$CECO
CECO ENVIRONMENTAL CORP

2018 Q2 Form 10-Q Financial Statement

#000156459018020187 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $81.09M $73.54M $93.87M
YoY Change -13.62% -26.44% -16.38%
Cost Of Revenue $53.94M $47.90M $65.38M
YoY Change -17.51% -25.51% -16.53%
Gross Profit $27.53M $25.65M $28.49M
YoY Change -3.37% -28.1% -16.04%
Gross Profit Margin 33.94% 34.87% 30.35%
Selling, General & Admin $22.00M $22.30M $21.48M
YoY Change 2.44% 5.69% 6.68%
% of Gross Profit 79.93% 86.95% 75.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.459M $3.980M $4.030M
YoY Change -14.17% 2.58% -21.47%
% of Gross Profit 12.57% 15.52% 14.15%
Operating Expenses $24.40M $25.20M $21.48M
YoY Change 13.62% 5.44% 6.68%
Operating Profit $2.581M $446.0K $9.255M
YoY Change -72.11% -96.21% 8.11%
Interest Expense $1.793M -$1.800M $1.645M
YoY Change 9.0% -28.0% -16.92%
% of Operating Profit 69.47% -403.59% 17.77%
Other Income/Expense, Net -$373.0K $0.00 $360.0K
YoY Change -203.61% -100.0% -190.23%
Pretax Income $400.0K -$10.00M $7.970M
YoY Change -94.98% -80.84% 28.92%
Income Tax $1.300M $0.00 $2.484M
% Of Pretax Income 325.0% 31.17%
Net Earnings -$901.0K -$11.59M $5.486M
YoY Change -116.42% -77.35% 35.89%
Net Earnings / Revenue -1.11% -15.76% 5.84%
Basic Earnings Per Share -$0.03 -$0.34 $0.16
Diluted Earnings Per Share -$0.03 -$0.34 $0.16
COMMON SHARES
Basic Shares Outstanding 34.67M 34.47M
Diluted Shares Outstanding 34.67M 34.81M

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.60M $29.90M $27.20M
YoY Change 30.88% -34.72% -51.94%
Cash & Equivalents $35.84M $29.90M $28.92M
Short-Term Investments
Other Short-Term Assets $19.60M $19.20M $22.10M
YoY Change -11.31% -16.16% -4.74%
Inventory $57.60M $20.97M $62.70M
Prepaid Expenses
Receivables $67.80M $67.99M $66.10M
Other Receivables $700.0K $1.900M $1.100M
Total Short-Term Assets $181.3M $173.9M $179.1M
YoY Change 1.22% -18.33% -23.36%
LONG-TERM ASSETS
Property, Plant & Equipment $22.20M $23.40M $25.53M
YoY Change -13.05% -14.19% -37.42%
Goodwill $167.0M $170.8M
YoY Change -1.88%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.800M $4.600M $5.100M
YoY Change -5.88% -16.36% 82.14%
Total Long-Term Assets $240.1M $264.6M $279.2M
YoY Change -14.02% -7.37% -22.0%
TOTAL ASSETS
Total Short-Term Assets $181.3M $173.9M $179.1M
Total Long-Term Assets $240.1M $264.6M $279.2M
Total Assets $421.4M $438.5M $458.4M
YoY Change -8.06% -12.05% -22.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.10M $45.40M $54.40M
YoY Change -2.39% -23.05% -15.79%
Accrued Expenses $20.50M $25.40M $27.20M
YoY Change -24.63% -30.6% -31.49%
Deferred Revenue $5.743M $20.14M
YoY Change
Short-Term Debt $5.300M $5.300M $5.300M
YoY Change 0.0% 0.0%
Long-Term Debt Due $11.30M $7.742M
YoY Change 27.97% -53.36%
Total Short-Term Liabilities $109.6M $107.9M $118.5M
YoY Change -7.51% -26.31% -26.11%
LONG-TERM LIABILITIES
Long-Term Debt $80.90M $103.5M $107.0M
YoY Change -24.42% -9.47% -21.28%
Other Long-Term Liabilities $30.40M $30.38M $25.33M
YoY Change 20.03% -12.86% -21.56%
Total Long-Term Liabilities $111.3M $133.9M $132.4M
YoY Change -15.92% -10.26% -21.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.6M $107.9M $118.5M
Total Long-Term Liabilities $111.3M $133.9M $132.4M
Total Liabilities $230.2M $252.0M $263.7M
YoY Change -12.72% -18.33% -23.49%
SHAREHOLDERS EQUITY
Retained Earnings -$52.67M -$41.50M
YoY Change 26.19% -610.09%
Common Stock $248.5M $247.3M
YoY Change 1.34% 0.93%
Preferred Stock
YoY Change
Treasury Stock (at cost) $356.0K
YoY Change 0.0%
Treasury Stock Shares $137.9K $137.9K
Shareholders Equity $191.2M $186.6M $194.6M
YoY Change
Total Liabilities & Shareholders Equity $421.4M $438.5M $458.4M
YoY Change -8.06% -12.05% -22.54%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income -$901.0K -$11.59M $5.486M
YoY Change -116.42% -77.35% 35.89%
Depreciation, Depletion And Amortization $3.459M $3.980M $4.030M
YoY Change -14.17% 2.58% -21.47%
Cash From Operating Activities $6.590M $7.660M -$2.970M
YoY Change -321.89% -54.19% -108.56%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$220.0K -$230.0K
YoY Change -47.83% -18.52% -32.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% 200.0%
Cash From Investing Activities -$130.0K -$220.0K -$200.0K
YoY Change -35.0% -344.44% -39.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.470M -3.530M -14.60M
YoY Change -76.23% -69.3% 43.42%
NET CHANGE
Cash From Operating Activities 6.590M 7.660M -2.970M
Cash From Investing Activities -130.0K -220.0K -200.0K
Cash From Financing Activities -3.470M -3.530M -14.60M
Net Change In Cash 2.990M 3.910M -17.77M
YoY Change -116.83% -26.37% -173.52%
FREE CASH FLOW
Cash From Operating Activities $6.590M $7.660M -$2.970M
Capital Expenditures -$120.0K -$220.0K -$230.0K
Free Cash Flow $6.710M $7.880M -$2.740M
YoY Change -344.89% -53.62% -107.82%

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RetainageReceivablesOnContractsPeriod
P1Y
cece Contracts Revenue Cost Uncompleted Contracts Component
ContractsRevenueCostUncompletedContractsComponent
161184000
cece Contracts Revenue Estimated Earnings Uncompleted Contracts Component
ContractsRevenueEstimatedEarningsUncompletedContractsComponent
58988000
cece Contracts Revenue Costs And Estimated Earnings On Uncompleted Contracts Component Gross
ContractsRevenueCostsAndEstimatedEarningsOnUncompletedContractsComponentGross
220172000
CY2017 cece Contracts Revenue Costs And Estimated Earnings On Uncompleted Contracts Component Gross
ContractsRevenueCostsAndEstimatedEarningsOnUncompletedContractsComponentGross
231221000
cece Contract Billed Receivables Increase Decrease
ContractBilledReceivablesIncreaseDecrease
-208324000
us-gaap Loss On Contracts
LossOnContracts
200000
CY2018Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
16561000
CY2018Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
6633000
CY2018Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
773000
CY2018Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1517000
CY2018Q2 us-gaap Inventory Write Down
InventoryWriteDown
100000
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
4443000
CY2016Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
22042000
cece Indefinite Lived Intangible Assets Excluding Goodwill During Period Divestitures
IndefiniteLivedIntangibleAssetsExcludingGoodwillDuringPeriodDivestitures
1340000
CY2017 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
2725000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1241000
CY2017 us-gaap Indefinite Lived Intangible Assets Foreign Currency Translation Gain Loss
IndefiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
374000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
88360000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
45916000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
44702000
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
60728000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5772000
cece Finite Lived Intangible Assets Divestitures
FiniteLivedIntangibleAssetsDivestitures
2372000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2900000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4800000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8600000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6900000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5700000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4700000
CY2018Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2018Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
53075000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5710000
CY2018Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
1198000
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4464000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
80895000
CY2018Q2 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
83100000
CY2018Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0489
CY2017Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0408
CY2018Q2 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
700000
CY2017Q4 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
300000
CY2017Q4 cece Credit Facility Date Of Amendment
CreditFacilityDateOfAmendment
2017-10-31
CY2017Q4 cece Maximum Consolidated Leverage Ratio
MaximumConsolidatedLeverageRatio
3.75
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-901000
us-gaap Net Income Loss
NetIncomeLoss
4862000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4862000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
83000
us-gaap Net Income Loss
NetIncomeLoss
5524000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5524000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
341000
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
700000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
128000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
128000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
28000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1100000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
19860
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
8000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
282000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
600000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
300000
CY2018Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
9100000
CY2017Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
9600000
CY2018Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
900000
CY2017Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
900000
CY2018Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
5300000
CY2017Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
5300000
cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
22600000
CY2017 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
19700000
us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
2900000
cece Litigation And Settlement Awarded From Insurers
LitigationAndSettlementAwardedFromInsurers
2800000
CY2018Q2 cece Average Cost Per Settled Claim
AverageCostPerSettledClaim
37000
CY2018Q2 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
203
CY2017Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
218
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
53
us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
29
us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
39
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.
CY2018Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
126000
CY2017Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
231000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
591000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
641000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3459000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4030000

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