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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 unaudited results for the three- and 12-month periods ended December 31, 2012.
Douglas G. Bailey, Chairman, President, and Chief Executive Officer, commented, “2012 was one of the more successful years in Fuel Tech’s history, highlighted by record revenues, record bookings and year-end backlog, and expansion into new territories. We ended the year with cash, cash equivalents, and marketable securities of $24.5 million, or $1.07 per diluted share, no short-term or long-term debt, and cash flow from operations of $8.7 million. Our strong financial position allowed us to return $7.9 million to our investors through our 2012 share repurchase plan and we invested $2.9 million in new product development.”
He continued, “Our Air Pollution Control (APC) segment was particularly strong in 2012, recording contract wins of $72.8 million, with much of this growth driven by our international markets. Our China-Pacific Rim business delivered solid year-over-year gains and, combined with APC’s historic $36.6 million combustion project in Chile, helped produce 2012 fourth quarter and full-year foreign revenue growth of 121% and 55%, respectively, over the comparable prior year periods. We believe that our success in gaining a foothold in new markets favors further APC growth. We are committed to further expanding our international presence as a means of both mitigating the impact of a dynamic domestic regulatory environment and addressing the expanding global need for emissions control solutions.
“Our FUEL CHEM
® business segment continues to face the challenges of low natural gas prices and reduced electricity demand. Despite lower revenues, FUEL CHEM substantially maintained its margins, which we view as a testament to the quality of our product solutions. Although we believe the macro issues facing this segment will resolve, we cannot predict when this will occur. We are continuing to pursue our pipeline of new customer, end market, and product opportunities.”
Fourth Quarter 2012
Revenues for the fourth quarter 2012 totaled $26.6 million, a 5% decrease from $28.0 million in last year’s fourth quarter. Higher APC revenues were offset by revenue declines at the FUEL CHEM segment.