Acquisitions (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
Profire Energy Inc [Member] |
|
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
|
|
|
|
|
(in thousands) |
|
|
|
Current assets (including cash and cash equivalents of $22,675 and accounts receivable of $14,151) |
|
$ |
54,867 |
|
Property and equipment |
|
|
17,416 |
|
Intangible - finite life |
|
|
41,810 |
|
Goodwill |
|
|
25,656 |
|
Other assets |
|
|
343 |
|
Total assets acquired |
|
|
140,092 |
|
Current liabilities assumed |
|
|
(8,567 |
) |
Deferred income tax liability |
|
|
(10,852 |
) |
Other liabilities assumed |
|
|
(291 |
) |
Net assets acquired |
|
$ |
120,382 |
|
|
Verantis Environmental Solutions Group [Member] |
|
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
|
|
|
|
|
(in thousands) |
|
|
|
Current assets (including accounts receivable of $9,308) |
|
$ |
19,858 |
|
Property and equipment |
|
|
373 |
|
Intangible - finite life |
|
|
22,070 |
|
Goodwill |
|
|
50,286 |
|
Other assets |
|
|
118 |
|
Total assets acquired |
|
|
92,705 |
|
Current liabilities assumed |
|
|
(17,595 |
) |
Deferred income tax liability |
|
|
(8,716 |
) |
Other liabilities assumed |
|
|
(928 |
) |
Net assets acquired |
|
$ |
65,466 |
|
|
WK Group [Member] |
|
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
|
|
|
|
|
(in thousands) |
|
|
|
Current assets (including accounts receivable of $7,914) |
|
|
14,358 |
|
Property and equipment |
|
|
853 |
|
Intangible - finite life |
|
|
3,114 |
|
Goodwill |
|
|
12,355 |
|
Other assets |
|
|
441 |
|
Total assets acquired |
|
|
31,121 |
|
Current liabilities assumed |
|
|
(15,113 |
) |
Deferred income tax liability |
|
|
(1,609 |
) |
Other liabilities assumed |
|
|
(1,320 |
) |
Net assets acquired |
|
$ |
13,079 |
|
|
EnviroCare International LLC [Member] |
|
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.
|
|
|
|
|
(in thousands) |
|
|
|
Current assets (including cash of $596 and accounts receivable of $405) |
|
$ |
3,111 |
|
Property and equipment |
|
|
17 |
|
Intangible - finite life |
|
|
7,250 |
|
Goodwill |
|
|
11,389 |
|
Total assets acquired |
|
|
21,767 |
|
Current liabilities assumed |
|
|
(5,065 |
) |
Net assets acquired |
|
$ |
16,702 |
|
|
Schedule of Unaudited Pro Forma Financial Information |
The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands, except per share data) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net sales |
|
$ |
185,391 |
|
|
$ |
176,666 |
|
|
$ |
362,088 |
|
|
$ |
340,622 |
|
Net income attributable to CECO Environmental Corp. |
|
|
9,510 |
|
|
|
4,058 |
|
|
|
45,494 |
|
|
|
4,511 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
0.12 |
|
|
$ |
1.29 |
|
|
$ |
0.13 |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
0.11 |
|
|
$ |
1.24 |
|
|
$ |
0.12 |
|
|