Fuel Tech Inc. (FTEK, Financial) filed Quarterly Report for the period ended 2010-09-30.
Fuel Tech Inc. has a market cap of $148.7 million; its shares were traded at around $6.09 with and P/S ratio of 2.2. FTEK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
The Air Pollution Control (APC) technology segment revenues for the three months ended September 30, 2010 and 2009 increased $4,070 (66%) to $10,252 from $6,182. The APC technology segment revenue for the nine months ended September 30, 2010 and 2009 increased by 3,579 (15%) to $27,757 from $24,179. The APC technology segment revenue is reflective of the timing of recognition of prior period bookings and work progress on construction projects. This segment remains uniquely positioned to capitalize on the next phase of increasingly stringent U.S. air quality standards, specifically on NOx control. Interest in Fuel Techs suite of pollution control technologies, on both a new and retrofit basis, remains strong, both domestically and abroad.
The FUEL CHEM technology segment revenues for the three months ended September 30, 2010 and 2009 decreased $266 (3%) to $10,027 from $10,293. The FUEL CHEM technology segment revenue for the nine months ended September 30, 2010 and 2009 increased by $506 (2%) to $29,041 from $28,535. Our nine-month revenue total includes a one-time risk share payment relating to a successful demonstration performed in the prior year. We believe the marketplace acceptance for Fuel Techs patented TIFI® Targeted In-Furnace Injection technology remains strong, particularly on coal-fired units which represents the largest market opportunity for the technology.
Selling, general and administrative expenses (SG&A) for the three months ended September 30, 2010 and 2009 decreased by $192 (2%) to $7,808 from $8,000. SG&A for the nine-month periods ending September 30, 2010 and 2009 decreased by $1,824 (7%) to $23,306 from $25,130. The $1,824 decrease for the nine month period is comprised of $1,250 relating to the reallocation of corporate resources, $912 for stock compensation expense, $325 for costs relating to the administration of foreign offices, $341 for fees to outside service providers, and $146 for depreciation relating to a fully capitalized leasehold improvement. Partially offsetting this amount is $844 of additional expense related to corporate incentive plans and $287 in additional recruiting fees for executive officer positions.
Operating activities provided $4,654 of cash during the nine-month period ended September 30, 2010, primarily due to the add back of non-cash items including stock compensation expense of $3,695, depreciation expense of $2,440, amortization expense of $665, and an increase in other noncurrent liabilities of $3,602. Partially offsetting these items was a decrease in income tax provision of $1,298, a decrease of $4,435 in accounts receivable, and the reduction of a contingent consideration accrual of $768 related to the acquisition of substantially all of the assets of ACT.
As of September 30, 2010, the Company was in compliance with all debt covenants of the Facility, including a year-to-date capital expenditure amount of $663 and a tangible net worth amount of $55,428 which was above the required amount of $51,869 by $3,560.
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Fuel Tech Inc. has a market cap of $148.7 million; its shares were traded at around $6.09 with and P/S ratio of 2.2. FTEK is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Consolidated revenues for the three months ended September 30, 2010 and 2009 increased by $3,804 (23%) to $20,279 from $16,475. Consolidated revenues for the nine months ended September 30, 2010 and 2009 increased by $4,084 (8%) to $56,798 from $52,714. Domestic revenues for the three- and nine-month periods ended September 30, 2010 increased by $2,961 (21%) and $3,403 (8%), respectively, while our foreign revenues for the three- and nine-month periods ended September 30, 2010 also increased by $843 (35%) and $681 (7%), respectively.The Air Pollution Control (APC) technology segment revenues for the three months ended September 30, 2010 and 2009 increased $4,070 (66%) to $10,252 from $6,182. The APC technology segment revenue for the nine months ended September 30, 2010 and 2009 increased by 3,579 (15%) to $27,757 from $24,179. The APC technology segment revenue is reflective of the timing of recognition of prior period bookings and work progress on construction projects. This segment remains uniquely positioned to capitalize on the next phase of increasingly stringent U.S. air quality standards, specifically on NOx control. Interest in Fuel Techs suite of pollution control technologies, on both a new and retrofit basis, remains strong, both domestically and abroad.
The FUEL CHEM technology segment revenues for the three months ended September 30, 2010 and 2009 decreased $266 (3%) to $10,027 from $10,293. The FUEL CHEM technology segment revenue for the nine months ended September 30, 2010 and 2009 increased by $506 (2%) to $29,041 from $28,535. Our nine-month revenue total includes a one-time risk share payment relating to a successful demonstration performed in the prior year. We believe the marketplace acceptance for Fuel Techs patented TIFI® Targeted In-Furnace Injection technology remains strong, particularly on coal-fired units which represents the largest market opportunity for the technology.
Selling, general and administrative expenses (SG&A) for the three months ended September 30, 2010 and 2009 decreased by $192 (2%) to $7,808 from $8,000. SG&A for the nine-month periods ending September 30, 2010 and 2009 decreased by $1,824 (7%) to $23,306 from $25,130. The $1,824 decrease for the nine month period is comprised of $1,250 relating to the reallocation of corporate resources, $912 for stock compensation expense, $325 for costs relating to the administration of foreign offices, $341 for fees to outside service providers, and $146 for depreciation relating to a fully capitalized leasehold improvement. Partially offsetting this amount is $844 of additional expense related to corporate incentive plans and $287 in additional recruiting fees for executive officer positions.
Operating activities provided $4,654 of cash during the nine-month period ended September 30, 2010, primarily due to the add back of non-cash items including stock compensation expense of $3,695, depreciation expense of $2,440, amortization expense of $665, and an increase in other noncurrent liabilities of $3,602. Partially offsetting these items was a decrease in income tax provision of $1,298, a decrease of $4,435 in accounts receivable, and the reduction of a contingent consideration accrual of $768 related to the acquisition of substantially all of the assets of ACT.
As of September 30, 2010, the Company was in compliance with all debt covenants of the Facility, including a year-to-date capital expenditure amount of $663 and a tangible net worth amount of $55,428 which was above the required amount of $51,869 by $3,560.
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