$CECO
CECO ENVIRONMENTAL CORP

2016 Q1 Form 10-Q Financial Statement

#000156459016018747 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $103.2M $80.99M
YoY Change 27.4% 41.66%
Cost Of Revenue $71.59M $60.01M
YoY Change 19.3% 60.28%
Gross Profit $31.59M $20.98M
YoY Change 50.59% 6.32%
Gross Profit Margin 30.61% 25.9%
Selling, General & Admin $20.95M $13.66M
YoY Change 53.32% 16.97%
% of Gross Profit 66.31% 65.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.195M $3.452M
YoY Change 50.49% 24.62%
% of Gross Profit 16.45% 16.46%
Operating Expenses $20.95M $13.66M
YoY Change 53.32% 16.97%
Operating Profit $5.807M $2.979M
YoY Change 94.93% -45.76%
Interest Expense $2.102M $960.0K
YoY Change 118.96% 29.38%
% of Operating Profit 36.2% 32.23%
Other Income/Expense, Net $780.0K -$1.736M
YoY Change -144.93% 1537.74%
Pretax Income $4.485M $283.0K
YoY Change 1484.81% -93.91%
Income Tax $1.430M $85.00K
% Of Pretax Income 31.88% 30.04%
Net Earnings $3.055M $198.0K
YoY Change 1442.93% -93.45%
Net Earnings / Revenue 2.96% 0.24%
Basic Earnings Per Share $0.09 $0.01
Diluted Earnings Per Share $0.09 $0.01
COMMON SHARES
Basic Shares Outstanding 33.93M 26.27M
Diluted Shares Outstanding 34.12M 26.66M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.40M $19.00M
YoY Change 75.79% -1.04%
Cash & Equivalents $33.39M $18.99M
Short-Term Investments
Other Short-Term Assets $19.10M $8.629M
YoY Change 121.35% 28.98%
Inventory $30.56M $23.82M
Prepaid Expenses
Receivables $84.83M $59.19M
Other Receivables $4.000M $4.400M
Total Short-Term Assets $216.1M $151.0M
YoY Change 43.09% 32.03%
LONG-TERM ASSETS
Property, Plant & Equipment $43.40M $17.74M
YoY Change 144.66% -12.25%
Goodwill $168.1M
YoY Change 26.13%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $6.200M
YoY Change -53.23% 29.17%
Total Long-Term Assets $365.8M $266.4M
YoY Change 37.31% 20.32%
TOTAL ASSETS
Total Short-Term Assets $216.1M $151.0M
Total Long-Term Assets $365.8M $266.4M
Total Assets $581.9M $417.4M
YoY Change 39.4% 24.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.90M $35.30M
YoY Change 58.36% 27.9%
Accrued Expenses $39.30M $12.00M
YoY Change 227.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.70M $11.46M
YoY Change 54.41% 65.91%
Total Short-Term Liabilities $142.6M $83.87M
YoY Change 70.02% 71.08%
LONG-TERM LIABILITIES
Long-Term Debt $152.9M $101.4M
YoY Change 50.73% 34.78%
Other Long-Term Liabilities $22.10M $27.00M
YoY Change -18.14% 162.67%
Total Long-Term Liabilities $175.0M $128.4M
YoY Change 36.25% 50.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.6M $83.87M
Total Long-Term Liabilities $175.0M $128.4M
Total Liabilities $341.2M $238.1M
YoY Change 43.3% 45.23%
SHAREHOLDERS EQUITY
Retained Earnings $17.51M
YoY Change 28.28%
Common Stock $169.7M
YoY Change 6.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $356.0K
YoY Change 0.0%
Treasury Stock Shares 137.9K shares
Shareholders Equity $240.7M $179.3M
YoY Change
Total Liabilities & Shareholders Equity $581.9M $417.4M
YoY Change 39.4% 24.31%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $3.055M $198.0K
YoY Change 1442.93% -93.45%
Depreciation, Depletion And Amortization $5.195M $3.452M
YoY Change 50.49% 24.62%
Cash From Operating Activities $9.390M $1.510M
YoY Change 521.85% 71.59%
INVESTING ACTIVITIES
Capital Expenditures $212.0K $119.0K
YoY Change 78.15% -71.33%
Acquisitions
YoY Change
Other Investing Activities $280.0K $100.0K
YoY Change 180.0% -97.92%
Cash From Investing Activities $70.00K -$20.00K
YoY Change -450.0% -100.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.49M -1.860M
YoY Change 463.98% -78.65%
NET CHANGE
Cash From Operating Activities 9.390M 1.510M
Cash From Investing Activities 70.00K -20.00K
Cash From Financing Activities -10.49M -1.860M
Net Change In Cash -1.030M -370.0K
YoY Change 178.38% -89.21%
FREE CASH FLOW
Cash From Operating Activities $9.390M $1.510M
Capital Expenditures $212.0K $119.0K
Free Cash Flow $9.178M $1.391M
YoY Change 559.81% 199.14%

Facts In Submission

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CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
8900000
CY2016Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
7100000
CY2016Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
55899000
CY2015Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
62199000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7899000
CY2016Q1 us-gaap Interest Payable Current
InterestPayableCurrent
67000
CY2015Q4 us-gaap Interest Payable Current
InterestPayableCurrent
185000
CY2016Q1 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
22565000
CY2015Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
14757000
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2965000
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3080000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10977000
CY2016Q1 us-gaap Long Term Debt
LongTermDebt
170630000
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
177328000
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
14500000
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
13800000
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
18100000
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
21300000
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFive
106900000
CY2014Q4 cece Line Of Credit Facility Right To Increase Commitment
LineOfCreditFacilityRightToIncreaseCommitment
50000000
CY2016Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0344
CY2015Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0342
CY2016Q1 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
1100000
CY2015Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
400000
CY2016Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
500000
CY2016Q1 cece Maximum Consolidated Leverage Ratio
MaximumConsolidatedLeverageRatio
3.75
CY2016Q1 cece Minimum Fixed Charge Coverage Ratio Rate
MinimumFixedChargeCoverageRatioRate
1.25
CY2016Q1 cece Debt Default Increase In Basis Spread On Interest Rate
DebtDefaultIncreaseInBasisSpreadOnInterestRate
0.020
CY2016Q1 cece Decrease In Consolidated Leverage Ratio In Next Twelve Months
DecreaseInConsolidatedLeverageRatioInNextTwelveMonths
3.50
CY2016Q1 cece Decrease In Consolidated Leverage Ratio In Year Two
DecreaseInConsolidatedLeverageRatioInYearTwo
3.00
CY2016Q1 cece Decrease In Consolidated Leverage Ratio Two Fiscal Years Thereafter
DecreaseInConsolidatedLeverageRatioTwoFiscalYearsThereafter
3.00
CY2016Q1 us-gaap Debt Issuance Costs
DebtIssuanceCosts
6000000
CY2016Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4000000
CY2015Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4200000
CY2016Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
200000
CY2015Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
100000
CY2016Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3100000
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
189000
CY2015Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
198000
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
390000
CY2016Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.066
CY2016Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.066
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.07
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.15
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.39
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.54
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.021
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.036
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.016
CY2015Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2000
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
15000
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2016Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
29000
CY2015Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
300000
CY2016Q1 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
11000000
CY2015Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
11000000
CY2016Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1000000
CY2015Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
1000000
CY2016Q1 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
17500000
CY2015 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
18000000
us-gaap Litigation Settlement Amount
LitigationSettlementAmount
900000
CY2016Q1 cece Average Cost Per Settled Claim
AverageCostPerSettledClaim
25000
CY2016Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
238
CY2015Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
221
CY2016Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
21
CY2016Q1 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
4
CY2016Q1 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
0
CY2014Q3 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
500000
CY2014Q3 cece Litigation Settlement Recovery
LitigationSettlementRecovery
200000
CY2016Q1 us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
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.
CY2015Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
115751000
CY2015Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-2760000
CY2015Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.08
CY2015Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.08
CY2015Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
300000
CY2016Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
212000

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