CINCINNATI, March 9, 2017 /PRNewswire/ -- CECO
Environmental Corp. (Nasdaq: CECE), a leading global energy,
environmental, and industrial technology company, today reported
its financial results for the fourth quarter and full year
2016.
Fourth Quarter 2016 Highlights*
- Revenue of $100.0 million, down
1.3%
- Gross profit of $35.7 million, up
15.9%
- Gross margin of 35.7%, up 530 basis points
- GAAP net loss of $ 51.2 million,
or $1.49 per share
- Non-GAAP net income of $12.0
million, or $0.35 per
share
- Adjusted EBITDA of $16.3
million
Full-Year 2016 Highlights*
- Revenue of $417.0 million, up
13.5%
- Gross profit of $134.9 million,
up 23.6%
- Gross margin of 32.3%, up 260 basis points
- GAAP net loss of $38.2 million,
or $1.12 per share
- Non-GAAP net income of $ 33.5
million, or $0.99 per
share
- Adjusted EBITDA of $60.6
million
* All changes are versus the comparable prior-year period.
CECO's Interim Chief Executive Officer Dennis Sadlowski commented, "I am very excited
to be leading CECO during this transformative stage of its
history. The entire CECO team is keenly focused on customers,
innovation and growth. We plan to capitalize on CECO's deep
application knowledge base, asset-light business model and
experienced management team. By combining a renewed outside-in
focus with customers, along with a strategic refresh, I expect that
CECO will be able to generate organic growth and shareholder value.
I am also encouraged by CECO's ongoing operational excellence,
which resulted in record gross profit and gross margin. We also
continued our focus on reducing debt with an additional
$10.1 million debt repayment in the
fourth quarter of 2016 resulting in a total debt repayment in 2016
of $49.7 million."
Mr. Sadlowski continued, "While we anticipate a challenging
macroeconomic environment in 2017, I am confident that CECO's
diversity of technologies, end markets and multiple geographies
provide the foundation for a strong future. CECO's business is
driven in large part by global GDP and not regulatory requirements.
As such, leveraging our large installed base, creating value-added
innovations and investing in our world-class original equipment in
order to maintain a leading-edge solution for our customers, should
facilitate our growth in the future. The direction and core
of our business is fundamentally sound, and we have a committed,
talented management team in place to deliver long-term value to our
shareholders. Sharpening our strategy to focus on customers
and end markets, will enable the Company to effectively pivot
forward into a new phase of growth."
FOURTH QUARTER RESULTS
Revenue in the fourth quarter
of 2016 was $100.0 million, down 1.3%
from $101.3 million in the prior-year
period.
Operating loss was $50.4 million
for the fourth quarter of 2016, compared with operating loss of
$0.3 million in the prior-year
period. Non-GAAP operating income was $14.7 million for the fourth quarter of 2016
(14.7% margin), compared with $10.1
million in the prior-year period (10.0% margin).
Net loss was $51.2 million for the
fourth quarter of 2016, compared with net loss of $3.1 million in the prior-year period.
Non-GAAP net income was $12.0 million
for the fourth quarter of 2016, compared with non-GAAP net income
of $6.0 million in the prior-year
period. Net loss per diluted share was $1.49 for the fourth quarter of 2016, compared
with net loss per diluted share of $0.09 in the prior-year period. Non-GAAP net
income per diluted share was $0.35
for the fourth quarter of 2016, compared with non-GAAP net income
per diluted share of $0.18 for the
prior-year period.
A goodwill and intangible asset impairment charge of
$57.9 million ($55.3 million on an after-tax basis) was recorded
in the fourth quarter of 2016. This non-cash item relates to
goodwill and intangibles, primarily with respect to the Met-Pro
acquisition that was completed in 2013.
Cash and cash equivalents were $45.8
million and bank debt was $126.4
million as of December 31,
2016, compared with $34.2
million and $181.6 million,
respectively, as of December 31,
2015. We repaid $10.1 million
of term debt in the fourth quarter of 2016 and $49.7 million in the year ended December 31, 2016.
BACKLOG AND BOOKINGS
Total backlog at December 31, 2016 was $197.0 million compared with $211.2 million on December
31, 2015 and $219.3 million on
September 30, 2016.
Bookings were $77.7 million for
the fourth quarter of 2016, compared with $100.3 million in the prior-year period.
Bookings were $402.8 million for the
full year 2016 as compared with $358.0
million for the prior year.
YEAR-TO-DATE RESULTS
Revenue for the full year 2016
was $417.0 million, compared with
$367.4 million in the prior year.
Recent acquisitions(1) contributed $60.9 million of incremental revenue in 2016 over
2015.
Operating loss was $25.6 million
for full year 2016, compared with operating income of $4.9 million in the prior year. Non-GAAP
operating income was $52.7 million
for full year 2016 (12.6% margin), compared with non-GAAP operating
income of $42.8 million in the prior
year (11.6% margin).
Net loss was $38.2 million for
full year 2016, compared with net loss of $5.6 million in the prior year. Non-GAAP
net income was $33.5 million for full
year 2016, compared with non-GAAP net income of $28.0 million in the prior year. Net loss
per diluted share was $1.12 for full
year 2016, compared with a net loss per diluted share of
$0.19 in the prior year. Non-GAAP net
income per diluted share was $0.99
for full year 2016, compared with non-GAAP net income per diluted
share of $0.97 in the prior year.
QUARTERLY DIVIDENDS
On March 6,
2017, CECO's Board of Directors approved a quarterly
dividend of $0.075 per share, an
increase of 13.6% over the previous quarter. The dividend
will be paid on March 31, 2017 to all
stockholders of record on close of business on March 17, 2017. CECO initiated a Dividend
Reinvestment Plan ("DRIP") in 2012 that provides for the voluntary
reinvestment of dividends by its stockholders.
CONFERENCE CALL
A conference call is scheduled for
today at 10:00 a.m. ET to discuss the
fourth quarter and full year 2016 results. The conference call may
be accessed by dialing +1.877.407.3982 (Toll-Free) in the U.S. and
Canada or by dialing
+1.201.493.6780 for international calls. A replay will be
available from 1:30 p.m. ET on
March 9, 2017 until March 23, 2017 at 11:59
p.m. ET. The replay may be accessed by dialing
+1.844.512.2921 (Toll-Free) in the U.S. and Canada or by dialing +1.412.317.6671 for
international calls and entering passcode 13655852.
The live webcast and slides can also be accessed
at https://www.cecoenviro.com/events-calendar.
(1) Acquisitions completed within the past twelve
months (PMFG).
ABOUT CECO ENVIRONMENTAL
CECO is a diversified global provider of leading engineered
technologies to the energy, environmental, and industrial segments,
targeting specific niche-focused end markets through an attractive
asset-light business model, strategically balanced across the
world. CECO targets its $5 billion+ of installed base, specifically
to expand and grow a higher recurring revenue of aftermarket
products and services. CECO's well respected brands, technologies
and solutions have been evolving for well over 50 years to become
leading-edge technologies in specific niche global end markets,
including natural gas turbine power, mid-stream energy pipeline gas
transmission, general industrial manufacturing, refinery &
petrochemical engineered cyclones, metals, minerals & mining
and water/wastewater. CECO is listed on Nasdaq under the ticker
symbol "CECE." For more information, please visit
http://www.cecoenviro.com/.
Contact:
Edward Prajzner, Executive Vice
President, Corporate Development
800.333.5475
investor.relations@cecoenviro.com
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(unaudited)
|
|
|
December
31,
|
|
($ in thousands,
except per share data)
|
|
2016
|
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
45,824
|
|
|
$
|
34,194
|
|
Restricted
cash
|
|
|
1,498
|
|
|
|
5,319
|
|
Accounts receivable,
net
|
|
|
83,062
|
|
|
|
97,778
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
|
|
38,123
|
|
|
|
43,175
|
|
Inventories,
net
|
|
|
21,487
|
|
|
|
32,509
|
|
Prepaid expenses and
other current assets
|
|
|
13,560
|
|
|
|
9,058
|
|
Prepaid income
taxes
|
|
|
1,590
|
|
|
|
4,724
|
|
Assets held for
sale
|
|
|
7,834
|
|
|
|
1,699
|
|
Total current
assets
|
|
|
212,978
|
|
|
|
228,456
|
|
Property, plant and
equipment, net
|
|
|
27,270
|
|
|
|
44,981
|
|
Goodwill
|
|
|
170,153
|
|
|
|
220,163
|
|
Intangible assets –
finite life, net
|
|
|
60,728
|
|
|
|
74,957
|
|
Intangible assets –
indefinite life
|
|
|
22,042
|
|
|
|
26,337
|
|
Deferred charges and
other assets
|
|
|
5,463
|
|
|
|
3,925
|
|
|
|
$
|
498,634
|
|
|
$
|
598,819
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
8,827
|
|
|
$
|
19,494
|
|
Accounts payable and
accrued expenses
|
|
|
95,610
|
|
|
|
99,097
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
|
35,085
|
|
|
|
28,000
|
|
Note
payable
|
|
|
5,300
|
|
|
|
—
|
|
Income taxes
payable
|
|
|
1,536
|
|
|
|
1,582
|
|
Total current
liabilities
|
|
|
146,358
|
|
|
|
148,173
|
|
Other
liabilities
|
|
|
34,864
|
|
|
|
30,072
|
|
Debt, less current
portion
|
|
|
114,366
|
|
|
|
157,834
|
|
Deferred income tax
liability, net
|
|
|
12,964
|
|
|
|
17,719
|
|
Total
liabilities
|
|
|
308,552
|
|
|
|
353,798
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $.01
par value; 10,000 shares authorized, none issued
|
|
|
—
|
|
|
|
—
|
|
Common stock, $.01 par
value; 100,000,000 shares authorized, 34,300,209
and 34,055,749 shares issued
and outstanding in 2016 and 2015, respectively
|
|
|
343
|
|
|
|
340
|
|
Capital in excess of
par value
|
|
|
244,878
|
|
|
|
243,274
|
|
Accumulated
earnings
|
|
|
(41,741)
|
|
|
|
5,472
|
|
Accumulated other
comprehensive loss
|
|
|
(13,042)
|
|
|
|
(9,577)
|
|
|
|
|
190,438
|
|
|
|
239,509
|
|
Less treasury stock,
at cost, 137,920 shares in 2016 and 2015
|
|
|
(356)
|
|
|
|
(356)
|
|
Total CECO
shareholders' equity
|
|
|
190,082
|
|
|
|
239,153
|
|
Noncontrolling
interest
|
|
|
—
|
|
|
|
5,868
|
|
Total shareholders'
equity
|
|
|
190,082
|
|
|
|
245,021
|
|
|
|
$
|
498,634
|
|
|
$
|
598,819
|
|
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(unaudited)
|
|
|
|
THREE MONTHS
ENDED
DECEMBER
31,
|
|
|
TWELVE MONTHS
ENDED
DECEMBER31,
|
|
(dollars in
thousands, except per share data)
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Net sales
|
|
$
|
99,982
|
|
|
$
|
101,246
|
|
|
$
|
417,011
|
|
|
$
|
367,422
|
|
Cost of
sales
|
|
|
64,315
|
|
|
|
70,473
|
|
|
|
282,152
|
|
|
|
258,251
|
|
Gross
profit
|
|
|
35,667
|
|
|
|
30,773
|
|
|
|
134,859
|
|
|
|
109,171
|
|
Selling and
administrative expenses
|
|
|
21,118
|
|
|
|
21,171
|
|
|
|
81,743
|
|
|
|
67,329
|
|
Acquisition and
integration expenses
|
|
|
-
|
|
|
|
962
|
|
|
|
524
|
|
|
|
7,940
|
|
Amortization and
earn-out expenses
|
|
|
7,055
|
|
|
|
5,624
|
|
|
|
20,231
|
|
|
|
25,613
|
|
Goodwill and
intangible asset impairment
|
|
|
57,923
|
|
|
|
3,340
|
|
|
|
57,923
|
|
|
|
3,340
|
|
(Loss) income from
operations
|
|
|
(50,429)
|
|
|
|
(324)
|
|
|
|
(25,562)
|
|
|
|
4,949
|
|
Other income
(expense), net
|
|
|
(85)
|
|
|
|
(625)
|
|
|
|
310
|
|
|
|
(2,081)
|
|
Interest
expense
|
|
|
(1,717)
|
|
|
|
(2,119)
|
|
|
|
(7,712)
|
|
|
|
(5,964)
|
|
Loss before income
taxes
|
|
|
(52,231)
|
|
|
|
(3,068)
|
|
|
|
(32,964)
|
|
|
|
(3,096)
|
|
Income tax (benefit)
expense
|
|
|
(1,059)
|
|
|
|
143
|
|
|
|
5,290
|
|
|
|
2,638
|
|
Net loss
|
|
$
|
(51,172)
|
|
|
$
|
(3,211)
|
|
|
$
|
(38,254)
|
|
|
$
|
(5,734)
|
|
Less net loss
attributable to noncontrolling interest
|
|
$
|
--
|
|
|
$
|
(132)
|
|
|
$
|
(36)
|
|
|
$
|
(132)
|
|
Net loss attributable
to CECO Environmental Corp.
|
|
$
|
(51,172)
|
|
|
$
|
(3,079)
|
|
|
$
|
(38,218)
|
|
|
$
|
(5,602)
|
|
Loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.49)
|
|
|
$
|
(0.09)
|
|
|
$
|
(1.12)
|
|
|
$
|
(0.19)
|
|
Diluted
|
|
$
|
(1.49)
|
|
|
$
|
(0.09)
|
|
|
$
|
(1.12)
|
|
|
$
|
(0.19)
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
34,280,940
|
|
|
|
33,912,163
|
|
|
|
33,979,549
|
|
|
|
28,791,662
|
|
Diluted
|
|
|
34,280,940
|
|
|
|
33,912,163
|
|
|
|
33,979,549
|
|
|
|
28,791,662
|
|
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP MEASURES
|
|
|
|
Three Months Ended December
31,
|
Twelve Months Ended December
31,
|
(dollars in
millions)
|
2016
|
2015
|
2016
|
2015
|
Gross profit as
reported in accordance with GAAP
|
$
35.7
|
$
30.8
|
$
134.9
|
$
109.2
|
Gross profit margin
in accordance with GAAP
|
35.7%
|
30.4%
|
32.3%
|
29.7%
|
Inventory valuation
adjustment
|
--
|
0.5
|
0.1
|
0.5
|
Plant, property and
equipment valuation adjustment
|
0.1
|
0.1
|
0.6
|
0.6
|
|
|
|
|
|
Non-GAAP gross
margin
|
$
35.8
|
$
31.4
|
$
135.6
|
$
110.3
|
Non-GAAP gross
profit margin
|
35.8%
|
31.0%
|
32.5%
|
30.0%
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December
31,
|
Twelve Months Ended December
31,
|
(dollars in
millions)
|
2016
|
2015
|
2016
|
2015
|
Operating income
(loss) as reported in accordance with GAAP
|
$
(50.4)
|
$
(0.3)
|
$
(25.6)
|
$
4.9
|
Operating margin in
accordance with GAAP
|
(50.4)%
|
(0.3)%
|
(6.1)%
|
1.3%
|
Inventory valuation
adjustment
|
--
|
0.5
|
0.1
|
0.5
|
Plant, property and
equipment valuation adjustment
|
0.1
|
0.1
|
0.6
|
0.6
|
Gain on insurance
settlement
|
--
|
--
|
(1.0)
|
--
|
Acquisition and
integration expenses
|
--
|
0.9
|
0.5
|
7.9
|
Amortization and
earn-out expenses
|
7.1
|
5.6
|
20.2
|
25.6
|
Goodwill and
intangible asset impairment
|
57.9
|
3.3
|
57.9
|
3.3
|
|
|
|
|
|
Non-GAAP operating
income
|
$
14.7
|
$
10.1
|
$
52.7
|
$
42.8
|
Non-GAAP operating
margin
|
14.7%
|
10.0%
|
12.6%
|
11.6%
|
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
(dollars in
millions)
|
2016
|
2015
|
2016
|
2015
|
Net loss as reported
in accordance with GAAP
|
$
(51.2)
|
$
(3.1)
|
$
(38.2)
|
$
(5.6)
|
Inventory valuation
adjustment
|
--
|
0.5
|
0.1
|
0.5
|
Plant, property and
equipment valuation adjustment
|
0.1
|
0.1
|
0.6
|
0.6
|
Acquisition and
integration expenses
|
--
|
0.9
|
0.5
|
7.9
|
Amortization and
earn-out expenses
|
7.1
|
5.6
|
20.2
|
25.6
|
Goodwill and
intangible asset impairment
|
57.9
|
3.3
|
57.9
|
3.3
|
Gain on insurance
settlement
|
--
|
--
|
(1.0)
|
--
|
Deferred financing fee
adjustment
|
--
|
--
|
--
|
0.3
|
Foreign currency
remeasurement
|
1.4
|
0.7
|
0.8
|
2.5
|
Tax benefit of
adjustments
|
(3.3)
|
(2.0 )
|
(7.4)
|
(7.1)
|
|
|
|
|
|
Non-GAAP net
income
|
$
12.0
|
$
6.0
|
$
33.5
|
$
28.0
|
Depreciation
|
1.1
|
1.5
|
4.5
|
3.5
|
Non-cash stock compensation
|
0.6
|
0.6
|
2.3
|
1.9
|
Other income
|
(1.3 )
|
(0.1)
|
(1.1)
|
(0.4)
|
Gain on insurance settlement
|
--
|
--
|
1.0
|
--
|
Interest expense
|
1.7
|
2.1
|
7.7
|
5.7
|
Income tax expense
|
2.2
|
2.1
|
12.7
|
9.7
|
|
|
|
|
|
Non-GAAP Adjusted
EBITDA
|
$
16.3
|
$
12.2
|
$
60.6
|
$
48.4
|
|
|
|
|
|
|
|
|
|
|
Loss per
share:
|
|
|
|
|
Basic
|
$
(1.49)
|
$
(0.09)
|
$
(1.12)
|
$
(0.19)
|
|
|
|
|
|
Diluted
|
$
(1.49)
|
$
(0.09)
|
$
(1.12)
|
$
(0.19)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share:
|
|
|
|
|
Basic
|
$
0.35
|
$
0.18
|
$
0.99
|
$
0.97
|
|
|
|
|
|
Diluted
|
$
0.35
|
$
0.18
|
$
0.99
|
$
0.97
|
NOTE REGARDING NON-GAAP FINANCIAL
MEASURES
CECO is providing certain non-GAAP historical financial measures
as presented above as the Company believes that these figures are
helpful in allowing individuals to better assess the ongoing nature
of CECO's core operations. A "non-GAAP financial measure" is a
numerical measure of a company's historical financial performance
that excludes amounts that are included in the most directly
comparable measure calculated and presented in the GAAP statement
of operations.
Non-GAAP gross profit, non-GAAP operating income, non-GAAP net
income, non-GAAP gross profit margin, non-GAAP operating margin,
non-GAAP earnings per basic and diluted share, adjusted EBITDA,
free cash flow and adjusted net free cash flow, as we present them
in the financial data included in this press release, have been
adjusted to exclude the effects of expenses related to property,
plant equipment valuation adjustments, acquisition and integration
expense activities including retention, legal, accounting, banking,
amortization and contingent earn-out expenses, foreign currency
re-measurement, intangible asset impairment, legal reserves, other
nonrecurring or infrequent items and the associated tax benefit of
these items. Management believes that these items are not
necessarily indicative of the Company's ongoing operations and
their exclusion provides individuals with additional information to
compare the Company's results over multiple periods.
Management utilizes this information to evaluate its ongoing
financial performance. Our financial statements may continue to be
affected by items similar to those excluded in the non-GAAP
adjustments described above, and exclusion of these items from our
non-GAAP financial measures should not be construed as an inference
that all such costs are unusual or infrequent.
Non-GAAP gross profit, non-GAAP operating income, non-GAAP net
income, non-GAAP gross profit margin, non-GAAP operating margin,
non-GAAP earnings per basic and diluted share, adjusted EBITDA,
free cash flow and adjusted net free cash flow are not calculated
in accordance with GAAP, and should be considered supplemental to,
and not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. Non-GAAP financial measures
have limitations in that they do not reflect all of the costs
associated with the operations of our business as determined in
accordance with GAAP. As a result, you should not consider these
measures in isolation or as a substitute for analysis of CECO's
results as reported under GAAP. Additionally, CECO cautions
investors that non-GAAP financial measures used by the Company may
not be comparable to similarly titles measures of other
companies.
In accordance with the requirements of Regulation G issued by
the Securities and Exchange Commission, non-GAAP gross margin,
non-GAAP operating income, non-GAAP net income, non-GAAP gross
profit margin, non-GAAP operating margin, non-GAAP earnings per
basic and diluted share, adjusted EBITDA, free cash flow and
adjusted net free cash flow stated in the tables above present the
most directly comparable GAAP financial measure and reconcile to
the most directly comparable GAAP financial measures. Free
cash flow and adjusted net free cash flow have limitations due to
the fact that they do not represent the residual cash flow
available for discretionary expenditures since they do not take
into account debt service requirements or other non-discretionary
expenditures that are not deducted from these measures,
SAFE HARBOR
Any statements contained in this press release other than
statements of historical fact, including statements about
management's beliefs and expectations, are forward-looking
statements and should be evaluated as such. These statements are
made on the basis of management's views and assumptions regarding
future events and business performance. Words such as "estimate,"
"believe," "anticipate," "expect," "intend," "plan," "target,"
"project," "should," "may," "will" and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements (including oral representations) involve risks and
uncertainties that may cause actual results to differ materially
from any future results, performance or achievements expressed or
implied by such statements. These risks and uncertainties include,
but are not limited to: our ability to successfully integrate
acquired businesses and realize the synergies from acquisitions,
including PMFG, as well as a number of factors related to our
business including economic and financial market conditions
generally and economic conditions in CECO's service areas;
dependence on fixed price contracts and the risks associated
therewith, including actual costs exceeding estimates and method of
accounting for contract revenue; fluctuations in operating results
from period to period due to seasonality of the business; the
effect of growth on CECO's infrastructure, resources, and existing
sales; the ability to expand operations in both new and existing
markets; the potential for contract delay or cancellation; changes
in or developments with respect to any litigation or investigation;
the potential for fluctuations in prices for manufactured
components and raw materials; the substantial amount of debt
incurred in connection with our recent acquisitions and our ability
to repay or refinance it or incur additional debt in the future;
the impact of federal, state or local government regulations;
economic and political conditions generally; and the effect of
competition in the environmental, energy and fluid handling and
filtration industries. These and other risks and uncertainties are
discussed in more detail in CECO's filings with the Securities and
Exchange Commission, including our reports on Form 10-K and Form
10-Q. Many of these risks are beyond management's ability to
control or predict. Should one or more of these risks or
uncertainties materialize, or should the assumptions prove
incorrect, actual results may vary in material aspects from those
currently anticipated. Investors are cautioned not to place undue
reliance on such forward-looking statements as they speak only to
our views as of the date the statement is made. All forward-looking
statements attributable to CECO or persons acting on behalf of CECO
are expressly qualified in their entirety by the cautionary
statements and risk factors contained in this press release and
CECO's respective filings with the Securities and Exchange
Commission. Furthermore, forward-looking statements speak only as
of the date they are made. Except as required under the federal
securities laws or the rules and regulations of the Securities and
Exchange Commission, CECO undertakes no obligation to update or
review any forward-looking statements, whether as a result of new
information, future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ceco-environmental-corp-reports-fourth-quarter-and-full-year-2016-results-300420908.html
SOURCE CECO Environmental Corp.