$CECO
CECO ENVIRONMENTAL CORP

2015 Q4 Form 10-Q Financial Statement

#000119312515371925 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $101.2M $98.23M $63.30M
YoY Change 33.03% 55.18% 0.0%
Cost Of Revenue $70.50M $67.44M $42.24M
YoY Change 31.78% 59.64% 19.86%
Gross Profit $30.77M $30.80M $21.06M
YoY Change 36.24% 46.24% 0.0%
Gross Profit Margin 30.39% 31.35% 33.27%
Selling, General & Admin $21.20M $18.05M $13.04M
YoY Change 41.33% 38.47% 39.5%
% of Gross Profit 68.89% 58.63% 61.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.300M $4.274M $2.714M
YoY Change 67.19% 57.48% 43.75%
% of Gross Profit 17.22% 13.88% 12.89%
Operating Expenses $23.10M $18.05M $13.04M
YoY Change 28.33% 38.47% 39.5%
Operating Profit $7.673M -$2.194M $5.245M
YoY Change 67.28% -141.83% -256.29%
Interest Expense -$2.100M $1.711M $767.0K
YoY Change 133.33% 123.08% 68.2%
% of Operating Profit -27.37% 14.62%
Other Income/Expense, Net -$600.0K -$282.0K -$1.459M
YoY Change 0.0% -80.67% -1685.87%
Pretax Income -$3.100M -$4.187M $3.019M
YoY Change -240.91% -238.69% -181.16%
Income Tax $100.0K $638.0K -$684.0K
% Of Pretax Income -22.66%
Net Earnings -$3.211M -$4.825M $3.703M
YoY Change -272.63% -230.3% 0.0%
Net Earnings / Revenue -3.17% -4.91% 5.85%
Basic Earnings Per Share -$0.09 -$0.17 $0.14
Diluted Earnings Per Share -$0.09 -$0.17 $0.14
COMMON SHARES
Basic Shares Outstanding 34.05M shares 28.62M shares 25.69M shares
Diluted Shares Outstanding 28.62M shares 26.13M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.20M $30.80M $18.00M
YoY Change 87.91% 71.11% 32.35%
Cash & Equivalents $34.19M $30.76M $18.04M
Short-Term Investments
Other Short-Term Assets $16.10M $19.70M $6.594M
YoY Change 77.98% 198.76% -2.34%
Inventory $32.51M $29.85M $26.54M
Prepaid Expenses
Receivables $97.78M $100.8M $47.64M
Other Receivables $4.700M $4.900M $8.500M
Total Short-Term Assets $228.5M $244.7M $125.5M
YoY Change 59.8% 95.0% 2.45%
LONG-TERM ASSETS
Property, Plant & Equipment $44.98M $47.49M $18.17M
YoY Change 137.23% 161.32% -18.8%
Goodwill $220.2M $232.2M $144.3M
YoY Change 32.74% 60.98% 8.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.900M $8.200M $4.100M
YoY Change -37.1% 100.0% -48.1%
Total Long-Term Assets $370.4M $402.1M $225.1M
YoY Change 37.61% 78.67% -2.63%
TOTAL ASSETS
Total Short-Term Assets $228.5M $244.7M $125.5M
Total Long-Term Assets $370.4M $402.1M $225.1M
Total Assets $598.8M $646.8M $350.6M
YoY Change 45.31% 84.51% -0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.20M $65.70M $21.80M
YoY Change 94.98% 201.38% -28.05%
Accrued Expenses $36.90M $39.30M $11.80M
YoY Change 68.49% 233.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $19.49M $19.70M $8.236M
YoY Change 119.35% 139.18% -3.31%
Total Short-Term Liabilities $148.2M $148.6M $55.74M
YoY Change 90.36% 166.64% 2.12%
LONG-TERM LIABILITIES
Long-Term Debt $157.8M $174.6M $76.07M
YoY Change 53.28% 129.49% -8.46%
Other Long-Term Liabilities $30.07M $29.42M $11.18M
YoY Change 7.85% 163.11% -11.47%
Total Long-Term Liabilities $187.9M $204.0M $87.25M
YoY Change 43.6% 133.8% -8.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $148.2M $148.6M $55.74M
Total Long-Term Liabilities $187.9M $204.0M $87.25M
Total Liabilities $353.8M $396.2M $172.7M
YoY Change 53.24% 129.43% -6.76%
SHAREHOLDERS EQUITY
Retained Earnings $5.472M $10.79M $18.75M
YoY Change -71.28% -42.44% 79.88%
Common Stock $243.6M $242.9M $161.6M
YoY Change 44.02% 50.3% 0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $356.0K $356.0K $356.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $137.9K 137.9K shares 137.9K shares
Shareholders Equity $239.2M $244.6M $177.9M
YoY Change
Total Liabilities & Shareholders Equity $598.8M $646.8M $350.6M
YoY Change 45.31% 84.51% -0.87%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$3.211M -$4.825M $3.703M
YoY Change -272.63% -230.3% 0.0%
Depreciation, Depletion And Amortization $5.300M $4.274M $2.714M
YoY Change 67.19% 57.48% 43.75%
Cash From Operating Activities $23.26M -$12.33M $4.530M
YoY Change 104.57% -372.19% 101.33%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K -$190.0K -$90.00K
YoY Change -34.29% 111.11% -68.97%
Acquisitions
YoY Change
Other Investing Activities $450.0K -$37.13M -$7.860M
YoY Change -101.25% 372.39% -90.18%
Cash From Investing Activities $220.0K -$37.32M -$7.950M
YoY Change -100.61% 369.43% -90.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.61M 64.56M 3.680M
YoY Change -176.21% 1654.35% -95.75%
NET CHANGE
Cash From Operating Activities 23.26M -12.33M 4.530M
Cash From Investing Activities 220.0K -37.32M -7.950M
Cash From Financing Activities -19.61M 64.56M 3.680M
Net Change In Cash 3.870M 14.91M 260.0K
YoY Change 366.27% 5634.62% -96.94%
FREE CASH FLOW
Cash From Operating Activities $23.26M -$12.33M $4.530M
Capital Expenditures -$230.0K -$190.0K -$90.00K
Free Cash Flow $23.49M -$12.14M $4.620M
YoY Change 100.43% -362.77% 81.89%

Facts In Submission

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We are not aware of pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows.
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After a trial on January 12, 2015, on February 27, 2015, the Court issued Findings of Fact and Conclusions of Law that provide that we and Kirk & Blum breached our contract with Viron and that Viron is entitled to damages in the amount of approximately $0.6 million plus attorneys' fees. Additionally, the Court concluded that we and Kirk & Blum are not entitled to an offset for the invoiced amounts of $0.2 million not paid by Viron under the contract.
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185000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18054000
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3300000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4274000
CY2015Q3 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
9250000
CY2015Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
400000
CY2015Q3 cece Line Of Credit Facility Payment Of Customary Fees
LineOfCreditFacilityPaymentOfCustomaryFees
2900000
CY2015Q3 cece Litigation Settlement Amount Recorded
LitigationSettlementAmountRecorded
200000
CY2015Q3 cece Reclassification Of Deferred Financing Costs From Deferred Charges And Other Assets To Debt Less Current Portion
ReclassificationOfDeferredFinancingCostsFromDeferredChargesAndOtherAssetsToDebtLessCurrentPortion
600000

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