$FTEK
FUEL TECH, INC.

2015 Q4 Form 10-Q Financial Statement

#000084691315000084 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $18.20M $21.68M $21.48M
YoY Change -2.59% 0.91% -35.98%
Cost Of Revenue $11.29M $13.83M $11.58M
YoY Change 15.01% 19.4% -37.24%
Gross Profit $6.907M $7.848M $9.900M
YoY Change -22.08% -20.73% -34.44%
Gross Profit Margin 37.95% 36.2% 46.09%
Selling, General & Admin $7.170M $7.122M $8.080M
YoY Change -25.7% -11.86% -13.16%
% of Gross Profit 103.81% 90.75% 81.62%
Research & Development $1.521M $379.0K
YoY Change 301.32% -17.79%
% of Gross Profit 19.38% 3.83%
Depreciation & Amortization $1.040M $1.040M $1.070M
YoY Change -45.26% -2.8% 38.96%
% of Gross Profit 15.06% 13.25% 10.81%
Operating Expenses $5.250M $8.643M $8.459M
YoY Change -48.83% 2.18% -13.37%
Operating Profit $1.657M -$795.0K $1.441M
YoY Change -218.7% -155.17% -72.99%
Interest Expense $10.00K $0.00 $33.00K
YoY Change -150.0% -100.0% 73.68%
% of Operating Profit 0.6% 2.29%
Other Income/Expense, Net -$100.0K -$100.0K -$285.0K
YoY Change -47.37% -64.91% 247.56%
Pretax Income -$70.00K -$892.0K $1.129M
YoY Change -99.72% -179.01% -78.49%
Income Tax $6.170M -$603.0K -$63.00K
% Of Pretax Income -5.58%
Net Earnings -$9.066M -$289.0K $1.192M
YoY Change -47.02% -124.24% 0.0%
Net Earnings / Revenue -49.81% -1.33% 5.55%
Basic Earnings Per Share -$0.39 -$0.01 $0.05
Diluted Earnings Per Share -$0.39 -$0.01 $0.05
COMMON SHARES
Basic Shares Outstanding 23.17M shares 23.17M shares 22.84M shares
Diluted Shares Outstanding 23.17M shares 23.22M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.70M $14.40M $15.60M
YoY Change 16.04% -7.69% -34.18%
Cash & Equivalents $21.68M $14.40M $15.54M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $4.100M $8.500M $6.800M
YoY Change -32.79% 25.0% 112.5%
Inventory $1.653M $1.428M $1.118M
Prepaid Expenses
Receivables $23.06M $29.29M $34.82M
Other Receivables $1.800M $0.00 $0.00
Total Short-Term Assets $52.40M $53.66M $58.31M
YoY Change -10.18% -7.98% -17.61%
LONG-TERM ASSETS
Property, Plant & Equipment $12.00M $12.30M $13.58M
YoY Change -11.28% -9.41% 0.7%
Goodwill $2.116M $2.116M $26.14M
YoY Change 0.0% -91.9% 24.17%
Intangibles $7.144M $9.033M $10.62M
YoY Change -31.73% -14.91% 140.18%
Long-Term Investments
YoY Change
Other Assets $1.357M $1.344M $1.294M
YoY Change -1.45% 3.86% -46.92%
Total Long-Term Assets $23.61M $29.27M $51.63M
YoY Change -28.74% -43.3% 24.71%
TOTAL ASSETS
Total Short-Term Assets $52.40M $53.66M $58.31M
Total Long-Term Assets $23.61M $29.27M $51.63M
Total Assets $76.01M $82.93M $109.9M
YoY Change -16.9% -24.57% -1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.942M $8.094M $9.073M
YoY Change 22.33% -10.79% -27.54%
Accrued Expenses $7.600M $6.400M $8.200M
YoY Change -21.65% -21.95% -17.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.624M
YoY Change -100.0% -100.0% -0.12%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.54M $14.46M $18.87M
YoY Change -11.34% -23.38% -22.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $501.0K $527.0K $531.0K
YoY Change -3.65% -0.75% -33.63%
Total Long-Term Liabilities $501.0K $527.0K $531.0K
YoY Change -3.65% -0.75% -33.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.54M $14.46M $18.87M
Total Long-Term Liabilities $501.0K $527.0K $531.0K
Total Liabilities $17.04M $14.98M $20.71M
YoY Change -11.13% -27.65% -17.7%
SHAREHOLDERS EQUITY
Retained Earnings -$74.84M -$65.07M -$44.64M
YoY Change 21.19% 45.75% 0.47%
Common Stock $135.6M $135.1M $135.0M
YoY Change 0.31% 0.1% 2.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.042M $1.042M $753.0K
YoY Change 31.9% 38.38% 93.08%
Treasury Stock Shares 251.8K shares 251.8K shares 158.1K shares
Shareholders Equity $58.27M $67.95M $89.23M
YoY Change
Total Liabilities & Shareholders Equity $76.01M $82.93M $109.9M
YoY Change -16.9% -24.57% -1.99%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$9.066M -$289.0K $1.192M
YoY Change -47.02% -124.24% 0.0%
Depreciation, Depletion And Amortization $1.040M $1.040M $1.070M
YoY Change -45.26% -2.8% 38.96%
Cash From Operating Activities $8.000M $240.0K $3.310M
YoY Change 98.02% -92.75% -2646.15%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$140.0K -$3.960M
YoY Change -58.21% -96.46% 1314.29%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$280.0K -$140.0K -$3.960M
YoY Change -58.21% -96.46% 1314.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 10.00K -730.0K
YoY Change -100.0% -101.37% -190.12%
NET CHANGE
Cash From Operating Activities 8.000M 240.0K 3.310M
Cash From Investing Activities -280.0K -140.0K -3.960M
Cash From Financing Activities 0.000 10.00K -730.0K
Net Change In Cash 7.720M 110.0K -1.380M
YoY Change 131.83% -107.97% -445.0%
FREE CASH FLOW
Cash From Operating Activities $8.000M $240.0K $3.310M
Capital Expenditures -$280.0K -$140.0K -$3.960M
Free Cash Flow $8.280M $380.0K $7.270M
YoY Change 75.8% -94.77% 4746.67%

Facts In Submission

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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the balance sheet and results of operations for the periods covered have been included and all significant intercompany transactions and balances have been eliminated. The results of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results to be expected for the full year.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The balance sheet at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information, refer to the consolidated financial statements and footnotes thereto included in Fuel Tech&#8217;s Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:10pt;"> as filed with the Securities and Exchange Commission.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Added and Pending Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-09 "Revenue from Contracts with Customers" (Topic 606). This new accounting guidance on revenue recognition provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in ASU 2015-14 approved a one-year deferral of the original effective date of January&#160;1, 2017; therefore, ASU No.&#160;2014-09 will be effective for the company beginning on January&#160;1, 2018. Early adoption is permitted as of the original effective date. The standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. We are currently evaluating the impact of the new guidance on our financial statements and have not yet selected a transition approach to implement the standard.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This new accounting guidance more clearly articulates the requirements for the measurement and disclosure of inventory. Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This new accounting guidance requires the measurement of inventory at lower of cost and net realizable value. ASU 2015-11 will be effective for the Company beginning on January 1, 2017. Early adoption is permitted. The standard should be applied prospectively. The adoption of this guidance in not expected to have a material impact on the Company&#8217;s consolidated financial statements.</font></div></div>
us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fuel Tech, Inc. (Fuel Tech or the Company or &#8220;we&#8221;, &#8220;us&#8221;, or &#8220;our&#8221;) is a fully integrated company that uses a suite of advanced technologies to provide boiler optimization, efficiency improvement and air pollution reduction and control solutions to utility and industrial customers worldwide. Originally incorporated in 1987 under the laws of the Netherlands Antilles as Fuel-Tech N.V., Fuel Tech became domesticated in the United States on September&#160;30, 2006, and continues as a Delaware corporation with its corporate headquarters at 27601 Bella Vista Parkway, Warrenville, Illinois, 60555-1617. Fuel Tech maintains an Internet website at </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">www.ftek.com</font><font style="font-family:inherit;font-size:10pt;">. Fuel Tech&#8217;s Annual Report on Form&#160;10-K, quarterly reports on Form&#160;10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section&#160;13(a) of the Securities Exchange Act of 1934 as amended (Exchange Act), are made available through our website as soon as reasonably practical after electronically filed or furnished to the Securities and Exchange Commission. Also available on Fuel Tech&#8217;s website are the Company&#8217;s Corporate Governance Guidelines and Code of Ethics and Business Conduct, as well as the charters of the Audit, Compensation, and Nominating and Corporate Governance committees of the Board of Directors. All of these documents are available in print without charge to stockholders who request them. Information on our website is not incorporated into this report.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fuel Tech&#8217;s special focus is the worldwide marketing of its nitrogen oxide (NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;">) reduction and FUEL CHEM</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> processes. The Air Pollution Control (APC) technology segment reduces NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;"> emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources by utilizing combustion optimization techniques and Low NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;"> and Ultra Low NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;"> Burners; Over-Fire Air systems, NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;">OUT</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> and HERT&#8482; High Energy Reagent Technology&#8482; SNCR systems; systems that incorporate ASCR&#8482; (Advanced Selective Catalytic Reduction) technologies including NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;">OUT-CASCADE</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">, ULTRA&#8482; and NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;">OUT-SCR</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> processes, Ammonia Injection Grid (AIG) and Graduated Straightening Grid (GSG&#8482;), as well as Electrostatic Precipitator rebuilds and Flue Gas Conditioning systems to control particulate emissions. The FUEL CHEM</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> technology segment improves the efficiency, reliability and environmental status of combustion units by controlling slagging, fouling and corrosion, as well as the formation of sulfur trioxide, ammonium bisulfate, particulate matter (PM</font><font style="font-family:inherit;font-size:8pt;">2.5</font><font style="font-family:inherit;font-size:10pt;">), carbon dioxide, NO</font><font style="font-family:inherit;font-size:8pt;">x</font><font style="font-family:inherit;font-size:10pt;"> and unburned carbon in fly ash through the addition of chemicals into the fuel or via TIFI</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> Targeted In-Furnace Injection&#8482; programs. Fuel Tech has other technologies, both commercially available and in the development stage, all of which are related to APC and FUEL CHEM technology segments or are similar in their technological base. We have expended significant resources in the research and development of new technologies in building our proprietary portfolio of products and services. Fuel Tech&#8217;s business is materially dependent on the continued existence and enforcement of worldwide air quality regulations.</font></div></div>

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