$CECO
CECO ENVIRONMENTAL CORP

2021 Q2 Form 10-Q Financial Statement

#000156459021039947 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $78.68M $75.17M
YoY Change 4.67% -7.4%
Cost Of Revenue $53.43M $49.20M
YoY Change 8.59% -9.45%
Gross Profit $25.25M $26.00M
YoY Change -2.87% -3.15%
Gross Profit Margin 32.1% 34.59%
Selling, General & Admin $20.51M $18.40M
YoY Change 11.47% -17.95%
% of Gross Profit 81.21% 70.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.471M $2.452M
YoY Change 0.77% -10.8%
% of Gross Profit 9.78% 9.43%
Operating Expenses $20.51M $20.20M
YoY Change 1.53% -9.93%
Operating Profit $2.145M $4.395M
YoY Change -51.19% 117.79%
Interest Expense $704.0K -$900.0K
YoY Change -178.22% -161.64%
% of Operating Profit 32.82% -20.48%
Other Income/Expense, Net -$860.0K $400.0K
YoY Change -315.0% -50.5%
Pretax Income $581.0K $3.800M
YoY Change -84.71% 178.18%
Income Tax $200.0K $600.0K
% Of Pretax Income 34.42% 15.79%
Net Earnings $293.0K $3.258M
YoY Change -91.01% -40.92%
Net Earnings / Revenue 0.37% 4.33%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.01 $93.22K
COMMON SHARES
Basic Shares Outstanding 35.49M 35.28M
Diluted Shares Outstanding 35.82M 35.41M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.23M $41.50M
YoY Change -22.34% 44.1%
Cash & Equivalents $32.20M $41.50M
Short-Term Investments
Other Short-Term Assets $15.02M $14.10M
YoY Change 6.52% -6.62%
Inventory $17.27M $18.90M
Prepaid Expenses
Receivables $65.65M $60.81M
Other Receivables $3.216M $6.600M
Total Short-Term Assets $180.2M $180.1M
YoY Change 0.07% 12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $15.90M $28.80M
YoY Change -44.81% 142.87%
Goodwill $161.8M $159.1M
YoY Change 1.68% 4.54%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.273M $3.500M
YoY Change -6.49% -16.67%
Total Long-Term Assets $230.5M $238.3M
YoY Change -3.28% 3.06%
TOTAL ASSETS
Total Short-Term Assets $180.2M $180.1M
Total Long-Term Assets $230.5M $238.3M
Total Assets $410.7M $418.4M
YoY Change -1.84% 6.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.55M $49.40M
YoY Change 8.4% 2.49%
Accrued Expenses $24.24M $22.20M
YoY Change 9.2% 3.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.750M $2.500M
YoY Change 50.0% 0.0%
Total Short-Term Liabilities $104.9M $106.1M
YoY Change -1.11% 6.53%
LONG-TERM LIABILITIES
Long-Term Debt $63.72M $75.46M
YoY Change -15.56% 4.03%
Other Long-Term Liabilities $28.13M $30.10M
YoY Change -6.55% 55.61%
Total Long-Term Liabilities $63.72M $75.46M
YoY Change -15.56% -17.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $104.9M $106.1M
Total Long-Term Liabilities $63.72M $75.46M
Total Liabilities $204.9M $219.4M
YoY Change -6.6% 4.9%
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 $205.8M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $410.7M $418.4M
YoY Change -1.84% 6.81%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $293.0K $3.258M
YoY Change -91.01% -40.92%
Depreciation, Depletion And Amortization $2.471M $2.452M
YoY Change 0.77% -10.8%
Cash From Operating Activities -$5.801M -$4.890M
YoY Change 18.63% -300.41%
INVESTING ACTIVITIES
Capital Expenditures -$507.0K -$1.010M
YoY Change -49.8% 29.49%
Acquisitions
YoY Change
Other Investing Activities $4.000K -$6.120M
YoY Change -100.07%
Cash From Investing Activities -$503.0K -$7.140M
YoY Change -92.96% 815.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.263M -30.20M
YoY Change -92.51% 9966.67%
NET CHANGE
Cash From Operating Activities -5.801M -4.890M
Cash From Investing Activities -503.0K -7.140M
Cash From Financing Activities -2.263M -30.20M
Net Change In Cash -8.567M -42.23M
YoY Change -79.71% -3205.15%
FREE CASH FLOW
Cash From Operating Activities -$5.801M -$4.890M
Capital Expenditures -$507.0K -$1.010M
Free Cash Flow -$5.294M -$3.880M
YoY Change 36.44% -220.5%

Facts In Submission

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CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3300000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
5800000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
5000000.0
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4300000
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3200000
CY2021Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
53551000
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
55899000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5610000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5079000
CY2021Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3903000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4090000
CY2021Q2 cece Contract Liability Current
ContractLiabilityCurrent
4144000
CY2020Q4 cece Contract Liability Current
ContractLiabilityCurrent
3974000
CY2021Q2 cece Lease Liabilities Current
LeaseLiabilitiesCurrent
2186000
CY2020Q4 cece Lease Liabilities Current
LeaseLiabilitiesCurrent
2274000
CY2021Q2 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
12544000
CY2020Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
13681000
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
81938000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
84997000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
67470000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
72616000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
3750000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3125000
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
63720000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
69491000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1900000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3700000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4400000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
58600000
CY2021Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0222
CY2020Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0231
CY2021Q3 cece Maximum Consolidated Leverage Ratio
MaximumConsolidatedLeverageRatio
0.0350
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
293000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
3258000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35492000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35276000
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
327000
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
134000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35819000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35410000
us-gaap Net Income Loss
NetIncomeLoss
1474000
us-gaap Net Income Loss
NetIncomeLoss
6670000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35444000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35216000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
353000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
187000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35797000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35403000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1900000
CY2020Q2 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
1700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1600000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
100000
CY2021Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
9600000
CY2020Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
9700000
CY2020Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
100000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
25200000
CY2020 cece Cash Held Outside Domestic Territory
CashHeldOutsideDomesticTerritory
28000000.0
us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
3500000
cece Litigation And Settlement Awarded From Insurers
LitigationAndSettlementAwardedFromInsurers
3300000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.343
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.148
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.309
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.168
CY2021Q2 cece Average Cost Per Settled Claim
AverageCostPerSettledClaim
34000
CY2021Q2 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
216
CY2021Q2 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
200000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32200000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
36000000.0
CY2020Q4 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
200
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
55
us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
31
us-gaap Loss Contingency Claims Settled Number
LossContingencyClaimsSettledNumber
8
us-gaap Loss Contingency Managements Assessment And Process
LossContingencyManagementsAssessmentAndProcess
We are not aware of any 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.
CY2020Q2 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
1
CY2020Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
10300000
CY2020Q2 us-gaap Assets Fair Value Adjustment
AssetsFairValueAdjustment
600000
CY2020 cece Increase In Estimated Fair Value Of Earnout
IncreaseInEstimatedFairValueOfEarnout
1700000
cece Increase In Estimated Fair Value Of Earnout
IncreaseInEstimatedFairValueOfEarnout
500000
cece Earnout Payments
EarnoutPayments
800000
CY2021Q2 cece Earn Out Liability
EarnOutLiability
1400000
CY2021Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
5500000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
8100000
CY2021Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
505000
CY2020Q2 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1016000
CY2021Q2 us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
700000
us-gaap Interest Revenue Expense Net
InterestRevenueExpenseNet
900000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78680000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75170000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150572000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155656000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2145000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4395000
us-gaap Operating Income Loss
OperatingIncomeLoss
5199000
us-gaap Operating Income Loss
OperatingIncomeLoss
8633000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
997000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1992000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2471000
CY2020Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2452000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4906000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4648000
CY2021Q2 us-gaap Assets
Assets
410702000
CY2020Q4 us-gaap Assets
Assets
419314000
CY2021Q2 us-gaap Goodwill
Goodwill
161782000
CY2020Q4 us-gaap Goodwill
Goodwill
161820000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78680000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75170000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150572000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155656000

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