11.03.16

Ceco Environmental: Q4 & Full Year Results

Ceco Environmental aus Cincinatti im US-Bundesstaat Colorado meldet einen Jahresverlust und rote Zahlen im vierten Quartal. Wir veröffentlichen die Mitteilung des Umweltdienstleisters dazu im Wortlaut.

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.

Fourth Quarter 2015*

    Revenue of $103.9 million, up 37%; Organic revenue flat on a constant currency basis
    Gross profit of $33.2 million, up 47%; Gross margin of 31.9%, up 220 basis points
    Adjusted EBITDA of $12.7 million, up 43%
    Net loss per diluted share of $0.09, compared with net income per diluted share of $0.07
    Non-GAAP net income per diluted share of $0.18, compared with non-GAAP net income per diluted share of $0.22
    Debt repayment of $20 million

Full-Year 2015*

    Record revenue of $370.1 million, up 41%; Organic revenue up 3.4% on a constant currency basis
    Record gross profit of $111.6 million, up 32%; Gross margin of 30.2%, down 200 basis points
    Record adjusted EBITDA of $48.9 million, up 26%
    Net loss per diluted share of $0.19, compared with net income per diluted share of $0.50
    Non-GAAP net income per diluted share of $0.97, compared with net income per diluted share of $0.94
    Debt repayment of $37 million

* All results compared to prior-year period

CECO Environmental Corp. (CECE), a leading global environmental, energy and fluid handling technology company, reported its financial results for the fourth quarter and full year of 2015.

"Despite macroeconomic challenges, which caused top line results to come in below expectations for the fourth quarter, we delivered margin expansion and outperformed on the Peerless acquisition integration," said CEO Jeff Lang. "In addition, we achieved several annual milestones, including record revenue, bookings, gross profit, adjusted EBITDA and non-GAAP earnings per diluted share. Our continued focus on our Sales Excellence and OneCECO initiatives helped drive full-year organic and recurring aftermarket revenue growth.

"We completed our first full quarter with Peerless and I am very pleased with the integration and execution thus far.  We have exceeded the previously communicated level of operational efficiencies and cost savings within six months of completing the acquisition, and today, we have realized the committed synergies of $15 million, more than one year ahead of schedule.

"While we anticipate ongoing headwinds in the coming year, we are confident that the actions we have taken in 2015 and our diversity of end markets, geographies and revenue streams provide us with a solid foundation to drive profitable growth through various cycles. The direction and core of our business is fundamentally strong, and we have the right team in place to deliver growth in our solid end markets," concluded Jeff Lang.

Revenue in the fourth quarter of 2015 was $103.9 million, up 37% from $76.1 million in the prior-year period. Recent acquisitions(1) contributed $29.6 million of incremental revenue in the fourth quarter of 2015. Organic revenue was flat on a constant currency basis compared with the prior-year period.

Revenue for the full year 2015 was $370.1 million, up 41% from $263.2 million in the prior-year period. Recent acquisitions(1) contributed $104.5 million of incremental revenue for the full year 2015. Organic revenue was up 3.4% on a constant currency basis compared with the prior-year period.

Operating income was $0.1 million for the fourth quarter of 2015, compared with $3.7 million operating income in the prior-year period.  Operating income on a non-GAAP basis was $10.5 million for the fourth quarter of 2015, compared with $7.5 million in the prior-year period.

Operating income for the full year 2015 was $5.4 million compared with $21.7 million in the prior-year period.  Non-GAAP operating income for the full year was $43.3 million compared with $34.0 million in the prior-year period.

Net loss per diluted share was $0.09 for the fourth quarter of 2015, compared with net income per diluted share of $0.07 in the prior-year period. Non-GAAP net income per diluted share was $0.18 for the fourth quarter of 2015, compared with $0.22 for the prior-year period.

Net loss per diluted share was $0.19 for full year 2015, compared with net income per diluted share of $0.50 in the prior year. Non-GAAP net income per diluted share was $0.97 for full year 2015, compared with $0.94 for the prior year period.

Cash and cash equivalents were $34.2 million and bank debt was $177.3 million as of December 31, 2015 compared with $18.2 million and $111.8 million, respectively, as of December 31, 2014.

BACKLOG AND BOOKINGS
Total backlog at December 31, 2015 was $208.5 million as compared with $140.1 million on December 31, 2014, and $212.3 million on September 30, 2015.

Bookings were $358.0 million for full year 2015, compared with $254.9 million in the prior year, an increase of 40%.  Bookings were $100.3 million in the fourth quarter of 2015, compared with $63.7 million in the prior-year period.

QUARTERLY DIVIDEND
On March 9, 2016, CECO's Board of Directors approved a quarterly dividend of $0.066 per share.  The dividend will be paid on March 30, 2016 to all stockholders of record on close of business on March 18, 2016.  CECO initiated a Dividend Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary reinvestment of dividends by its stockholders.

ABOUT CECO ENVIRONMENTAL

CECO is a diversified global provider of leading engineered technologies to the environmental, energy, and fluid handling and filtration industrial segments, targeting specific niche-focused end markets through an attractive asset-light business model, strategically balanced across the world. CECO targets its over $5 billion+ of installed-base, specifically to expand and grow a higher recurring revenue of aftermarket products and services. CECO's brands, technologies and solutions have been evolving for well over 50 years to become leading-class technologies in specific niche global end markets, including natural gas turbine power, refinery & petrochemical engineered cyclones and mid-stream energy pipeline gas transmission. CECO is listed on NASDAQ under the ticker symbol "CECE". For more information, please visit http://www.cecoenviro.com
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