$CECO
CECO ENVIRONMENTAL CORP

2017 Q1 Form 10-Q Financial Statement

#000156459017010062 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $92.65M $103.2M
YoY Change -10.2% 27.4%
Cost Of Revenue $60.72M $71.59M
YoY Change -15.18% 19.3%
Gross Profit $31.93M $31.59M
YoY Change 1.09% 50.59%
Gross Profit Margin 34.46% 30.61%
Selling, General & Admin $23.26M $20.95M
YoY Change 11.03% 53.32%
% of Gross Profit 72.84% 66.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.138M $5.195M
YoY Change -20.35% 50.49%
% of Gross Profit 12.96% 16.45%
Operating Expenses $23.26M $20.95M
YoY Change 11.03% 53.32%
Operating Profit $1.350M $5.807M
YoY Change -76.75% 94.93%
Interest Expense $1.711M $2.102M
YoY Change -18.6% 118.96%
% of Operating Profit 126.74% 36.2%
Other Income/Expense, Net -$109.0K $780.0K
YoY Change -113.97% -144.93%
Pretax Income -$470.0K $4.485M
YoY Change -110.48% 1484.81%
Income Tax -$508.0K $1.430M
% Of Pretax Income 31.88%
Net Earnings $38.00K $3.055M
YoY Change -98.76% 1442.93%
Net Earnings / Revenue 0.04% 2.96%
Basic Earnings Per Share $0.00 $0.09
Diluted Earnings Per Share $0.00 $0.09
COMMON SHARES
Basic Shares Outstanding 34.22M 33.93M
Diluted Shares Outstanding 34.56M 34.12M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.00M $33.40M
YoY Change 34.73% 75.79%
Cash & Equivalents $46.84M $33.39M
Short-Term Investments
Other Short-Term Assets $21.40M $19.10M
YoY Change 12.04% 121.35%
Inventory $54.90M $30.56M
Prepaid Expenses
Receivables $76.70M $84.83M
Other Receivables $2.700M $4.000M
Total Short-Term Assets $200.8M $216.1M
YoY Change -7.08% 43.09%
LONG-TERM ASSETS
Property, Plant & Equipment $26.50M $43.40M
YoY Change -38.94% 144.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.800M $2.900M
YoY Change 65.52% -53.23%
Total Long-Term Assets $281.5M $365.8M
YoY Change -23.05% 37.31%
TOTAL ASSETS
Total Short-Term Assets $200.8M $216.1M
Total Long-Term Assets $281.5M $365.8M
Total Assets $482.3M $581.9M
YoY Change -17.12% 39.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.50M $55.90M
YoY Change -9.66% 58.36%
Accrued Expenses $31.30M $39.30M
YoY Change -20.36% 227.5%
Deferred Revenue
YoY Change
Short-Term Debt $5.300M $0.00
YoY Change
Long-Term Debt Due $8.900M $17.70M
YoY Change -49.72% 54.41%
Total Short-Term Liabilities $132.0M $142.6M
YoY Change -7.43% 70.02%
LONG-TERM LIABILITIES
Long-Term Debt $110.6M $152.9M
YoY Change -27.67% 50.73%
Other Long-Term Liabilities $37.50M $22.10M
YoY Change 69.68% -18.14%
Total Long-Term Liabilities $148.1M $175.0M
YoY Change -15.37% 36.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.0M $142.6M
Total Long-Term Liabilities $148.1M $175.0M
Total Liabilities $292.9M $341.2M
YoY Change -14.16% 43.3%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.4M $240.7M
YoY Change
Total Liabilities & Shareholders Equity $482.3M $581.9M
YoY Change -17.12% 39.4%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $38.00K $3.055M
YoY Change -98.76% 1442.93%
Depreciation, Depletion And Amortization $4.138M $5.195M
YoY Change -20.35% 50.49%
Cash From Operating Activities $4.650M $9.390M
YoY Change -50.48% 521.85%
INVESTING ACTIVITIES
Capital Expenditures $410.0K $212.0K
YoY Change 93.4% 78.15%
Acquisitions
YoY Change
Other Investing Activities $10.00K $280.0K
YoY Change -96.43% 180.0%
Cash From Investing Activities -$400.0K $70.00K
YoY Change -671.43% -450.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.610M -10.49M
YoY Change -46.52% 463.98%
NET CHANGE
Cash From Operating Activities 4.650M 9.390M
Cash From Investing Activities -400.0K 70.00K
Cash From Financing Activities -5.610M -10.49M
Net Change In Cash -1.167M -1.030M
YoY Change 13.3% 178.38%
FREE CASH FLOW
Cash From Operating Activities $4.650M $9.390M
Capital Expenditures $410.0K $212.0K
Free Cash Flow $4.240M $9.178M
YoY Change -53.8% 559.81%

Facts In Submission

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BusinessCombinationContingentConsiderationCurrentPortionOfEarnOutPayment
1100000
CY2016Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
32508000
CY2017Q1 us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
2300000
CY2017Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
1700000
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
6700000
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
9200000
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
10800000
CY2017Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
95700000
CY2016Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
200000
CY2016Q1 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
500000
CY2017Q1 cece Maximum Consolidated Leverage Ratio
MaximumConsolidatedLeverageRatio
3.25
CY2017Q1 cece Minimum Fixed Charge Coverage Ratio Rate
MinimumFixedChargeCoverageRatioRate
1.25
CY2017Q1 cece Maximum Consolidated Leverage Ratio
MaximumConsolidatedLeverageRatio
3.25
CY2017Q1 cece Debt Default Increase In Basis Spread On Interest Rate
DebtDefaultIncreaseInBasisSpreadOnInterestRate
0.020
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
38000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
347000
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
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1700000
CY2017Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.075
CY2017Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
CY2017Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2017-03-31
CY2017Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.075
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
100000
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
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.39
CY2016Q1 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
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.036
CY2017Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1100000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1800000
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2016Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
29000
CY2017Q1 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
11100000
CY2016Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
11100000
CY2017Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
400000
CY2016Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
400000
CY2017Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
5300000
CY2016Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
5300000
CY2017Q1 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
28900000
CY2016 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
25600000
us-gaap Litigation Settlement Amount
LitigationSettlementAmount
1200000
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1100000
CY2017Q1 cece Average Cost Per Settled Claim
AverageCostPerSettledClaim
27000
CY2017Q1 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
228
CY2016Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
229
CY2017Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
15
CY2017Q1 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
12
CY2017Q1 us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
4
CY2014 us-gaap Litigation Settlement Amount
LitigationSettlementAmount
500000
CY2014 cece Litigation Settlement Recovery
LitigationSettlementRecovery
200000
CY2017Q1 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.
CY2017Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
410000
CY2016Q1 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
212000

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