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Last $3.05 USD
Change Today +0.02 / 0.66%
Volume 16.8K
FTEK On Other Exchanges
As of 8:10 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

fuel tech inc (FTEK) Snapshot

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05/2/14 - $6.77
52 Week Low
03/18/15 - $3.00
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fuel tech inc (FTEK) Details

Fuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates in two segments, Air Pollution Control Technology and FUEL CHEM Technology. The Air Pollution Control Technology segment reduces nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by utilizing low and ultra low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; advanced selective catalytic reduction (SCR) systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; and ammonia injection grid and graduated straightening grid systems. The FUEL CHEM Technology segment improves the efficiency, reliability, and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter (PM2.5), carbon dioxide, and unburned carbon in fly ash through the addition of chemicals into the furnace using TIFI targeted in-furnace injection technology. This segment offers its FUEL CHEM program for plants operating in the electric utility, industrial, pulp and paper, waste-to-energy, university, and district heating markets, as well as to the owners of boilers, furnaces, and other combustion units. The company was founded in 1987 and is headquartered in Warrenville, Illinois.

198 Employees
Last Reported Date: 03/16/15
Founded in 1987

fuel tech inc (FTEK) Top Compensated Officers

Executive Chairman, Chief Executive Officer a...
Total Annual Compensation: $450.0K
Chief Financial Officer, Senior Vice Presiden...
Total Annual Compensation: $290.0K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $345.0K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $265.0K
Executive Vice President of Sales & Marketing
Total Annual Compensation: $335.0K
Compensation as of Fiscal Year 2013.

fuel tech inc (FTEK) Key Developments

Fuel-Tech, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Goodwill Impairment for the Fourth Quarter Ended December 31, 2014

Fuel-Tech, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, consolidated revenues were $18,684,000 as compared to $24,207,000 in the fourth quarter of 2013. Operating loss was $24,796,000 as compared to operating income of $496,000 in the year ago quarter. Loss before taxes was $25,009,000 as compared to income before taxes of $638,000 in the year ago quarter. Net loss was $17,111,000, or $0.75 per basic and diluted share, from a net loss of $406,000 or $0.02 per basic and diluted share in the comparable prior year period. LBITDA was $23,080,000 against EBITDA of $1,380,000 a year ago. Adjusted EBITDA was $948,000 against $1,971,000 a year ago. Included in the results for fourth quarter and full year 2014 is a $23.4 million non-cash goodwill impairment charge recorded in the Air Pollution Control (APC) technology segment, with the majority of the charge related to the January 2009 acquisition of Advanced Combustion Technology, Inc. This non-cash charge reflects the application of required accounting principles given the past performance and outlook of the APC segment. Sales momentum in this segment slowed in the domestic APC market primarily due to deferred client purchases stemming from protracted U.S. regulatory delays. This non-cash charge does not impact Fuel Tech’s liquidity, cash flows, or compliance with debt covenants. The effect of this is to reduce the carrying value of goodwill from $26.1 million on September 30, 2014 to $2.1 million on December 31, 2014. For the year, consolidated revenues totaled $79,017,000 against $109,338,000 last year. Operating loss was $25,163,000 against operating income of $8,000,000 a year ago. Net loss was $17,725,000, or $0.78 per basic and diluted share, from net income of $5,101,000, or $0.23 per basic and diluted share, in 2013. Loss before taxes was $25,803,000 as compared to income before taxes of $7,865,000 a year ago. Adjusted EBITDA was $4,350,000 against $12,733,000 in last year. Net cash provided by operating activities was $5,435,000 against $2,842,000 a year ago. Purchases of property, equipment and patents were $2,808,000 against $1,754,000 a year ago. Purchases of other intangible assets were $3,010,000. LBITDA was $21,372,000 against EBITDA of $10,935,000 a year ago. For the fourth quarter ended December 31, 2014, the company recorded goodwill impairment of $23,400,000.

Fuel Tech, Inc. Announces Management Changes Effective as of April 1, 2015

Fuel Tech, Inc. announced an executive leadership transition in accordance with the long-term succession planning process of the company’s Board of Directors to ensure multi-year management continuity and leadership excellence at the company. Douglas G. Bailey, who has served as the company’s President and CEO since April 1, 2010, and Chairman of the Board since January 1, 2010, will become Executive Chairman of the Board effective April 1, 2015. In addition to performing his duties as Executive Chairman, Mr. Bailey will concentrate on major strategic opportunities for the company, including the company’s fuel conversion business development initiative. Concurrently, Vincent J. Arnone, Executive Vice President and Chief Operating Officer of the company since January 2014 and a Fuel Tech executive for 16 years, will succeed Mr. Bailey as President and CEO. Mr. Arnone has also been appointed to the company’s Board of Directors. Both appointments are effective as of April 1, 2015.

Fuel Tech Receives Air Pollution Control Orders Totaling $4.8 Million

Fuel Tech, Inc. announced the receipt of multiple air pollution control (APC) contracts from customers in the US and China. These awards have an aggregate value of approximately $4.8 million. The first US order is for a NOxOUT Selective Non-Catalytic Reduction (SNCR) system for a coal-fired boiler at a Western power generation facility to meet its emission requirements under the Clean Air Act Regional Haze program. Delivery is scheduled for second quarter of 2016. The second US order is for an Electrostatic Precipitator (ESP) retrofit on an industrial boiler in the Southeast where the scope includes ESP upgrades and refurbishment to improve the safety and reliability of the unit. The turnkey project is scheduled to be completed in the second quarter of 2015. In addition, there were several contracts for engineering and modeling studies, along with orders for SNCR and SCR optimization services. In China, an order was received for ULTRA™ systems that will be installed at several municipal solid waste units being retrofitted with nitrogen oxide (NOx) reduction technology. Equipment deliveries are expected to occur in the second quarter of 2015.


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