Strong Orders Establish Record Backlog,
Supports Sustained Revenue Growth
Company Raises Full Year 2023 Outlook
DALLAS, May 9,
2023 /CNW/ -- CECO Environmental Corp. (Nasdaq:
CECO) ("CECO"), a leading environmentally focused, diversified
industrial company whose solutions protect people, the environment,
and industrial equipment, today reported its financial results for
the first quarter of 2023.
Highlights for the Quarter(1)
- Orders of $146.1 million,
compared with $160.9 million; Record
backlog of $356.1 million, up 26
percent; Record first quarter revenue of $112.6 million, up 22 percent; Net income of
$2.0 million, compared with
$2.8 million; non-GAAP net income of
$3.6 million, compared to
$5.0 million
- GAAP EPS (diluted) of $0.06,
compared with $0.08; non-GAAP EPS
(diluted) of $0.10, compared to
$0.14
- Adjusted EBITDA of $9.7 million,
compared with $9.5 million
(1)
|
All comparisons are
versus the comparable prior year period, unless otherwise stated.
Reconciliations of GAAP (reported) to non-GAAP measures are in the
attached financial tables.
|
"We entered 2023 with record backlog levels and strong momentum
executing our growth model, and we maintained that momentum
throughout the first quarter. I am pleased with our continued
progress in our strategic diversity, and the balanced performance
across our portfolio as we produced our third-highest orders
quarter in company history, setting a record backlog even with
record first quarter revenue levels," said CECO Chief Executive
Officer, Todd Gleason.
First quarter operating income was $5.5
million, up $0.3 million when
compared to $5.2 million in the first
quarter of 2022. On an adjusted basis, non-GAAP operating income
was $7.7 million, down $0.1 million when compared to $7.8 million in the first quarter of 2022. Net
income was $2.0 million in the
quarter, down $0.8 million compared
to $2.8 million in the first quarter
of 2022. Non-GAAP net income was $3.6
million, down $1.4 million
compared to $5.0 million in the first
quarter of 2022. Adjusted EBITDA of $9.7
million was up $0.2 million
compared to $9.5 million in the first
quarter of 2022. Free cash flow in the quarter was $(14.5) million, down $13.6 million compared to $(0.9) million in the first quarter of 2022.
"The strategic investment we have made to drive growth and
sustainable performance will continue to yield long-term
results. These investments include adding business
development and operational excellence resources, building
appropriate levels of working capital to support our record
backlog, and rapidly integrating the six acquisitions we have made
over the past 12 months. As is often the case, the first quarter
resulted in use of cash as the timing of receiving customer
payments moved into the second quarter, but we are confident in our
ability to generate strong cash flows for the year. We also
expect the remaining quarters of 2023 to provide even stronger
revenues, operating income, and earnings per share generation as we
leverage our investments," added Gleason.
Company Raises Full Year 2023 Outlook
The Company updated its expected full year 2023 guidance to
reflect revenue to exceed $485
million, up at least 15 percent year over year, from a
previous range of $460 to
$485 million. The Company also
updated its expected full year 2023 adjusted EBITDA to exceed
$50 million, up more than 18 percent
year over year, from a previous range of $45 to $50 million.
"We are in an excellent position to deliver another tremendous
year with strong top-line and bottom-line growth. With our
record backlog levels, robust commercial programs sustaining a
large and growing sales pipeline, and stronger operating excellence
initiatives to drive margin expansion, we believe that CECO is
poised to deliver significant short- and long-term value for our
customers, employees, partners and shareholders," stated
Gleason. "Importantly, we expect 2023 to be another building
block in our steady transformational journey to further advance our
growing leadership in Industrial Air, Industrial Water and the
Energy Transition for many years of strong operational and
financial performance."
EARNINGS CONFERENCE CALL
A conference call is scheduled for today at 8:30 a.m. ET to discuss the first quarter 2023
financial results. Please visit the Investor Relations portion of
the website (https://investors.cecoenviro.com) to listen to the
call via webcast. The conference call may also be accessed by
dialing 888-346-4547 (Toll-Free) within the U.S., or
+1-412-317-5251 (Toll-Required) outside the U.S.
A replay of the conference call will be available on the
Company's website for a period of one year. The replay may also be
accessed by dialing 877-344-7529 (Toll-Free) within the U.S., or
+1-412-317-0088 (Toll-Required) outside the U.S. and entering
access code 2502572.
ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused,
diversified industrial company, serving the broad landscape of
industrial air, industrial water and energy transition markets
globally providing innovative solutions and application expertise.
CECO helps companies grow their business with safe, clean, and more
efficient solutions that help protect people, the environment and
industrial equipment. CECO solutions improve air and water
quality, optimize emissions management, and increase energy
efficiency for highly-engineered applications in power generation,
midstream and downstream hydrocarbon processing and transport,
electric vehicle production, polysilicon fabrication, semiconductor
and electronics, battery production and recycling, specialty metals
and steel production, beverage can, and water/wastewater treatment
and a wide range of other industrial end markets. CECO is listed on
Nasdaq under the ticker symbol "CECO." Incorporated in 1966, CECO's
global headquarters is in Dallas,
Texas. For more information, please visit
www.cecoenviro.com.
Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com
Investor Relations Contact:
Steven Hooser
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com
Media Relations Contact:
Kimberly Plaskett
Corporate Communications Director
CECO-Communications@onececo.com
CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in thousands,
except per share data)
|
|
(unaudited)
March 31, 2023
|
|
|
December 31,
2022
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
41,233
|
|
|
$
|
45,522
|
|
Restricted
cash
|
|
|
971
|
|
|
|
1,063
|
|
Accounts receivable,
net
|
|
|
109,889
|
|
|
|
83,086
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
|
|
79,817
|
|
|
|
71,016
|
|
Inventories,
net
|
|
|
30,298
|
|
|
|
26,526
|
|
Prepaid expenses and
other current assets
|
|
|
11,995
|
|
|
|
12,174
|
|
Prepaid income
taxes
|
|
|
1,249
|
|
|
|
1,271
|
|
Total current
assets
|
|
|
275,452
|
|
|
|
240,658
|
|
Property, plant and
equipment, net
|
|
|
23,879
|
|
|
|
20,828
|
|
Right-of-use assets
from operating leases
|
|
|
11,719
|
|
|
|
11,373
|
|
Goodwill
|
|
|
207,788
|
|
|
|
183,197
|
|
Intangible assets –
finite life, net
|
|
|
35,414
|
|
|
|
35,251
|
|
Intangible assets –
indefinite life
|
|
|
9,536
|
|
|
|
9,508
|
|
Deferred income
taxes
|
|
|
821
|
|
|
|
829
|
|
Deferred charges and
other assets
|
|
|
2,959
|
|
|
|
3,077
|
|
Total
assets
|
|
$
|
567,568
|
|
|
$
|
504,721
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
3,854
|
|
|
$
|
3,579
|
|
Accounts payable and
accrued expenses
|
|
|
111,586
|
|
|
|
107,198
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
|
51,923
|
|
|
|
32,716
|
|
Notes
payable
|
|
|
1,000
|
|
|
—
|
|
Income taxes
payable
|
|
|
3,190
|
|
|
|
3,207
|
|
Total current
liabilities
|
|
|
171,553
|
|
|
|
146,700
|
|
Other
liabilities
|
|
|
15,186
|
|
|
|
15,129
|
|
Debt, less current
portion
|
|
|
141,415
|
|
|
|
107,625
|
|
Deferred income tax
liability, net
|
|
|
8,711
|
|
|
|
8,666
|
|
Operating lease
liabilities
|
|
|
8,521
|
|
|
|
8,453
|
|
Total
liabilities
|
|
|
345,386
|
|
|
|
286,573
|
|
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, 34,556,620 and
34,381,668 shares issued and outstanding at March 31, 2023 and
December 31, 2022, respectively
|
|
|
346
|
|
|
|
344
|
|
Capital in excess of
par value
|
|
|
250,971
|
|
|
|
250,174
|
|
Accumulated
loss
|
|
|
(17,320)
|
|
|
|
(19,298)
|
|
Accumulated other
comprehensive loss
|
|
|
(17,230)
|
|
|
|
(17,996)
|
|
Total CECO
shareholders' equity
|
|
|
216,767
|
|
|
|
213,224
|
|
Noncontrolling
interest
|
|
|
5,415
|
|
|
|
4,924
|
|
Total shareholders'
equity
|
|
|
222,182
|
|
|
|
218,148
|
|
Total liabilities and
shareholders' equity
|
|
$
|
567,568
|
|
|
$
|
504,721
|
|
CECO ENVIRONMENTAL CORP.
AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (unaudited)
|
|
|
|
Three months ended
March 31,
|
|
(in thousands,
except per share data)
|
|
2023
|
|
|
2022
|
|
Net sales
|
|
$
|
112,563
|
|
|
$
|
92,436
|
|
Cost of
sales
|
|
|
77,670
|
|
|
|
66,008
|
|
Gross
profit
|
|
|
34,893
|
|
|
|
26,428
|
|
Selling and
administrative expenses
|
|
|
27,193
|
|
|
|
18,652
|
|
Amortization and
earnout expenses
|
|
|
1,747
|
|
|
|
1,452
|
|
Acquisition and
integration expenses
|
|
|
492
|
|
|
|
1,049
|
|
Restructuring
expenses
|
|
|
—
|
|
|
|
73
|
|
Income from
operations
|
|
|
5,461
|
|
|
|
5,202
|
|
Other income (expense),
net
|
|
|
(574)
|
|
|
|
(458)
|
|
Interest
expense
|
|
|
(2,408)
|
|
|
|
(822)
|
|
Income before income
taxes
|
|
|
2,479
|
|
|
|
3,922
|
|
Income tax
expense
|
|
|
10
|
|
|
|
1,112
|
|
Net income
|
|
|
2,469
|
|
|
|
2,810
|
|
Noncontrolling
interest
|
|
|
(491)
|
|
|
|
(18)
|
|
Net income
attributable to CECO Environmental Corp.
|
|
$
|
1,978
|
|
|
$
|
2,792
|
|
Earnings per
share:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
0.08
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
0.08
|
|
Weighted average number
of common shares outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
34,441,905
|
|
|
|
35,051,034
|
|
Diluted
|
|
|
35,198,668
|
|
|
|
35,199,201
|
|
CECO ENVIRONMENTAL CORP.
AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
|
Three months ended
March 31,
|
|
(in
thousands)
|
|
2023
|
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
2,469
|
|
|
$
|
2,810
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
2,885
|
|
|
|
2,288
|
|
Unrealized foreign
currency (gain) loss
|
|
|
(92)
|
|
|
|
263
|
|
Gain on sale of
property and equipment
|
|
|
(17)
|
|
|
|
(7)
|
|
Debt discount
amortization
|
|
|
91
|
|
|
|
93
|
|
Share-based
compensation expense
|
|
|
806
|
|
|
|
877
|
|
Bad debt
expense
|
|
|
83
|
|
|
|
45
|
|
Inventory reserve
expense
|
|
|
175
|
|
|
|
213
|
|
Changes in operating
assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(22,786)
|
|
|
|
(18,964)
|
|
Costs and estimated
earnings in excess of billings on uncompleted contracts
|
|
|
(8,418)
|
|
|
|
1,515
|
|
Inventories
|
|
|
(2,191)
|
|
|
|
(3,316)
|
|
Prepaid expense and
other current assets
|
|
|
572
|
|
|
|
(878)
|
|
Deferred charges and
other assets
|
|
|
(325)
|
|
|
|
996
|
|
Accounts payable and
accrued expenses
|
|
|
(1,056)
|
|
|
|
7,452
|
|
Billings in excess of
costs and estimated earnings on uncompleted contracts
|
|
|
16,838
|
|
|
|
7,615
|
|
Income taxes
payable
|
|
|
(17)
|
|
|
|
137
|
|
Other
liabilities
|
|
|
(1,038)
|
|
|
|
(1,341)
|
|
Net cash used in
operating activities
|
|
|
(12,021)
|
|
|
|
(202)
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Acquisitions of
property and equipment
|
|
|
(2,513)
|
|
|
|
(665)
|
|
Net proceeds from sale
of assets
|
|
|
—
|
|
|
|
7
|
|
Net cash paid for
acquisitions
|
|
|
(24,142)
|
|
|
|
(19,583)
|
|
Net cash used in
investing activities
|
|
|
(26,655)
|
|
|
|
(20,241)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Borrowings on
revolving credit lines
|
|
|
54,800
|
|
|
|
17,800
|
|
Repayments on
revolving credit lines
|
|
|
(20,000)
|
|
|
|
(7,200)
|
|
Borrowing on long-term
debt
|
|
|
—
|
|
|
|
11,000
|
|
Repayments of
long-term debt
|
|
|
(826)
|
|
|
|
(643)
|
|
Deferred financing
fees paid
|
|
|
—
|
|
|
|
(130)
|
|
Payments on finance
leases and financing liability
|
|
|
(225)
|
|
|
|
(145)
|
|
Proceeds from employee
stock purchase plan and exercise of stock options
|
|
|
610
|
|
|
|
77
|
|
Noncontrolling
interest distributions
|
|
|
—
|
|
|
|
(900)
|
|
Net cash provided by
financing activities
|
|
|
34,359
|
|
|
|
19,859
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
|
|
(64)
|
|
|
|
(1,111)
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
|
(4,381)
|
|
|
|
(1,695)
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
|
|
46,585
|
|
|
|
31,995
|
|
Cash, cash equivalents
and restricted cash at end of period
|
|
$
|
42,204
|
|
|
$
|
30,300
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
Interest
|
|
$
|
2,338
|
|
|
$
|
812
|
|
Income
taxes
|
|
$
|
1,290
|
|
|
$
|
390
|
|
CECO ENVIRONMENTAL CORP.
AND SUBSIDIARIES RECONCILIATION OF GAAP TO
NON-GAAP MEASURES
|
|
|
|
Three months
ended March 31,
|
|
|
(in millions, except
ratios)
|
|
2023
|
|
|
2022
|
|
|
Operating income as
reported in accordance with GAAP
|
|
$
|
5.5
|
|
|
$
|
5.2
|
|
|
Operating margin in
accordance with GAAP
|
|
|
4.9
|
%
|
|
|
5.6
|
|
%
|
Amortization and
earnout expenses
|
|
|
1.7
|
|
|
|
1.5
|
|
|
Acquisition and
integration expenses
|
|
|
0.5
|
|
|
|
1.0
|
|
|
Restructuring
expenses
|
|
|
—
|
|
|
|
0.1
|
|
|
Non-GAAP operating
income
|
|
$
|
7.7
|
|
|
$
|
7.8
|
|
|
Non-GAAP operating
margin
|
|
|
6.8
|
%
|
|
|
8.4
|
|
%
|
|
|
|
Three months ended
March 31,
|
|
|
(in millions, except
share data)
|
|
2023
|
|
|
2022
|
|
|
Net income as reported
in accordance with GAAP
|
|
$
|
2.0
|
|
|
$
|
2.8
|
|
|
Amortization and
earnout expenses
|
|
|
1.7
|
|
|
|
1.5
|
|
|
Acquisition and
integration expenses
|
|
|
0.5
|
|
|
|
1.0
|
|
|
Restructuring
expenses
|
|
|
—
|
|
|
|
0.1
|
|
|
Foreign currency
remeasurement
|
|
|
(0.1)
|
|
|
|
0.3
|
|
|
Tax benefit expense of
adjustments
|
|
|
(0.5)
|
|
|
|
(0.7)
|
|
|
Non-GAAP net
income
|
|
$
|
3.6
|
|
|
$
|
5.0
|
|
|
Depreciation
|
|
|
1.2
|
|
|
|
0.8
|
|
|
Non-cash stock
compensation
|
|
|
0.8
|
|
|
|
0.9
|
|
|
Other (income)
expense
|
|
|
0.7
|
|
|
|
0.2
|
|
|
Interest
expense
|
|
|
2.4
|
|
|
|
0.8
|
|
|
Income tax
expense
|
|
|
0.5
|
|
|
|
1.8
|
|
|
Noncontrolling
interest
|
|
|
0.5
|
|
|
|
—
|
|
|
Adjusted
EBITDA
|
|
$
|
9.7
|
|
|
$
|
9.5
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.06
|
|
|
$
|
0.08
|
|
|
Diluted
|
|
$
|
0.06
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.10
|
|
|
$
|
0.14
|
|
|
Diluted
|
|
$
|
0.10
|
|
|
$
|
0.14
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
(in
millions)
|
|
2023
|
|
|
2022
|
|
|
Net cash provided by
operating activities
|
|
$
|
(12.0)
|
|
|
$
|
(0.2)
|
|
|
Acquisitions of
property and equipment
|
|
|
(2.5)
|
|
|
|
(0.7)
|
|
|
Free cash
flow
|
|
$
|
(14.5)
|
|
|
$
|
(0.9)
|
|
|
NOTE REGARDING NON-GAAP FINANCIAL
MEASURES
CECO is providing certain non-GAAP historical financial measures
as presented above as we believe 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 accordance with GAAP.
Non-GAAP operating income, non-GAAP net income, non-GAAP
operating margin, non-GAAP earnings per basic and diluted share,
adjusted EBITDA and free cash flow, as we present them in the
financial data included in this press release, have been adjusted
to exclude the effects of amortization expenses for
acquisition-related intangible assets, contingent retention and
earnout expenses, restructuring expenses primarily relating to
severance and legal expenses, acquisition and integration expenses
which include retention, legal, accounting, banking, and other
expenses, foreign currency remeasurement and 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 better 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,
adjusted EBITDA and 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
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, adjusted EBITDA and free cash flow
stated in the tables above are reconciled to the most directly
comparable GAAP financial
measures.
Non-GAAP measures presented on a forward-looking basis were not
reconciled to the comparable GAAP financial measures because the
reconciliation could not be performed without unreasonable efforts.
The GAAP measures are not accessible on a forward-looking basis
because we are currently unable to predict with a reasonable degree
of certainty the type and extent of certain items that would be
expected to impact GAAP measures for these periods but would not
impact the non-GAAP measures. Such items may include amortization
expenses for acquisition-related intangible assets, contingent
retention and earnout expenses, restructuring expenses primarily
relating to severance and legal expenses, acquisition and
integration expenses which include retention, legal, accounting,
banking, and other expenses, foreign currency remeasurement and
other nonrecurring or infrequent items and the associated tax
benefit of these items. The unavailable information could have a
significant impact on our GAAP financial results.
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 Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
both as amended, 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 and uncertainties, 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, 2022
and may be included in subsequently filed Quarterly Reports on Form
10-Q, and include, but are not limited to: the sensitivity of our
business to economic and financial market conditions generally and
economic conditions in our service areas; dependence on fixed price
contracts and the risks associated therewith, including actual
costs exceeding estimates and method of accounting for revenue; the
effect of growth on our infrastructure, resources, and existing
sales; the ability to expand operations in both new and existing
markets; the potential for contract delay or cancellation as a
result of on-going or worsening supply chain challenges;
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, and
rising energy costs; inflationary pressures relating to rising raw
material costs and the cost of labor; the substantial amount of
debt incurred in connection with our strategic transactions and our
ability to repay or refinance it or incur additional debt in the
future; the impact of federal, state or local government
regulations; our ability to repurchase shares of our common stock
and the amounts and timing of repurchases, if any; our ability to
successfully realize the expected benefits of our restructuring
program; our ability to successfully integrate acquired businesses
and realize the synergies from strategic transactions; and the
unpredictability and severity of catastrophic events, including
cyber security threats, acts of terrorism or outbreak of war or
hostilities or public health crises, as well as management's
response to any of the aforementioned factors. 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.
Except as required under the federal securities laws or the rules
and regulations of the Securities and Exchange Commission, 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.