11.05.12

Ceco Environmental Corp: First Quarter 2012 Results

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Earnings per Share Increases 50% Year-over-Year

Cincinnati - Ceco Environmental, a leading global provider of air pollution control technology, systems and equipment, today announced first quarter results for the period ended March 31, 2012.

Financial highlights for the first quarter of 2012 compared to the first quarter of 2011 include:

Net sales were $33.0 million as compared to $36.0 million in the same period of 2011. The decline in revenues was a result of some customer project delays and previously communicated product portfolio improvements and divestitures;  

Gross profit increased by 20%, to $10.2 million as compared to $8.5 million in 2011;

Gross margin increased to 30.9% compared to 23.6% for the same quarter in 2011;

Operating income increased to $3.7 million in 2012 as compared to $2.4 million in 2011, a 54% improvement;

Operating margin increased to 11.2% from 6.7% in 2011;

Net income increased to $2.0 million in 2012 as compared to net income of $1.3 million in 2011;

Net income per diluted share increased to $0.12 in 2012 as compared to $0.08 in 2011;

Bookings were $30.7 million compared to $33.3 million in 2011;

Cash and cash equivalents increased to $19.9 million compared to $12.7 as of December 31, 2011, with no bank debt; and

Backlog as of March 31, 2012 was $52.6 million compared to $54.9 million as of December 31, 2011 and $51.6 million as of March 31, 2011.

"I am once again very pleased with our results for the quarter as Ceco continued to achieve significant improvements in margins and profitability," commented Ceco's Chief Executive Officer, Jeff Lang. "We realized record gross and operating margins which was a direct result of our focus on operational excellence, improved product mix and enhanced sales pricing management.  We are seeing positive activity from new and existing customers as evidenced by our year to date bookings, which as of today, are higher than the same period in 2011 and which we believe will allow CECO to continue to generate improving results for the remaining quarters of 2012."

Ceco will host a conference call on Thursday, May 10, 2012 at 8:30 a.m. EDT to review its financial results for the quarter.  Conferencing details are as follows:

Dial in number:
    

866-713-8562

International dial in number:
    

617-597-5310

Participant passcode:
    

57024248

    

Replay:
    

888-286-8010

International:
    

617-801-6888

Passcode:
    

75362924

This call is being webcast by Thomson/CCBN and can be accessed at CECO's website at www.cecoenviro.com.

The webcast is also being distributed through the Thomson StreetEvents Network.  Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents.  Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading global provider of air pollution control technology. Through its subsidiaries – Busch International, CECO Filters, CECO Abatement Systems, Kirk & Blum, Effox-Flextor, Fisher-Klosterman/Buell, CECO China and A.V.C. Specialists – CECO provides a wide spectrum of air quality products and services including engineered equipment, cyclones, scrubbers, dampers, diverters, RTO's, component parts and monitoring and management services.  Industries served include refining, petro-chemical, power, aluminum, steel, automotive, chemical and large industrial processes.  Revenue from engineered equipment technology is approximately 75% and 25% from parts, services and aftermarket.  Global Growth, Operational Excellence, Margin Expansion, Safety, and Employee Development are CECO's core competencies and long term objectives.

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

Contact:
Corporate Information
Jeff Lang, CECO Environmental Corp.
Email: investors@cecoenviro.com
1-800-333-5475

CECO ENVIRONMENTAL CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)

    
    
    

Dollars in thousands, except per share data
    

THREE MONTHS ENDED
MARCH 31,

    

2012
    
    

2011

Net sales  
    

$   33,026
    
    

$   35,956

Cost of sales
    

22,842
    
    

27,483

Gross profit  
    

10,184
    
    

8,473

Selling and administrative
    

6,341
    
    

5,947

Amortization
    

96
    
    

111

    
    
    

Income from operations
    

3,747
    
    

2,415

Other expense, net
    

(65)
    
    

(27)

Interest expense (including related party interest of $59 and $58, respectively)  
    

(271)
    
    

(290)

    
    
    

Income before income taxes   
    

3,411
    
    

2,098

Income tax expense  
    

1,366
    
    

840

Net income   
    

$    2,045
    
    

$    1,258

    
    
    

Per share data:
    
    
    

Basic net income
    

$      0.14
    
    

$      0.09

Diluted net income
    

$      0.12
    
    

$      0.08

    
    
    

Weighted average number of common shares outstanding:
    
    
    

Basic
    

14,527,371
    
    

14,313,851

Diluted   
    

17,128,134
    
    

17,093,235

CECO ENVIRONMENTAL CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)


Dollars in thousands, except per share data

MARCH 31,
2012
    
    
    

  DECEMBER 31,    
2011
    

ASSETS
    
    
    
    
    
    
    
    

Current assets:
    
    
    
    
    
    
    
    

Cash and cash equivalents
    
    

$
    

19,860
    
    
    

$
    

12,724
    

Accounts receivable, net
    
    
    

20,268
    
    
    
    

23,109
    

Costs and estimated earnings in excess of billings on uncompleted contracts
    
    
    

6,274
    
    
    
    

10,643
    

Inventories, net
    
    
    

4,558
    
    
    
    

4,344
    

Prepaid expenses and other current assets
    
    
    

2,171
    
    
    
    

2,650
    

Total current assets
    
    
    

53,131
    
    
    
    

53,470
    

    
    

Property and equipment, net
    
    
    

5,502
    
    
    
    

5,651
    

Goodwill
    
    
    

14,741
    
    
    
    

14,661
    

Intangibles – finite life, net
    
    
    

432
    
    
    
    

526
    

Intangibles – indefinite life
    
    
    

3,226
    
    
    
    

3,218
    

Deferred income tax asset, net
    
    
    

848
    
    
    
    

848
    

Deferred charges and other assets
    
    
    

769
    
    
    
    

971
    

    
    

$
    

78,649
    
    
    

$
    

79,345

    
    

LIABILITIES AND SHAREHOLDERS' EQUITY
    

Current liabilities:

Accounts payable and accrued expenses
    
    

$
    

11,117
    
    
    

$
    

13,569
    

Billings in excess of costs and estimated earnings on uncompleted contracts
    
    
    

9,038
    
    
    
    

9,647
    

Accrued income taxes
    
    
    

807
    
    
    
    

393
    

Total current liabilities
    
    
    

20,962
    
    
    
    

23,609
    

Other liabilities
    
    
    

3,160
    
    
    
    

3,146
    

Convertible subordinated notes (including related parties notes of $3,950 in 2012 and 2011)
    
    
    

9,400
    
    
    
    

9,600
    

Total liabilities
    
    
    

33,522
    
    
    
    

36,355
    

    
    

Shareholders' equity:
    
    
    
    
    
    
    
    

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


    
    
    
    


    

Common stock, $0.01 par value; 100,000,000 shares authorized, 14,714,951 and 14,654,262
    shares issued in 2012 and 2011, respectively
    
    
    

147
    
    
    
    

146
    

Capital in excess of par value
    
    
    

44,656
    
    
    
    

44,249
    

Accumulated earnings
    
    
    

2,834
    
    
    
    

1,301
    

Accumulated other comprehensive loss
    
    
    

(2,154)
    
    
    
    

(2,350)
    

    
    
    

45,483
    
    
    
    

43,346
    

Less treasury stock, at cost, 137,920 shares in 2012 and 2011, respectively
    
    
    

(356
    
    
    
    

(356)
    

Total shareholders' equity
    
    
    

45,127)
    
    
    
    

42,990
    

    
    

$
    

78,649
    
    
    

$
    

79,345
    


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, and include, but are not limited to: our dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding our estimates and our method of accounting for contract revenue; our history of losses and possibility of further losses; fluctuations in operating results from period to period due to seasonality of our business; the effect of growth on our infrastructure, resources, and existing sales; our ability to expand our operations in both new and existing markets; the potential for contract delay or cancellation; the potential for fluctuations in prices for manufactured components and raw materials; 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. 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.  We caution investors that other factors might, in the future, prove to be important in affecting our results of operations. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Investors are further 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. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

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