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Fuel Tech Reports Third Quarter 2012 Results

Stocks in this article: FTEK

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 nine-month periods ended September 30, 2012.

Recent Highlights

  • Record Air Pollution Control (APC) backlog of $52.3 million at September 30, 2012, up from $22.9 million in the same period a year ago, reflecting strong growth in international APC business and record order announcements during the current quarter
  • Record quarterly foreign revenue totaling $8.3 million offset by slower domestic market activity due to uncertainty in the U.S. regulatory environment and decreased coal usage
  • Increased year-over-year spending in Research & Development of $1.0 million, representing $0.04 diluted earnings per share, in support of new product development and additional offerings

Financial Results

Consolidated revenues for the third quarter totaled $24.9 million, a 4% increase from the comparable prior-year quarter. Net income for the quarter was $1.2 million, or $0.05 per diluted share, compared with net income of $2.7 million, or $0.11 per diluted share, in the same quarter in the prior year.

Consolidated revenues for the nine months ended June 30, 2012 totaled $71.0 million, representing an increase of $5.4 million or 8% from the comparable prior-year period amount of $65.7 million. Net income for the nine-month period was $2.8 million, or $0.12 per diluted share, compared with a net income of $4.4 million or $0.18 per diluted share in the same year-ago period. Adjusted EBITDA for the nine months ended September 30, 2012 totaled $7.4 million, a decrease of $4.1 million or 37% from the comparable prior-year period of $11.5 million.

The APC technology segment generated third quarter 2012 revenues of $15.7 million, an increase of 29% versus the third quarter of 2011. This increase is due primarily to the recognition of revenue from the prior period backlog, as well as revenue generated on the record bookings recorded during the third quarter of 2012. Gross margin for the APC segment was 33% in the third quarter of 2012 versus 46% reported in the third quarter of 2011, primarily due to a greater mix of lower margin international projects.

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