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CECO Environmental Corp. Reports Third Quarter and Nine Months 2017 Results; Deepening Market Downturn Negatively Impacted Results- Management Implementing Tangible Actions
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PR Newswire
DALLAS, Nov. 8, 2017
DALLAS, Nov. 8, 2017 /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 third quarter and first nine months of 2017.
Highlights of the Third Quarter 2017*
- Revenue of $85.0 million, compared with $101.6 million
- Gross profit of $27.1 million (31.9% margin), compared with $33.7 million (33.2% margin)
- Non-GAAP gross profit of $27.3 million (32.1% margin) compared with $33.9 million (33.4% margin)
- Operating income of $5.6 million compared with $10.5 million
- Non-GAAP operating income of $5.3 million compared with $14.4 million
- Net income was $3.0 million, compared with $5.8 million
- Non-GAAP net income of $1.2 million, compared with $8.2 million
- Net income per diluted share was $0.09, compared with $0.17
- Non-GAAP net income per diluted share of $0.03, compared with $0.24
- Adjusted EBITDA of $6.9 million, compared with $16.2 million
- Bookings of $71.0 million
- Backlog of $153.9 million
* All comparisons are versus the comparable prior-year period.
CECO's Chief Executive Officer Dennis Sadlowski commented, "The third quarter of 2017 presented continued challenges, including soft volume throughout the quarter that led to disappointing results. Our served energy markets are experiencing notable headwinds that we expect to continue into 2018. However, even with soft power generation and refinery markets, we picked up key wins in those segments and our team remains committed to market share penetration."
Mr. Sadlowski added, "We also concluded our strategic plan assessment and have made several decisions together with our Board to transform the business to win market share and create value. We are implementing a restructuring program during the fourth quarter to reduce costs by approximately $5-7 million per annum, and refocusing our portfolio including exiting non-core and low critical mass products. We also recently modified our debt covenants to allow for flexibility to invest in a tough market cycle. Additionally, our Board agreed to suspend the current quarterly dividend so that cash can be used towards investment for growth in people, systems and customer focused product innovation. While we are not pleased with our results and the current state of our core end-markets, we are committed to implementing the necessary steps to transform the Company to once again realize increasing profits and generating returns for all of our stakeholders."
THIRD QUARTER RESULTS
Revenue in the third quarter of 2017 was $85.0 million, down 16.3% from $101.6 million in the prior-year period.
Operating income was $5.6 million for the third quarter of 2017 (6.6% margin), compared with $10.5 million in the prior-year period (10.3% margin). Operating income on a non-GAAP basis was $5.3 million for the third quarter of 2017 (6.2% margin), compared with $14.4 million in the prior-year period (14.2% margin).
Net income was $3.0 million for the third quarter of 2017, compared with $5.8 million in the prior-year period. Net income on a non-GAAP basis was $1.2 million for the third quarter of 2017, compared with $8.2 million in the prior-year period.
Net income per diluted share was $0.09 for the third quarter of 2017, compared with net income per diluted share of $0.17 in the prior-year period. Non-GAAP net income per diluted share was $0.03 for the third quarter of 2017, compared with $0.24 for the prior-year period.
Cash and cash equivalents were $24.6 million and bank debt was $119.5 million, as of September 30, 2017, compared with $45.8 million and $126.4 million, respectively, as of December 31, 2016.
BACKLOG AND BOOKINGS
Total backlog at September 30, 2017 was $153.9 million as compared with $197.0 million on December 31, 2016, and $219.3 million on September 30, 2016.
Bookings were $71.0 million for the third quarter of 2017, compared with $96.2 million in the prior-year period. Bookings were $242.2 million for the first nine months of 2017 compared with $325.1 million for the prior-year period.
YEAR-TO-DATE RESULTS
Revenue in the first nine months of 2017 was $271.5 million, down 14.4% from $317.0 million in the prior-year period.
Operating income was $16.2 million for the first nine months of 2017 (6.0% margin), compared with $24.9 million in the prior-year period (7.9% margin). Operating income on a non-GAAP basis was $24.8 million for the first nine months of 2017 (9.1% margin), compared with $38.2 million in the prior-year period (12.1% margin).
Net income was $8.6 million for the first nine months of 2017, compared with $12.9 million in the prior-year period. Net income on a non-GAAP basis was $11.2 million for the first nine months of 2017, compared with $21.5 million in the prior-year period.
Net income per diluted share was $0.25 for the first nine months of 2017, compared with net income per diluted share of $0.38 in the prior-year period. Non-GAAP net income per diluted share was $0.32 for the first nine months of 2017, compared with $0.63 for the prior-year period.
QUARTERLY DIVIDENDS
On November 6, 2017, CECO's Board of Directors reviewed the Company's dividend policy and determined that it would be in the best interest of the stockholders to discontinue quarterly cash dividends.
CONFERENCE CALL
A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2017 results. The conference call may be accessed by dialing +1.877.407.3982 (Toll-Free) in the U.S. and Canada or by dialing +1.201.493.6780 for international calls. A replay will be available from 11:30 a.m. ET on November 8, 2017 until November 22, 2017 at 11:59 p.m. ET. The replay may be accessed by dialing +1.844.512.2921 (Toll-Free) in the U.S. and Canada or by dialing +1.412.317.6671 for international calls and entering passcode 13672530.
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 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 petrochem processing, along with a wide range of others. CECO targets its $5 billion+ of installed base, specifically to expand and grow a higher recurring revenue of aftermarket products and services. 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 | ||||||||
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| | ||||||||
| (dollars in thousands, except per share data) | | (unaudited) SEPTEMBER 30, | | | DECEMBER 31, | | ||
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 24,567 | | | $ | 45,824 | |
| Restricted cash | | | 873 | | | | 1,498 | |
| Accounts receivable, net | | | 70,504 | | | | 83,062 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | | | 39,964 | | | | 38,123 | |
| Inventories, net | | | 21,750 | | | | 21,487 | |
| Prepaid expenses and other current assets | | | 12,984 | | | | 13,560 | |
| Prepaid income taxes | | | 1,300 | | | | 1,590 | |
| Assets held for sale | | | 8,001 | | | | 7,834 | |
| Total current assets | | | 179,943 | | | | 212,978 | |
| Property, plant and equipment, net | | | 24,667 | | | | 27,270 | |
| Goodwill | | | 171,239 | | | | 170,153 | |
| Intangible assets-finite life, net | | | 52,749 | | | | 60,728 | |
| Intangible assets-indefinite life | | | 22,381 | | | | 22,042 | |
| Deferred charges and other assets | | | 4,564 | | | | 5,463 | |
| | | $ | 455,543 | | | $ | 498,634 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Current portion of debt | | $ | 9,645 | | | $ | 8,827 | |
| Accounts payable and accrued expenses | | | 77,655 | | | | 95,610 | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | | | 21,038 | | | | 35,085 Werbung Mehr Nachrichten zur CECO Environmental Aktie kostenlos abonnieren
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