Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, today reported results for the three- and six-month periods ended June 30, 2012.
- Record Air Pollution Control (APC) bookings of $47.4 million in July, including the largest contract booking in Company history of $36.6 million, bringing our total backlog from $20.1 million on June 30, 2012 up to $67.5 million and reflecting strong growth in international business
- Slower domestic APC bookings, the result of regulatory delay with Cross-State Air Pollution Rule (CSPAR)
- Continued softness in our FUEL CHEM ® markets, the result of low natural gas prices and decreased coal usage, leading to a year-over-year revenue decline and reduced diluted earnings per share of $0.03 compared to the second half of 2011
- Increased year-over-year spending in Research & Development of $0.7 million, representing $0.02 diluted earnings per share, in support of new product development and additional offerings
Revenues for the second quarter totaled $20.9 million, a 10% increase from the comparable prior-year quarter. Net income for the quarter was $0.07 million, or $0.00 per diluted share, compared with net income of $0.4 million, or $0.02 per diluted share, in the same quarter in the prior year.Revenues for the six months ended June 30, 2012 totaled $46.1 million, representing an increase of $4.5 million or 11% from the comparable prior-year period amount of $41.6 million. Net income for the six-month period was $1.6 million, or $0.07 per diluted share, compared with a net income of $1.8 million in the same year-ago period. Adjusted EBITDA for the six months ended June 30, 2012 totaled $4.6 million, a decrease of $2.7 million, or 37% from the comparable prior-year period of $7.2 million.