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CECO Environmental Corp. Reports Fourth Quarter and Full Year 2017 Results; Disappointing results due to challenging end markets - Refreshed operating strategy gaining momentum in 2018
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PR Newswire
DALLAS, March 8, 2018
DALLAS, March 8, 2018 /PRNewswire/ -- CECO Environmental Corp. (Nasdaq: CECE), a leading global air quality and fluid handling company serving the energy, industrial and other niche markets, today reported its financial results for the fourth quarter and full year 2017.
Highlights of the Fourth Quarter 2017*
- Revenue of $73.5 million, compared with $100.0 million
- Gross profit of $25.6 million (34.8% margin), compared with $35.7 million (35.7% margin)
- Non-GAAP gross profit of $25.7 million (35.0% margin), compared with $35.8 million (35.8% margin)
- Operating loss of $(8.2) million, compared with a $(50.4) million loss
- Non-GAAP operating income of $3.5 million, compared with $14.7 million
- Net loss of $(11.6) million, compared with a $(51.2) million loss
- Non-GAAP net loss of $(1.7) million, compared with non-GAAP net income of $12.0 million
- Net loss per diluted share of $(0.34), compared with $(1.49) loss per diluted share
- Non-GAAP net (loss)/income per diluted share of $(0.05), compared with $0.35
- Adjusted EBITDA of $4.9 million, compared with $16.3 million
- Bookings of $91.4 million, compared with $77.7 million
- Backlog of $168.9 million
Full-Year 2017 Highlights*
- Revenue of $345.1 million, down $71.9 million
- Gross profit of $113.2 million, down $21.7 million
- Gross margin of 32.8%, up 40 basis points
- Net loss of $(3.0) million, or $(0.09) loss per share
- Non-GAAP net income of $9.5 million, or $0.27 per diluted share
- Adjusted EBITDA of $34.5 million
* All comparisons are versus the comparable prior-year period.
CECO's Chief Executive Officer Dennis Sadlowski commented, "In the fourth quarter of 2017, we accelerated actions behind our previously communicated refreshed operating strategy. We implemented a restructuring program to reduce costs, began to refocus our portfolio including exiting non-core and low critical mass areas and are investing in our core segments to accelerate growth. Despite ongoing market challenges that reduced volume and generated disappointing financial results, we have maintained solid gross margins and with a refreshed outside-in approach to our business, picked up key wins and increased bookings quarter over quarter. Our book to bill ratio exceeded 1:1 for the first time in seven quarters representing an inflection point for the company."
Mr. Sadlowski added, "Heading into 2018, we have already moved swiftly with the clarity of our strategy to transform the business to win market share and make an impact on our customers and the world in which we live. We demonstrated our commitment to our new strategy through the initial actions on our non-core asset sales and investments in simplification and production machinery. We will continue to invest in our growth platforms and major account relationships with key customers around the world to ensure the company is best-positioned as markets begin to rebound."
FOURTH QUARTER RESULTS
Revenue in the fourth quarter of 2017 was $73.5 million, down 26.5% from $100.0 million in the prior-year period.
Operating loss was $8.2 million for the fourth quarter of 2017, compared with a $50.4 million operating loss in the prior-year period. Non-GAAP operating income was $3.5 million (4.8% margin) for the fourth quarter of 2017, compared with $14.7 million (14.7% margin) in the prior-year period.
Net loss was $11.6 million for the fourth quarter of 2017, compared with a $51.2 million net loss in the prior-year period. Non-GAAP net loss was $1.7 million for the fourth quarter of 2017, compared with non-GAAP net income of $12.0 million in the prior-year period.
Net loss per diluted share was $0.34 for the fourth quarter of 2017, compared with net loss per diluted share of $1.49 in the prior-year period. Non-GAAP net loss per diluted share was $0.05 for the fourth quarter of 2017, compared with non-GAAP net income per diluted share of $0.35 for the prior-year period.
Cash and cash equivalents were $29.9 million and bank debt was $117.7 million, as of December 31, 2017, compared with $45.8 million and $126.4 million, respectively, as of December 31, 2016.
BACKLOG AND BOOKINGS
Total backlog at December 31, 2017 was $168.9 million as compared with $197.0 million on December 31, 2016 and $153.9 million as of September 30, 2017.
Bookings were $91.4 million for the fourth quarter of 2017, compared with $77.7 million in the prior-year period and $71.0 in the third quarter of 2017. Bookings were $333.6 million for the year of 2017 as compared with $402.8 million for the prior-year period.
2017 FULL YEAR RESULTS
Revenue in the year of 2017 was $345.1 million, down 17.2% from $417.0 million in the prior-year period.
Operating income was $8.0 million for the year 2017, compared with an operating loss of $25.6 million in the prior-year period. Non-GAAP operating income was $28.3 million for the year 2017, compared with $52.7 million in the prior-year period.
Net loss was $3.0 million for the year 2017, compared with a net loss of $38.2 million in the prior-year period. Non-GAAP net income was $9.5 million for the year 2017, compared with $33.5 million in the prior-year period.
Net loss per diluted share was $0.09 for the year 2017, compared with net loss per diluted share of $1.12 in the prior-year period. Non-GAAP net income per diluted share was $0.27 for the year 2017, compared with $0.99 for the prior-year period.
CONFERENCE CALL
A conference call is scheduled for today at 7:30 a.m. CT to discuss the fourth quarter and fiscal 2017 financial results. The conference call may also be accessed by dialing 877-870-4263 (Toll-Free) within the U.S., 855-669-9657 (Toll-Free) within Canada or Toll/International 412-317-0790. A replay will be available from 11:30 a.m. ET on March 8, 2018 until March 22, 2018 at 11:59 p.m. ET. The replay may be accessed by dialing 877-344-7529 (Toll-Free) within the U.S., 855-669-9658 (Toll-Free) within Canada, or Toll/International 412-317-0088 and entering access code 10117555.
The live webcast and slides can also be accessed at https://www.cecoenviro.com/events-calendar.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a global leader in industrial air quality and fluid handling serving the energy, industrial and other niche markets through an attractive asset-light business model. CECO provides innovative technology and application expertise that helps companies grow their businesses with safe, clean, and more efficient solutions to help protect our shared environment. CECO serves both established and emerging industries in regions around the world working to improve air quality, optimize the energy value chain, and provide customized engineered solutions in multiple applications that include oil and gas, power generation, water and wastewater, battery production, poly silicon fabrication, chemical and petrochemical processing, along with a wide range of others. CECO has over $5 billion of installed equipment base with end users, which we target to expand and grow a higher recurring revenue of aftermarket products and services. We also continue to focus on operational excellence strategies as a central theme to improving our earnings and cash flows. CECO is listed on Nasdaq under the ticker symbol "CECE." For more information, please visit http://www.cecoenviro.com/.
Contact:
Matthew Eckl, Chief Financial Officer
800.333.5475
investor.relations@onececo.com
| CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES | ||||||||
| | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| | ||||||||
| | | December 31, | | |||||
| ($ in thousands, except shares and per share data) | | 2017 | | | 2016 | | ||
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 29,902 | | | $ | 45,824 | |
| Restricted cash | | | 591 | | | | 1,498 | |
| Accounts receivable, net | | | 67,990 | | | | 83,062 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | | | 33,947 | | | | 38,123 | |
| Inventories, net | | | 20,969 | | | | 21,487 | |
| Prepaid expenses and other current assets | | | 10,760 | | | | 13,560 | |
| Prepaid income taxes | | | 1,930 | | | | 1,590 | |
| Assets held for sale | | | 7,853 | | | | 7,834 | |
| Total current assets | | | 173,942 | | | | 212,978 | |
| Property, plant and equipment, net | | | 23,400 | | | | 27,270 | |
| Goodwill | | | 166,951 | | | | 170,153 | |
| Intangible assets – finite life, net | | | 49,956 | | | | 60,728 | |
| Intangible assets – indefinite life | | | 19,691 | | | | 22,042 | |
| Deferred charges and other assets | | | 4,609 | | | | 5,463 | |
| Total assets | | $ | 438,549 | | | $ | 498,634 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Current portion of debt | | $ | 11,296 | | | $ | 8,827 | |
| Accounts payable and accrued expenses | | | 70,786 | | | | 95,610 Werbung Mehr Nachrichten zur CECO Environmental Aktie kostenlos abonnieren
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