I understand where you are coming from and as I have said in the past, I truly think this sector is beat up well beyond where it needs to be. However, the best way I have made money over the past 24 years is to study an industry first, and then drill down to individual participants. Not to sound like a broken record, but CECO may be in secular decline and COCO and ESI are dirt cheap and are probably not in secular decline, and APOL is very close to dirt cheap and is likely also not in secular decline. Further, CECO has a very high fixed cost based of approx. $438mm in its Cost of Services account (this is far higher than the others). In other words, it cannot cut below that level not matter how far revenue drops. I continue to recommend (as I have since $7 to $8 per share) avoiding CECO and focusing on the rest of the sector.
Best of luck all, and be sure to really study an industry and a company and not guess based simply on statistics.