CECO's Interim chief executive officer Dennis Sadlowski commented, "I am very excited to be leading CECO during this transformative stage of its history. The entire CECO team is keenly focused on customers, innovation and growth. We plan to capitalize on CECO's deep application knowledge base, asset-light business model and experienced management team. By combining a renewed outside-in focus with customers, along with a strategic refresh, I expect that CECO will be able to generate organic growth and shareholder value. I am also encouraged by CECO's ongoing operational excellence, which resulted in record gross profit and gross margin."

Working capital declines
CECO Environmental Corp. has witnessed a decline in the working capital over the last year. It stood at $66.62 million as at Dec. 31, 2016, down 17.02 percent or $13.66 million from $80.28 million on Dec. 31, 2015. Current ratio was at 1.46 as on Dec. 31, 2016, down from 1.54 on Dec. 31, 2015.

Debt comes down significantly
CECO Environmental Corp. has recorded a decline in total debt over the last one year. It stood at $128.49 million as on Dec. 31, 2016, down 27.54 percent or $48.84 million from $177.33 million on Dec. 31, 2015. Total debt was 25.77 percent of total assets as on Dec. 31, 2016, compared with 29.61 percent on Dec. 31, 2015. Debt to equity ratio was at 0.68 as on Dec. 31, 2016, down from 0.72 as on Dec. 31, 2015.