CECO Environmental Corp.
Revenue for the third quarter ended September 30, 2004 rose by 8% to $18,378,000 compared to $17,039,000 for the same period in FY 2003. Net income for the quarter ended September 30, 2004 was $220,000 or $0.02 per share compared to net income of $237,000 or $0.02 per share for the same period in FY2003.
Nine-month revenue was $47,530,000 during FY2004 compared to $49,994,000 during FY2003. Net loss for the nine months ended September 30, 2004 was ($479,000) or ($0.05) per share compared to a net loss of ($94,000) or ($0.01) per share for the same period in FY2003.
Richard Blum, President and COO, stated, "The dismal first eight months of the year contributed to the magnitude of the net loss for the nine months and lower revenue compared to 2003. As a result of the upturn in September and recent order activity, accompanied by the 2004 costs reduction initiatives, we should see a very good fourth quarter with the possibility of a net profit for the entire year as well as heading into 2005 with momentum and a substantial backlog."
Backlog increased to $17,500,000 as of September 30, 2004 compared to $13,000,000 as of September 30, 2003.
CECO also announced that due to its increased order flow, it has received an increase to its revolving bank line of credit from $8,000,000 to $10,000,000 and extension of the line to January 2006.
ABOUT CECO ENVIRONMENTAL
CECO Environmental Corp. is North America's leading independent air pollution control company. Through its five subsidiaries -- Busch, CECO Filters, CECO Abatement Systems, kbd/Technic and Kirk & Blum -- CECO provides a wide spectrum of air quality services and products including: industrial air filters, environmental maintenance, monitoring and management services, and air quality improvement systems. CECO is a full-service provider to the steel, military, aluminum, automotive, aerospace, semiconductor, chemical, cement, metalworking, glass, foundry and virtually all industrial process industries.
For more information on CECO Environmental please visit the company's website at http://www.cecoenviro.com/ .
Contact: Corporate Information Phillip DeZwirek, CECO Environmental Corp. Email:
firstname.lastname@example.org-CECO CECO Environmental Corp. Condensed Consolidated Statement of Operations ($'s in thousands, except per share data) (unaudited) Three months ended Nine months ended 30-Sept.-04 30-Sept.-03 30-Sept.-04 30-Sept.-03 Net sales $18,378 $17,039 $47,530 $49,994 Cost of sales 15,035 13,543 38,248 40,267 Gross Profit 3,343 3,496 9,282 9,727 Selling and administrative 2,473 2,443 7,833 7,531 Depreciation and amortization 424 392 1,256 1,191 Operating income 446 661 193 1,005 Interest (expense) & other income (548) (537) (1,567) (1,503) Income (loss) before income taxes (102) 124 (1,374) (498) Income tax benefit 322 113 895 404 Net income (loss) $220 $237 ($479) ($94) Per Share Data (basic & diluted): Net income (loss) per share $0.02 $0.02 ($0.05) ($0.01) Weighted average shares outstanding: Basic 9,991,678 9,978,835 9,988,840 9,808,574 Diluted 10,015,537 10,021,741 9,988,840 9,808,574
This press release may contain 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., +1-800-606-CECO,
Web site: http://www.cecoenviro.com/