CECO Environmental: Q2 Results

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CINCINNATI, Colorado - 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 second 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 second quarter of 2014 was $66.6 million, up 50.0% from revenue of $44.4 million in the prior-year's second quarter. Met-Pro contributed $23.1 million of revenue in the quarter.

Revenue in the first six months of 2014 was $123.8 million, up 57.1% from revenue of $78.8 million in the prior-year period. Met-Pro contributed $42.3 million of revenue in the first six months of 2014.

Net income was $4.5 million in the second quarter of 2014 as compared with net income of $3.0 million in the second 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 and Aarding acquisitions, non-GAAP net income increased 18.2% to $6.5 million from $5.5 million in the prior-year period.

Net income was $7.5 million in the first six months of 2014, up 41.5% as compared with net income of $5.3 million in the prior year period. Excluding acquisition and integration expenses, amortization and earn-out expenses, and plant, property and equipment valuation adjustments attributable to the Met-Pro and Aarding acquisitions, non-GAAP net income increased 31.0% to $11.4 million from $8.7 million in the prior-year period.

Cash and cash equivalents were $17.8 million and bank debt was $79.2 million as of June 30, 2014 compared with $22.7 million and $89.1 million, respectively, as of December 31, 2013. During the six months ended June 30, 2014, the Company repaid $10.1 million of debt and sold non-core assets for net proceeds of $7.1 million.

Non-GAAP EBITDA in the second quarter of 2014 was $11.0 million, up 61.8% from non-GAAP EBITDA of $6.8 million in the prior year's second quarter.

BACKLOG AND BOOKINGS

Total backlog at June 30, 2014 was $96.0 million as compared with $98.5 million on December 31, 2013, and $104.9 million on March 31, 2014.

Bookings were $121.3 million in the first six months of 2014, compared with $84.1 million in the first six months of 2013, an increase of 44.2%.

Year-to-date bookings through July 31, 2014 were in excess of $150 million as the Company achieved significant bookings of over $30 million in the month of July 2014.

QUARTERLY DIVIDEND

On August 7, 2014, CECO's Board of Directors approved a quarterly dividend of $0.06 per share. The dividend will be paid on September 30, 2014 to all shareholders of record at the close of business on September 16, 2014. CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.

OPERATIONAL SUMMARY

"CECO achieved record non-GAAP operating margins of almost 15% in the second quarter of 2014, which was driven by our continued focus on high margin business, recurring revenues, growth in China, operational excellence and our asset light manufacturing model." said Jeff Lang, Chief Executive Officer of CECO. "Revenues increased over 16% on a sequential basis from Q1 2014. Since the beginning of July, we have seen a significant increase in organic bookings flow with over $30 million of new bookings in the month, which we expect will drive more organic revenue growth in the second half of 2014."

Jeff Lang also commented, "Our continued focus on our "OneCECO" sales initiative is strengthening our organic growth drivers and complements our acquisition strategy. Our efforts in China are also progressing as planned, with strong bookings from many new projects in the region during the quarter. We have made solid progress across a number of our initiatives in the first half of 2014 and we are excited about our prospects in the second half of 2014 and beyond, as we continue to leverage our growing installed base, recurring revenue focus and our strengthened platform. Our focus remains on creating long-term shareholder value with a balanced growth strategy and intense focus on profitability through operational excellence."

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


Contact:
Corporate Information
Jeffrey Lang, Chief Executive Officer
Edward Prajzner, Chief Financial Officer
1-800-333-5475

or

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