DALLAS, Nov. 7, 2018 /PRNewswire/ -- CECO
Environmental Corp. (Nasdaq: CECE), a leading global air
quality and fluid handling company serving the energy, industrial
and other niche markets, today reported its financial results for
the third quarter and first nine months of 2018.
Highlights of the Third Quarter 2018*
- Revenue of $88.3 million,
compared with $85.0 million
- Gross profit of $28.7 million
(32.5% margin), compared with $27.1
million (31.9% margin)
- Operating loss of $10.4 million
(includes a $15.1 million non-cash
impairment charge related to the sale of our Zhongli business),
compared with operating income of $5.6
million
- Non-GAAP operating income of $6.5
million, compared with $5.3
million
- Net loss was $12.9 million,
compared with net income of $3.0
million
- Non-GAAP net income of $3.5
million, compared with $1.2
million
- Net loss per diluted share was $0.37, compared with net income per diluted share
of $0.09
- Non-GAAP net income per diluted share of $0.10, compared with $0.03
- Adjusted EBITDA of $8.3 million,
compared with $6.9 million
- Bookings of $97.5 million,
compared with $71.0 million, an
increase of 37% year over year
- Backlog of $211.4 million,
compared with $168.9 million as of
December 31, 2017
* All comparisons are
versus the comparable prior-year period, which include results from
divestitures, unless otherwise stated.
|
CECO's Chief Executive Officer Dennis
Sadlowski commented, "I continue to be excited about our
growing momentum as we provided another quarter of strong operating
results across CECO Environmental. We realized continued
sequential revenue growth, generated improved gross margins, and
our backlog continues to improve with another quarter of strong
bookings, up 37% year over year and up 48% excluding divestitures.
A year after implementing our 4-3-3 operating strategy, I'm
convinced that we're on the right path as our financial results
have shown. With emphasis on our three targeted end markets,
there is significant growth potential ahead as we continue our
laser focused execution of our strategic plan."
Mr. Sadlowski added, "Our recent actions to sell non-core
businesses brings a further sharpening of focus on our large and
winnable target markets as well as a stronger balance sheet to
continue to execute on our growth. CECO's focus on organic
growth, improving operating margins and an asset light business
model will continue to allow us to generate improving results and
increasing returns for all our shareholders."
THIRD QUARTER RESULTS
Revenue in the third quarter of 2018 was $88.3 million, up 3.9% from $85.0 million in the prior-year period, and up
8.9% from $88.1 million in the second
quarter of 2018. Revenue in the third quarter of 2017
included $6.9 million attributable to
our divested businesses, Keystone and Strobic.
Operating loss was $10.4 million
for the third quarter of 2018, compared with operating income of
$5.6 million in the prior-year period
(6.6% margin). Operating loss in 2018, includes a $15.1 million non-cash impairment charge related
to the sale of our Zhongli business. Operating income on a non-GAAP
basis was $6.5 million for the third
quarter of 2018 (7.4% margin), compared with $5.3 million in the prior-year period (6.2%
margin).
Net loss was $12.9 million for the
third quarter of 2018, compared with net income of $3.0 million in the prior-year period. Net loss
in 2018 includes a $15.1 million
non-cash impairment charge related to the sale of our Zhongli
business. Net income on a non-GAAP basis was $3.5 million for the third quarter of 2018,
compared with $1.2 million in the
prior-year period.
Net loss per diluted share was $0.37 for the third quarter of 2018, compared
with net income per diluted share of $0.09 in the prior-year period. Non-GAAP net
income per diluted share was $0.10
for the third quarter of 2018, compared with $0.03 for the prior-year period.
Cash and cash equivalents were $30.7
million and bank debt was $81.1
million, as of September 30,
2018, compared with $29.9
million and $117.7 million,
respectively, as of December 31,
2017.
BACKLOG AND BOOKINGS
Total backlog at September 30,
2018 was $211.4 million as
compared with $168.9 million at
December 31, 2017, and $153.9 million on September 30, 2017.
Bookings were $97.5 million for
the third quarter of 2018, compared with $71.0 million in the prior-year period.
Bookings in the 2017 quarter included $5.3
million attributable to the divested Keystone and Strobic
businesses.
For the first nine months of 2018, bookings were $292.9 million compared with $242.2 million for the prior-year period.
Bookings in the first nine months of 2017 included $16.7 million attributable to the divested
Keystone and Strobic businesses, compared with $4.0 million for the first nine months of
2018.
YEAR-TO-DATE RESULTS
Revenue in the first nine months of 2018 was $243.5 million, down 10.3% from $271.5 million in the prior-year period. Revenue
in the first nine months of 2017 included $16.7 million attributable to our divested
businesses, Keystone and Strobic, compared with $4.8 million for the first nine months of
2018.
Operating income was $4.3 million
for the first nine months of 2018 (1.8% margin), compared with
$16.2 million in the prior-year
period (6.0% margin). Operating income on a non-GAAP
basis was $15.7 million for the first
nine months of 2018 (6.4% margin), compared with $24.8 million in the prior-year period (9.1%
margin).
Net loss was $8.1 million for the
first nine months of 2018, compared with net income of $8.6 million in the prior-year
period. Net income on a non-GAAP basis was $7.1 million for the first nine months of 2018,
compared with $11.2 million in the
prior-year period.
Net loss per diluted share was
$0.23 for the first
nine months of 2018, compared with net income of
$0.25 in the prior-year period. Non-GAAP net income per diluted share was
$0.20 for the first nine
months of 2018, compared with $0.32 for the prior-year period.
CONFERENCE CALL
A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2018
financial results. The conference call may be accessed by
dialing (888) 346-4547 (Toll Free) within North America, Canada (855) 669-9657 (Toll Free) or
Toll/International (412) 317-5251.
The live webcast and slides can also be accessed at
https://investors.cecoenviro.com/events-webcasts-and-presentations.
A replay of the conference call will be available on the
Company's website for 14 days. The replay may be accessed by
dialing (877) 344-7529 (Toll-Free) within North America or Toll/International (412)
317-0088 and entering passcode 10125416.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a global leader in air quality and fluid
handling serving the energy, industrial and other niche markets.
Providing innovative technology and application expertise, CECO
helps companies grow their business with safe, clean and more
efficient solutions that help protect our shared environment. In
regions around the world, CECO works to improve air quality,
optimize the energy value chain and provide custom engineered
solutions for applications including oil and gas, power generation,
water and wastewater, battery production, poly silicon fabrication,
chemical and petrochemical processing along with a range of others.
CECO is listed on Nasdaq under the ticker symbol "CECE". For more
information, please visit www.cecoenviro.com.
Contact:
Matthew Eckl, Chief Financial
Officer
(888) 990-6670
investor.relations@onececo.com
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(unaudited)
|
|
|
|
|
|
(dollars in
thousands, except per share data)
|
|
September 30,
2018
|
|
|
December 31,
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
30,718
|
|
|
$
|
29,902
|
|
Restricted
cash
|
|
|
774
|
|
|
|
591
|
|
Accounts receivable,
net
|
|
|
67,804
|
|
|
|
67,990
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
|
|
29,991
|
|
|
|
33,947
|
|
Inventories,
net
|
|
|
22,276
|
|
|
|
20,969
|
|
Prepaid expenses and
other current assets
|
|
|
11,943
|
|
|
|
10,760
|
|
Prepaid income
taxes
|
|
|
2,008
|
|
|
|
1,930
|
|
Assets held for
sale
|
|
|
4,847
|
|
|
|
7,853
|
|
Total current
assets
|
|
|
170,361
|
|
|
|
173,942
|
|
Property, plant and
equipment, net
|
|
|
21,889
|
|
|
|
23,400
|
|
Goodwill
|
|
|
152,362
|
|
|
|
166,951
|
|
Intangible assets –
finite life, net
|
|
|
38,548
|
|
|
|
49,956
|
|
Intangible assets –
indefinite life
|
|
|
18,286
|
|
|
|
19,691
|
|
Deferred charges and
other assets
|
|
|
3,773
|
|
|
|
4,609
|
|
Total
assets
|
|
$
|
405,219
|
|
|
$
|
438,549
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
—
|
|
|
$
|
11,296
|
|
Accounts payable and
accrued expenses
|
|
|
78,750
|
|
|
|
70,786
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
|
28,605
|
|
|
|
20,469
|
|
Note
payable
|
|
|
3,800
|
|
|
|
5,300
|
|
Total current
liabilities
|
|
|
111,155
|
|
|
|
107,851
|
|
Other
liabilities
|
|
|
29,542
|
|
|
|
30,382
|
|
Debt, less current
portion
|
|
|
79,175
|
|
|
|
103,537
|
|
Deferred income tax
liability, net
|
|
|
7,942
|
|
|
|
10,210
|
|
Total
liabilities
|
|
|
227,814
|
|
|
|
251,980
|
|
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, 34,950,463 and
34,707,924 shares issued and outstanding
at September 30, 2018 and December 31, 2017,
respectively
|
|
|
350
|
|
|
|
347
|
|
Capital in excess of
par value
|
|
|
250,591
|
|
|
|
248,170
|
|
Accumulated
loss
|
|
|
(60,355)
|
|
|
|
(52,673)
|
|
Accumulated other
comprehensive loss
|
|
|
(12,825)
|
|
|
|
(8,919)
|
|
|
|
|
177,761
|
|
|
|
186,925
|
|
Less treasury stock,
at cost, 137,920 shares at September 30, 2018 and December 31,
2017
|
|
|
(356)
|
|
|
|
(356)
|
|
Total shareholders'
equity
|
|
|
177,405
|
|
|
|
186,569
|
|
Total liabilities and
shareholders' equity
|
|
$
|
405,219
|
|
|
$
|
438,549
|
|
|
|
|
|
|
|
|
|
|
|
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(dollars in
thousands, except per share data)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net sales
|
|
$
|
88,256
|
|
|
$
|
84,987
|
|
|
$
|
243,485
|
|
|
$
|
271,508
|
|
Cost of
sales
|
|
|
59,582
|
|
|
|
57,854
|
|
|
|
161,725
|
|
|
|
183,960
|
|
Gross
profit
|
|
|
28,674
|
|
|
|
27,133
|
|
|
|
81,760
|
|
|
|
87,548
|
|
Selling and
administrative expenses
|
|
|
22,216
|
|
|
|
21,958
|
|
|
|
66,147
|
|
|
|
66,690
|
|
Amortization and
earnout expenses (income)
|
|
|
1,998
|
|
|
|
(455)
|
|
|
|
7,394
|
|
|
|
4,623
|
|
Loss on divestitures,
net of selling costs
|
|
|
15,074
|
|
|
|
—
|
|
|
|
3,970
|
|
|
|
—
|
|
Restructuring income,
net
|
|
|
(173)
|
|
|
|
—
|
|
|
|
(23)
|
|
|
|
—
|
|
(Loss) income from
operations
|
|
|
(10,441)
|
|
|
|
5,630
|
|
|
|
4,272
|
|
|
|
16,235
|
|
Other income
(expense), net
|
|
|
592
|
|
|
|
(110)
|
|
|
|
(119)
|
|
|
|
141
|
|
Interest
expense
|
|
|
(1,729)
|
|
|
|
(1,595)
|
|
|
|
(5,442)
|
|
|
|
(4,951)
|
|
(Loss) income before
income taxes
|
|
|
(11,578)
|
|
|
|
3,925
|
|
|
|
(1,289)
|
|
|
|
11,425
|
|
Income tax
expense
|
|
|
1,337
|
|
|
|
889
|
|
|
|
6,764
|
|
|
|
2,865
|
|
Net (loss)
income
|
|
$
|
(12,915)
|
|
|
$
|
3,036
|
|
|
$
|
(8,053)
|
|
|
$
|
8,560
|
|
(Loss) earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.37)
|
|
|
$
|
0.09
|
|
|
$
|
(0.23)
|
|
|
$
|
0.25
|
|
Diluted
|
|
$
|
(0.37)
|
|
|
$
|
0.09
|
|
|
$
|
(0.23)
|
|
|
$
|
0.25
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
34,779,125
|
|
|
|
34,518,622
|
|
|
|
34,681,262
|
|
|
|
34,403,720
|
|
Diluted
|
|
|
34,779,125
|
|
|
|
34,621,883
|
|
|
|
34,681,262
|
|
|
|
34,665,053
|
|
CECO ENVIRONMENTAL
CORP. AND SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP MEASURES
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(dollars in
millions)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Operating (loss)
income as reported in accordance with GAAP
|
|
$
|
(10.4)
|
|
|
$
|
5.6
|
|
|
$
|
4.3
|
|
|
$
|
16.2
|
|
Operating margin in
accordance with GAAP
|
|
|
(11.8)
|
%
|
|
|
6.6
|
%
|
|
|
1.8
|
%
|
|
|
6.0
|
%
|
Legacy design
repairs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.0
|
|
Plant, property and
equipment valuation adjustment
|
|
|
—
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
0.5
|
|
Amortization and
earnout expenses (income)
|
|
|
2.0
|
|
|
|
(0.5)
|
|
|
|
7.4
|
|
|
|
4.6
|
|
Loss on divestitures,
net of selling costs
|
|
|
15.1
|
|
|
|
—
|
|
|
|
4.0
|
|
|
|
—
|
|
Restructuring income,
net
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Executive transition
expenses
|
|
|
—
|
|
|
|
|
|
|
|
—
|
|
|
|
1.3
|
|
Facility exit
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
Non-GAAP operating
income
|
|
$
|
6.5
|
|
|
$
|
5.3
|
|
|
$
|
15.7
|
|
|
$
|
24.8
|
|
Non-GAAP operating
margin
|
|
|
7.4
|
%
|
|
|
6.2
|
%
|
|
|
6.4
|
%
|
|
|
9.1
|
%
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
(dollars in
millions)
|
|
2018
|
|
|
|
2017
|
|
|
2018
|
|
|
|
2017
|
|
Net (loss) income as
reported in accordance with GAAP
|
|
$
|
(12.9)
|
|
|
$
|
3.0
|
|
|
$
|
(8.1)
|
|
|
$
|
8.6
|
|
Legacy design
repairs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2.0
|
|
Plant, property and
equipment valuation adjustment
|
|
|
—
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
0.5
|
|
Amortization and
earnout expenses (income)
|
|
|
2.0
|
|
|
|
(0.5)
|
|
|
|
7.4
|
|
|
|
4.6
|
|
Loss on divestiture,
net of selling costs
|
|
|
15.1
|
|
|
|
—
|
|
|
|
4.0
|
|
|
|
—
|
|
Restructuring income,
net
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Executive transition
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1.3
|
|
Facility exit
expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
0.2
|
|
Foreign currency
remeasurement
|
|
|
—
|
|
|
|
(0.5)
|
|
|
|
0.8
|
|
|
|
(2.0)
|
|
Tax expense of
adjustments
|
|
|
(0.5)
|
|
|
|
(1.0)
|
|
|
|
3.0
|
|
|
|
(4.0)
|
|
Non-GAAP net
income
|
|
$
|
3.5
|
|
|
$
|
1.2
|
|
|
$
|
7.1
|
|
|
$
|
11.2
|
|
Depreciation
|
|
|
1.0
|
|
|
|
1.0
|
|
|
|
2.7
|
|
|
|
3.0
|
|
Non-cash stock
compensation (excluding executive transition costs)
|
|
|
0.9
|
|
|
|
0.6
|
|
|
|
2.3
|
|
|
|
1.8
|
|
Other (income)
expense
|
|
|
(0.6)
|
|
|
|
0.6
|
|
|
|
(0.7)
|
|
|
|
1.8
|
|
Interest
expense
|
|
|
1.7
|
|
|
|
1.6
|
|
|
|
5.4
|
|
|
|
5.0
|
|
Income tax
expense
|
|
|
1.8
|
|
|
|
1.9
|
|
|
|
3.8
|
|
|
|
6.9
|
|
Adjusted
EBITDA
|
|
$
|
8.3
|
|
|
$
|
6.9
|
|
|
$
|
20.6
|
|
|
$
|
29.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.37)
|
|
|
$
|
0.09
|
|
|
$
|
(0.23)
|
|
|
$
|
0.25
|
|
Diluted
|
|
$
|
(0.37)
|
|
|
$
|
0.09
|
|
|
$
|
(0.23)
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.10
|
|
|
$
|
0.03
|
|
|
$
|
0.20
|
|
|
$
|
0.33
|
|
Diluted
|
|
$
|
0.10
|
|
|
$
|
0.03
|
|
|
$
|
0.20
|
|
|
$
|
0.32
|
|
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 operating income, non-GAAP net income, non-GAAP
operating margin, non-GAAP earnings per basic and diluted share and
adjusted EBITDA, as we present them in the financial data included
in this press release, have been adjusted to exclude the effects of
transactions related to loss on divestitures, net of selling costs,
legacy design repairs, property, plant and equipment valuation
adjustments, acquisition and integration expense activities
including retention, legal, accounting, banking, amortization and
contingent earn-out expenses, foreign currency re-measurement,
executive transition expenses, facility exit expenses,
restructuring expense, 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 operating income, non-GAAP net income, non-GAAP
operating margin, non-GAAP earnings per basic and diluted share and
adjusted EBITDA 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
titled measures of other companies.
In accordance with the requirements of Regulation G issued by
the Securities and Exchange Commission, non-GAAP operating income,
non-GAAP net income, non-GAAP operating margin, non-GAAP earnings
per basic and diluted share and adjusted EBITDA stated in the
tables above present the most directly comparable GAAP financial
measure and reconcile to the most directly comparable GAAP
financial 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 within the meaning of the Private Securities Litigation
Reform Act of 1995 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. We
use words such as "believe," "expect," "anticipate," "intends,"
"estimate," "forecast," "project," "will," "plan," "should" and
similar expressions to identify forward-looking statements.
Forward-looking statements 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. Potential risks, among others, that could cause actual
results to differ materially are discussed under "Part I – Item 1A.
Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2017
and include, but are not limited to: our ability to successfully
realize the expected benefits of our restructuring program; our
ability to successfully integrate acquired businesses and realize
the synergies from acquisitions, 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; fluctuations
in operating results from period to period due to cyclicality or
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; liabilities arising from faulty
services or products that could result in significant professional
or product liability, warranty, or other claims; changes in or
developments with respect to any litigation or investigation;
failure to meet timely completion or performance standards that
could result in higher cost and reduced profits or, in some cases,
losses on projects; the potential for fluctuations in prices for
manufactured components and raw materials, including as a result of
tariffs and surcharges; the substantial amount of debt incurred in
connection with our 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; our ability to successfully
complete the divestiture of non-core assets, including Zhongli; and
the effect of competition in the Industrial Solutions segment,
Energy Solutions segment and Fluid Handling Solutions segment
industries. 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. 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 SEC, we undertake no obligation to update or
review any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE CECO Environmental Corp.