For 2011, the Company announced contract awards with a value of approximately $60.2 million. After accounting for the conversion of backlog to revenues during this period, the APC segment capital projects backlog stood at a record $30.8 million as of December 31, 2011. Subsequent to December 31, 2011, the Company has announced APC orders with a value of $4.7 million.
For the year ended December 31, 2011, 701,714 shares of common stock were repurchased for approximately $4.1 million under our previously announced share repurchase program. As of December 31, 2011, we have an additional $1.9 million remaining for share repurchases through December 31, 2012.
Douglas G. Bailey, Chairman, President and Chief Executive Officer, commented, “I am pleased with the strong results that we achieved in 2011. Despite an improving, yet sluggish economy and weakness in the power market, we finished the year with record annual revenues and record operating income, driven by increases in both the APC and FUEL CHEM segments.”
Mr. Bailey continued, “Our APC segment was particularly strong, ending the year with a record quarterly backlog and record quarterly and annual bookings. We announced APC contract wins of $24.8 million in the fourth quarter, a 158% increase from the $9.6 million announced in the fourth quarter of last year. This was driven primarily by a strong surge in domestic SNCR orders that were placed to meet the requirements of the Cross-State Air Pollution Rule (CSAPR), which was issued on July 6, 2011 and called for greater reductions in domestic NOx emissions beginning on January 1, 2012.”“We were pleased that these domestic utility customers selected Fuel Tech to implement equipment solutions and evaluate short term strategies to achieve compliance during what was to be a short implementation timeline for CSAPR compliance. A stay on CSAPR was ordered by the D.C. Circuit Court on December 30, 2011, based on litigation filed by a number of states and companies with combustion sources. The Clean Air Interstate Rule (CAIR) was put back into effect pending the resolution of the CSAPR stay, which is expected in the summer of 2012.”
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