Thursday, March 20, 2003

CECO's profit increases in 4th quarter


Earnings

By Mike Boyer
The Cincinnati Enquirer

CECO Environmental Corp., parent of Oakley's Kirk & Blum, managed a wider profit in the fourth quarter despite lower revenues.

The supplier of air pollution control equipment said net income for the three months ended Dec. 31 was $218,000, or 4 cents a share, versus $4,000, or 0 cents a share, in the year-ago period.

Revenues declined to $21.8 million from $23.8 million a year ago.

President Rick Blum said the company's cost-cutting has reduced its break-even point by more than $16 million from a year ago.

For the year, CECO said its net loss narrowed to $123,000, or 1 cent a share, from $264,000, or 3 cents a share, a year ago. Annual revenue was $78.9 million, down from $90.9 million in the prior year.

In another report: Vulcan International Inc: The Cincinnati holding company and maker of rubber and foam items reported lower net income for the fourth-quarter and full year ended Dec. 31.

For the fourth-quarter, net earnings were $758,489, or 71 cents a share, including capital gains of $432,588 on asset disposals and $325,901 from continuing operations. In the year-ago period, the company reported net earnings of $900,906, or 82 cents a share, including capital gains of $148,713.

Revenues were basically flat at $2.7 million.

For the year, the company reported net income of $2.25 million, or $2.07 a share, including $1.1 million of capital gains. In the prior year, the firm reported net income of $2.9 million, or $2.59 a share, including capital gains of $1.9 million. Revenues rose to $11.3 million from $10.7 million the prior year.

E-mail mboyer@enquirer.com.



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