Revenue also fell 21% for the quarter, and the company lost $15.2 million. Interestingly, though, CECO ended the quarter with $288 million in cash and short-term investments (excluding restricted cash) and no debt, putting the company's current EV at -$85.2 million. Theoretically, at its current price of about $3, investors are purchasing $4.29 in cash, and getting all of the company's other assets for free.
"Theoretical" is the key word, however. CECO has burned through about $102 million in cash over the past year, and consensus estimates have the company losing money at least through 2014.
If, somehow, the company was able to stem the bleeding, and exceed the rather negative expectations, this would be an interesting situation. CECO currently trades at just 0.5 times tangible book value per share, and expectations appear to be very low. It's also the only negative EV nonbiotech company (at this writing) with a market cap in excess of $100 million.
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