Ceco Environmental: Q1 results

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CINCINNATI - CECO Environmental Corp. (NasdaqGM: CECE), a leading global environmental technology company focused on critical solutions in the product recovery, air pollution control, fluid handling and filtration industries, reported its financial results for the first quarter of 2014. Results include the operations of Aarding Thermal Acoustics ("Aarding") from the date of its acquisition on February 28, 2013 and Met-Pro Corporation ("Met-Pro") from the date of its acquisition on August 27, 2013.

Revenue in the first quarter of 2014 was $57.2 million, up 66.3% from revenue of $34.3 million in the prior-year's first quarter. Recent acquisitions, including Aarding and Met-Pro, contributed $25.2 million of revenue in the quarter, compared to $2.3 million in the prior-year period.

Net income was $3.0 million in the first quarter of 2014 as compared to net income of $2.2 million in the first quarter of 2013. Excluding acquisition and integration expenses, amortization and earn-out expenses, and plant, property and equipment valuation adjustments attributable to the Met-Pro acquisition, non-GAAP operating income increased 84.4% to $8.3 million from $4.5 million in the prior-year period.

Cash and cash equivalents were $19.2 million and bank debt was $82.2 million as of March 31, 2014 compared to $22.7 million and $89.1 million, respectively, as of December 31, 2013. During the first quarter of 2014, the Company repaid $7.0 million of debt and sold non-core assets for net proceeds of $4.8 million.


Total backlog at March 31, 2014 was $104.9 million as compared with $98.5 million on December 31, 2013, and $75.8 million on March 31, 2013.

Bookings were $63.6 million in the first quarter of 2014, compared with $37.6 million in the first quarter of 2013, an increase of 69.1%.


On May 7, 2014, CECO's Board of Directors approved a 20% increase in the quarterly dividend to $0.06 per share. The dividend will be paid on June 27, 2014 to all shareholders of record at the close of business on June 13, 2014. CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.

"CECO achieved record gross and operating margins on a non-GAAP basis, in the first quarter of 2014 which is a result of our continued focus on high margin revenues, operational excellence, manufacturing optimization and overall cost control. Revenues however, were lower than expected in the quarter which was a result of timing and delayed project orders," said Jeff Lang, Chief Executive Officer of CECO. "Since the beginning of April, we have seen improved bookings flow which combined with our strong reported backlog of $104.9 million, should result in increased organic revenues throughout the remainder of 2014. Additionally, our continuing focus on improving operating margins and cash flow provides us confidence in increasing our quarterly dividend 20%."

Jeff Lang also commented, "We continue to realize significant benefits from our operational excellence as well as from our "One-CECO" sales initiative, which will intensify our focus on organic growth to complement our acquisition strategy. Our efforts in China are also progressing as planned with solid bookings from many new projects in the region during the quarter. China will continue to be a priority for the CECO team. We remain excited about the growth opportunities in 2014 and beyond as we leverage our strengthened platform to drive shareholder value and grow our business."

Jeff Lang, Chief Executive Officer, and Ed Prajzner, Chief Financial Officer, will discuss the Company's first quarter results during a conference call scheduled for Thursday, May 8, 2014 at 8:30 a.m. EDT (7:30 a.m. Central Time).

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 41800671. A webcast of the live call can be either accessed at CECO's website at http://www.cecoenviro.com, or directly accessed at https://engage.vevent.com/rt/audiostreaming~cecoenvironmentalcorp_050814

For those unable to listen to the live call, a taped replay will be available from 11:30 a.m. EDT on May 8 until 11:59 p.m. EDT on May 22. To access the replay, call (855) 859-2056 (North American callers) or (404) 537-3406 (international callers) and use conference code 41800671.


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 the website at http://www.cecoenviro.com.

Corporate Information
Jeffrey Lang, Chief Executive Officer
Edward Prajzner, Chief Financial Officer


Investor Relations:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
Email: Shawn@blueshirtgroup.com

SOURCE: CECO Environmental Corp.
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