CECO Environmental Corp.
EBITDA for the first half of 2000 was $1,996,000 or $.24 per share, an increase of $1,289,000 or 182% compared with EBITDA of $707,000 or $.09 per share in 1999. Net income for the six months ended June 30, 2000, was $7,907 versus $108,597 in the same period of 1999.
Phillip DeZwirek, Chairman and CEO, states, "CECO's triple digit revenue, operating profit and EBITDA growth are setting the pace for 2000. First half 2000 record level revenue reflects the successful integration of Kirk & Blum and kbd/Technic into the CECO family of companies. Net income should increase dramatically as debt is reduced and the synergies of the acquisition plan are fully realized."
Bookings in the first half of 2000 were $46,6000,000, while backlog at June 30,2000, stands at $22,700,000. The Company has increased its backlog by $7,100,000 from its December 31, 1999 level. Richard J. Blum, President, comments, "We are pleased by the strong order flow within the Kirk & Blum unit. Our customer's continuing acceptance and acknowledgement of Kirk & Blum as a leading provider of air pollution control services and products provides us with an excellent platform for internal and external growth opportunities. Company-wide joint marketing efforts are well underway to capitalize on the varied industry knowledge housed throughout the organization. Results of these efforts should become more visible in the second half of the year." CECO Environmental announced that Steven I. Taub, Ph.D., has resigned as President of CECO Filters, Inc. to pursue other interests. The Company repurchased from Dr. Taub and his family 568,000 shares of common stock. Michael J. Meyer, Vice President and Division Manager Louisville Division -- Kirk & Blum has been appointed to the position of President of CECO Filters, Inc.
For more information on CECO Environmental Corp. please visit the company's web site at http://www.cecoenviro.com/.
About CECO Environmental
CECO Environmental Corp. is North America's largest independent air pollution control company. CECO, through its five subsidiaries, Air Purator Corporation, Busch Company, CECO Filters, kbd/Technic and Kirk & Blum provides a wide spectrum of air quality services and products including: industrial air filters, high performance filter fabrics, environmental maintenance, monitoring and management services, and air quality improvement systems. CECO is a full-service provider to the steel, aluminum, automotive, aerospace, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.
Contact: Corporate Information Phillip DeZwirek, CECO Environmental Corp. Email:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in CECO's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include changes in market conditions in the industries in which the Company operates. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.
SOURCE: CECO Environmental Corp.
Contact: Phillip DeZwirek of CECO Environmental Corp., 800-606-CECO,