CECO Environmental Reports Record Results for Fiscal Year 2000

Apr 24, 2001, 01:00 ET from CECO Environmental Corp.

    NEW YORK, April 24 /PRNewswire Interactive News Release/ --
 CECO Environmental Corp. (Nasdaq:   CECE) announced today that 2000 revenue was
 $89.8 million; a 300% or a $67.4 million increase over the same period in
 1999.  The integration of the Kirk & Blum Manufacturing Company and
 kbd/Technic, Inc. into the CECO family of companies was a major factor behind
 this increase.  Kirk & Blum and kbd/Technic were acquired December 1999, as
 part of CECO's ongoing effort to deliver superior revenue growth as a leading
 provider of air-pollution control services and products.  Fiscal year 2000
 reported revenue was adjusted from amounts previously announced.
     Operating income for 2000 was $2 million or $0.25 per share (basic)
 compared to $442,000 or $.05 per share for fiscal year 1999.
     EBITDA (earnings before interest, taxes, depreciation and amortization)
 for fiscal year 2000 was $4.2 million or $.51 per share (basic) compared to
 $1.2 million or $.14 per share (basic) in 1999.
     Net loss for the year ended December 31, 2000 was $689,924 or $.08 per
 share compared with a net loss in 1999 of $943,161 or $.11 per share.
 
     CECO achieved a number of important milestones during 2000:
 
     --  Transformation from an equipment supplier to a total systems provider
         of industrial ventilation and air-pollution control services.
     --  Implementation of a targeted sales approach to capture profitable
         niche opportunities throughout CECO's family of companies.
     --  Key management changes at several operating units.
     --  $1 million in annualized cost reductions in selling, general and
         administrative expenses.
 
     Phillip DeZwirek, Chairman and CEO stated, "the foundation of a profitable
 company has been laid and we are pleased with our progress.  For 2001, our
 objective is to generate meaningful year-over-year growth in operating
 earnings and EBITDA.  The current economic slowdown and reduction in demand
 for capital goods, presents added challenges for 2001.  We believe that the
 CECO family of products and services can meet the specialized needs of
 industrial ventilation and air-pollution control customers giving us an
 excellent opportunity for a breakout year."
 
     About CECO Environmental
     CECO Environmental Corp. is North America's largest independent air
 pollution control company.  CECO, through its five subsidiaries, Air Purator
 Corporation, Busch Company, CECO Filters, kbd/Technic and Kirk & Blum provides
 a wide spectrum of air quality services and products including: industrial air
 filters, high performance filter fabrics, environmental maintenance,
 monitoring and management services, and air quality improvement systems.  CECO
 is a full-service provider to the steel, aluminum, automotive, aerospace,
 semiconductor, chemical, cement, metalworking, glass, foundry and virtually
 all industrial process industries.
 
     For more information on CECO Environmental Corp., please visit the
 company's web site at http://www.cecoenviro.com/.
 
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  All forward-looking
 statements are subject to certain risks, uncertainties and assumptions.  These
 risks and uncertainties, which are more fully described in CECO's Annual and
 Quarterly Reports filed with the Securities and Exchange Commission, include
 changes in market conditions in the industries in which the Company operates.
 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.
 
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SOURCE CECO Environmental Corp.
    NEW YORK, April 24 /PRNewswire Interactive News Release/ --
 CECO Environmental Corp. (Nasdaq:   CECE) announced today that 2000 revenue was
 $89.8 million; a 300% or a $67.4 million increase over the same period in
 1999.  The integration of the Kirk & Blum Manufacturing Company and
 kbd/Technic, Inc. into the CECO family of companies was a major factor behind
 this increase.  Kirk & Blum and kbd/Technic were acquired December 1999, as
 part of CECO's ongoing effort to deliver superior revenue growth as a leading
 provider of air-pollution control services and products.  Fiscal year 2000
 reported revenue was adjusted from amounts previously announced.
     Operating income for 2000 was $2 million or $0.25 per share (basic)
 compared to $442,000 or $.05 per share for fiscal year 1999.
     EBITDA (earnings before interest, taxes, depreciation and amortization)
 for fiscal year 2000 was $4.2 million or $.51 per share (basic) compared to
 $1.2 million or $.14 per share (basic) in 1999.
     Net loss for the year ended December 31, 2000 was $689,924 or $.08 per
 share compared with a net loss in 1999 of $943,161 or $.11 per share.
 
     CECO achieved a number of important milestones during 2000:
 
     --  Transformation from an equipment supplier to a total systems provider
         of industrial ventilation and air-pollution control services.
     --  Implementation of a targeted sales approach to capture profitable
         niche opportunities throughout CECO's family of companies.
     --  Key management changes at several operating units.
     --  $1 million in annualized cost reductions in selling, general and
         administrative expenses.
 
     Phillip DeZwirek, Chairman and CEO stated, "the foundation of a profitable
 company has been laid and we are pleased with our progress.  For 2001, our
 objective is to generate meaningful year-over-year growth in operating
 earnings and EBITDA.  The current economic slowdown and reduction in demand
 for capital goods, presents added challenges for 2001.  We believe that the
 CECO family of products and services can meet the specialized needs of
 industrial ventilation and air-pollution control customers giving us an
 excellent opportunity for a breakout year."
 
     About CECO Environmental
     CECO Environmental Corp. is North America's largest independent air
 pollution control company.  CECO, through its five subsidiaries, Air Purator
 Corporation, Busch Company, CECO Filters, kbd/Technic and Kirk & Blum provides
 a wide spectrum of air quality services and products including: industrial air
 filters, high performance filter fabrics, environmental maintenance,
 monitoring and management services, and air quality improvement systems.  CECO
 is a full-service provider to the steel, aluminum, automotive, aerospace,
 semiconductor, chemical, cement, metalworking, glass, foundry and virtually
 all industrial process industries.
 
     For more information on CECO Environmental Corp., please visit the
 company's web site at http://www.cecoenviro.com/.
 
     This press release contains forward-looking statements within the meaning
 of the Private Securities Litigation Reform Act of 1995.  All forward-looking
 statements are subject to certain risks, uncertainties and assumptions.  These
 risks and uncertainties, which are more fully described in CECO's Annual and
 Quarterly Reports filed with the Securities and Exchange Commission, include
 changes in market conditions in the industries in which the Company operates.
 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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X42181912
 
 SOURCE  CECO Environmental Corp.