CECO Environmental: Geschäftsentwicklung der neun Monate 2014
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
CECO Environmental Reports Third Quarter and Nine Month 2014 Results - Achieves non-GAAP Net Income Per Diluted Share of $0.28
- Revenue of $63.3 million for the third quarter was up 27.1%, from $49.8 million in the prior-year period.
- Gross profit of $21.1 million (33.3% gross margin) for the third quarter was up 44.5%, from $14.6 million (29.2% gross margin) in the prior-year period.
- Operating income of $5.2 million (8.3% operating margin) for the third quarter was up 252.9%, from $3.4 million loss (-6.8% operating margin loss) in the prior-year period. Non-GAAP operating income was $8.2 million (12.9% non-GAAP operating margin) for the third quarter, up 46.4% from $5.6 million (11.4% non-GAAP operating margin) in the prior-year period.
- Net income per diluted share was $0.14 for the third quarter of 2014, compared with net loss per diluted loss of $0.07 in the prior-year period. Non-GAAP net income per diluted share was $0.28 for the third quarter of 2014, compared with $0.24 for the prior-year period.
- Recently completed three acquisitions which are expected to significantly enhance our Air Pollution Control segment.
Cincinnati, Ohio, November 6, 2014 -- 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 third quarter of 2014.
Revenue in the third quarter of 2014 was $63.3 million, up 27.1% from revenue of $49.8 million in the prior-year's third quarter. On a pro forma basis organic growth was slightly down year-over-year
Revenue in the first nine months of 2014 was $187.1 million, up 45.5% from revenue of $128.6 million in the prior-year period.
Net income was $3.7 million in the third quarter of 2014 as compared with a net loss of $1.5 million in the third quarter of 2013. Excluding acquisition and integration expenses, amortization and earn out expenses, and plant, property and equipment valuation and inventory valuation adjustments attributable to the Met-Pro and Aarding acquisitions, legal reserves and foreign currency remeasurement, and the related tax impact of such items, non-GAAP net income increased 46.9% to $7.2 million from $4.9 million in the prior-year period.
Net income was $11.2 million in the first nine months of 2014, up 194.7% as compared with net income of $3.8 million in the prior year period. Excluding acquisition and integration expenses, amortization and earn-out expenses, and plant, property and equipment and inventory valuation adjustments attributable to the Met-Pro and Aarding acquisitions, legal reserves and foreign currency remeasurement, and the related tax impact of such items, non-GAAP net income increased 38.2% to $18.8 million from $13.6 million in the prior-year period.
Cash and cash equivalents were $18.0 million and bank debt was $84.3 million as of September 30, 2014 compared with $22.7 million and $89.1 million, respectively, as of December 31, 2013. During the nine months ended September 30, 2014, the Company repaid $12.0 million of debt, sold non-core assets for net proceeds of $7.1 million and borrowed $7.0 million for recent acquisitions.
Non-GAAP EBITDA in the third quarter of 2014 was $9.5 million, up 48.4% from non-GAAP EBITDA of $6.4 million in the prior year’s third quarter.
BACKLOG AND BOOKINGS
Total backlog at September 30, 2014 was $106.2 million, as compared with $98.5 million on December 31, 2013.
Bookings were $191.2 million in the first nine months of 2014, compared with $132.4 million in the first nine months of 2013, an increase of 44.4%.
On November 6, 2014, CECO’s Board of Directors approved a quarterly dividend of $0.06 per share. The dividend will be paid on December 30, 2014 to all shareholders of record at the close of business on December 19, 2014. CECO initiated a Dividend Reinvestment Plan (“DRIP”) in 2012 that provides for the voluntary reinvestment of dividends by its stockholders
“Overall business conditions in the quarter remained mixed as solid performance in our Energy and Fluid Handling and Filtration segments was offset with lower than expected results in our Air Pollution Control (APC) business.” said Jeff Lang, Chief Executive Officer of CECO. “We continue to invest heavily in our sales excellence initiatives and expect to see better organic growth across all of our business segments as we move into the balance of 2014 and 2015. We did however, experience strong consolidated backlog growth, which increased $10 million from the prior quarter to $106.2 million and bookings in our APC business have been quite strong since the start of the fourth quarter. We were also able to close on a number of key strategic acquisitions, when combined, are expected to generate significant annual revenue and EBITDA which we will discuss on our scheduled conference call."
Jeff Lang also commented, “Our operational excellence initiatives continue to have a positive impact on our business and although our operating profit margin decreased sequentially due to lower revenue and a one-time tax consulting expense of $0.4 million, we remain on track to achieve our full year operating margin target of 14.5% to 15% with additional upside as we go into 2015. We remain focused on building a world class company and creating long-term shareholder value with a balanced approach to growth and a culture focused on operational excellence.”
Jeff Lang, Chief Executive Officer, and Ed Prajzner, Chief Financial Officer, will discuss the Company’s third quarter results during a conference call scheduled for Thursday, November 6, 2014 at 8:30 a.m. EST (7:30 a.m. Central Time). Supplemental information will be available at CECO’s website at http://www.cecoenviro.com/uploads/CECO_3Q14_Conference_Call.pdf
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 27718515. A webcast of the live call can be either accessed at CECO’s website at http://www.cecoenviro.com, or directly accessed at http://us.meeting-stream.com/cecoenvironmentalcorp_110614.
For those unable to listen to the live call, a taped replay will be available from 11:30 a.m. EST on November 7 until 11:59 p.m. EST on November 20, 2014. To access the replay, call (855) 859-2056 (North American callers) or (404) 537-3406 (international callers) and use conference code 27718515.
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 it’s website at http://www.cecoenviro.com
Jeffrey Lang, Chief Executive Officer
Edward Prajzner, Chief Financial Officer
The Blueshirt Group
Phone: (415) 489-2198