending for major projects, due to the current economic environment."
First quarter FY2004 gross profit was $2,805,000 (19.8%) compared to $3,069,000 (20.2%) during the first quarter in 2003. Gross margin in 2004 remained relatively consistent in the face of a difficult economic environment because of increased construction margins along with reduced factory overhead spending.
Selling and administrative expenses were $2,575,000 during the first quarter of 2004 compared to $2,542,000 in the same period of 2003. Additional costs reduction opportunities are being evaluated for implementation in the second quarter of FY2004.
Operating loss for the first quarter FY2004 was ($189,000) compared to an operating profit of $124,000 during the comparable period in 2003.
Net loss for the quarter ended March 31, 2004 was ($381,000) or ($0.04) per share compared to net loss of ($249,000) or ($0.03) per share for the same period in 2003.
Chairman and CEO, Phillip DeZwirek, commented, "we continue to maintain the company"s focus on reducing leverage, refinancing the bank debt and increasing profitability. These objectives are paramount."
About CECO Environmental
CECO Environmental Corp. is North America"s leading 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 improvements 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.
3120 Forrer Street
Cincinnati, OH 45209
Tel. (513) 458-2600
CECO Environmental Corp.
Condensed Consolidated Statement of Operations
(in thousands, except share and per share data)
Three months ended
Net sales $14,146 $15,201
Cost of sales 11,341 12,132
Gross Profit 2,805 3,069
Selling and administrative 2,575 2,542
Depreciation & amortization 419 403
Operating (loss) income (189) 124
Interest expense & other income (504) (593)
Income (loss) before income taxes (693) (469)
Income tax benefit 312 220
Net income (loss) ($381) ($249)
Per Share Data (basic & diluted):
Net income (loss) per share ($0.04) ($0.03)
Weighted average shares outstanding:
Basic and diluted 9,984,974 9,589,736