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Fuel Tech's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: FTEK

Our air pollution control or APC segment revenue for the second quarter was $13 billion, representing an increase of $3 million or 33% over prior year. For the first six months, the APC segment revenue was $29 million, representing an increase of $8 million or 38% over the prior year.

These increases resulted from order activity reported in the second half of 2011, driven by the Cross-State Air Pollution Rule or CSAPR. Our consolidated backlog at the end of June was $20 million and is comprised of $8 million in domestic backlog and $12 million in foreign backlog.

As noted previously, in July we announced an additional $47 million in new APC orders, increasing our backlog to $67 million, a record level for the company. The majority of our quarter-end backlog figure of $20 million will be recognized during this year, while the large Chile order will be recognized through mid 2014, as we execute through this process.

Our foreign revenues for the June quarter and six months totaled $3 million and $5 million respectively, representing decreases in foreign revenues of 16% and 20% from the prior year period. While our foreign revenues were slow in the first half of 2012, this trend will reverse in the second half of the year as a result of our recent bookings.

In addition to the large order in Chile we discussed, we have gained significant momentum in China as noted by our year-to-date bookings of $16 million. This represents an 18% increase over the entire 2011, bookings total of $13 million and we expect to see additional China orders prior to year end.

This activity provides visibility to the growing market potential and our strategy in China as the country is making significant investments in technologies. Our FUEL CHEM segment revenue for the second quarter totaled $8 million, representing a decrease of 1 million or 14% over the prior year. Year-to-date, FUEL CHEM revenue was $18 million, a decrease of $3 million or 16% versus the prior year amount of $21 million.

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