$FTEK
FUEL TECH, INC.

2016 Q4 Form 10-Q Financial Statement

#000084691316000146 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $9.568M $12.60M $21.68M
YoY Change -47.43% -41.89% 0.91%
Cost Of Revenue $7.717M $7.281M $13.83M
YoY Change -31.67% -47.35% 19.4%
Gross Profit $1.851M $5.315M $7.848M
YoY Change -73.2% -32.28% -20.73%
Gross Profit Margin 19.35% 42.2% 36.2%
Selling, General & Admin $5.850M $5.789M $7.122M
YoY Change -18.41% -18.72% -11.86%
% of Gross Profit 316.05% 108.92% 90.75%
Research & Development $310.0K $672.0K $1.521M
YoY Change -55.82% 301.32%
% of Gross Profit 16.75% 12.64% 19.38%
Depreciation & Amortization $1.310M $700.0K $1.040M
YoY Change 25.96% -32.69% -2.8%
% of Gross Profit 70.77% 13.17% 13.25%
Operating Expenses $6.160M $6.461M $8.643M
YoY Change 17.33% -25.25% 2.18%
Operating Profit -$4.309M -$2.254M -$795.0K
YoY Change -360.05% 183.52% -155.17%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net -$190.0K -$254.0K -$100.0K
YoY Change 90.0% 154.0% -64.91%
Pretax Income -$6.580M -$2.503M -$892.0K
YoY Change 9300.0% 180.61% -179.01%
Income Tax $1.870M -$114.0K -$603.0K
% Of Pretax Income
Net Earnings -$9.104M -$3.019M -$289.0K
YoY Change 0.42% 944.64% -124.24%
Net Earnings / Revenue -95.15% -23.97% -1.33%
Basic Earnings Per Share -$0.03 -$0.03 -$0.01
Diluted Earnings Per Share -$0.39 -$0.13 -$0.01
COMMON SHARES
Basic Shares Outstanding 23.45M shares 23.45M shares 23.17M shares
Diluted Shares Outstanding 23.45M shares 23.17M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.80M $13.30M $14.40M
YoY Change -45.62% -7.64% -7.69%
Cash & Equivalents $11.83M $13.33M $14.40M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $8.900M $9.200M $8.500M
YoY Change 117.07% 8.24% 25.0%
Inventory $1.012M $992.0K $1.428M
Prepaid Expenses
Receivables $18.79M $19.80M $29.29M
Other Receivables $100.0K $0.00 $0.00
Total Short-Term Assets $40.64M $43.37M $53.66M
YoY Change -22.45% -19.18% -7.98%
LONG-TERM ASSETS
Property, Plant & Equipment $10.52M $10.89M $12.30M
YoY Change -12.37% -11.48% -9.41%
Goodwill $2.116M $2.116M $2.116M
YoY Change 0.0% 0.0% -91.9%
Intangibles $1.796M $6.000M $9.033M
YoY Change -74.86% -33.58% -14.91%
Long-Term Investments
YoY Change
Other Assets $666.0K $1.259M $1.344M
YoY Change -50.92% -6.32% 3.86%
Total Long-Term Assets $17.15M $21.46M $29.27M
YoY Change -27.35% -26.68% -43.3%
TOTAL ASSETS
Total Short-Term Assets $40.64M $43.37M $53.66M
Total Long-Term Assets $17.15M $21.46M $29.27M
Total Assets $57.79M $64.83M $82.93M
YoY Change -23.97% -21.83% -24.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.303M $5.802M $8.094M
YoY Change -29.51% -28.32% -10.79%
Accrued Expenses $7.700M $6.200M $6.400M
YoY Change 1.32% -3.13% -21.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.05M $12.02M $14.46M
YoY Change -15.03% -16.84% -23.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $346.0K $401.0K $527.0K
YoY Change -30.94% -23.91% -0.75%
Total Long-Term Liabilities $346.0K $401.0K $527.0K
YoY Change -30.94% -23.91% -0.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.05M $12.02M $14.46M
Total Long-Term Liabilities $346.0K $401.0K $527.0K
Total Liabilities $14.40M $12.42M $14.98M
YoY Change -15.5% -17.09% -27.65%
SHAREHOLDERS EQUITY
Retained Earnings -$92.22M -$82.42M -$65.07M
YoY Change 23.24% 26.67% 45.75%
Common Stock $137.6M $137.1M $135.1M
YoY Change 1.47% 1.49% 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.214M $1.214M $1.042M
YoY Change 16.51% 16.51% 38.38%
Treasury Stock Shares 354.9K shares 354.9K shares 251.8K shares
Shareholders Equity $42.69M $52.41M $67.95M
YoY Change
Total Liabilities & Shareholders Equity $57.79M $64.83M $82.93M
YoY Change -23.97% -21.83% -24.57%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$9.104M -$3.019M -$289.0K
YoY Change 0.42% 944.64% -124.24%
Depreciation, Depletion And Amortization $1.310M $700.0K $1.040M
YoY Change 25.96% -32.69% -2.8%
Cash From Operating Activities -$560.0K $20.00K $240.0K
YoY Change -107.0% -91.67% -92.75%
INVESTING ACTIVITIES
Capital Expenditures -$490.0K -$150.0K -$140.0K
YoY Change 75.0% 7.14% -96.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$490.0K -$150.0K -$140.0K
YoY Change 75.0% 7.14% -96.46%
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 1.000M 10.00K
YoY Change 9900.0% -101.37%
NET CHANGE
Cash From Operating Activities -560.0K 20.00K 240.0K
Cash From Investing Activities -490.0K -150.0K -140.0K
Cash From Financing Activities 0.000 1.000M 10.00K
Net Change In Cash -1.050M 870.0K 110.0K
YoY Change -113.6% 690.91% -107.97%
FREE CASH FLOW
Cash From Operating Activities -$560.0K $20.00K $240.0K
Capital Expenditures -$490.0K -$150.0K -$140.0K
Free Cash Flow -$70.00K $170.0K $380.0K
YoY Change -100.85% -55.26% -94.77%

Facts In Submission

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NumberOfReportableSegments
3 segment
us-gaap Operating Income Loss
OperatingIncomeLoss
-7775000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5949000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4341000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1357000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1259000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-642000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-706000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
57000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
375000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
371000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
4000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
501000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
401000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-100000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-261000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-254000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-738000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
252000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
172000 USD
CY2015Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
0 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
235000 USD
CY2016Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
616000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
933000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
523000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
453000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3889000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2473000 USD
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
1857000 USD
CY2016Q3 us-gaap Prepaid Taxes
PrepaidTaxes
733000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-6020000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
26000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
2000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
268000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
268000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
268000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
159000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
0 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
8000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
-109000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12001000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10889000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-43000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
151000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
1623000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1521000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3375000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1302000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3582000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
0 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6020000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
235000 USD
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
235000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
317000 USD
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
1108000 USD
us-gaap Restructuring Charges
RestructuringCharges
1425000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q3 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
492000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-74132000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-82416000 USD
CY2015Q3 us-gaap Revenues
Revenues
21677000 USD
us-gaap Revenues
Revenues
55463000 USD
CY2016Q3 us-gaap Revenues
Revenues
12596000 USD
us-gaap Revenues
Revenues
45593000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7122000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23490000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5789000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
19711000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1320000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1520000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1071750 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
200375 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
16.39
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
81000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1191125 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1071750 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.48
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.70
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.58
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y8M10D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
58974000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
52408000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
251792 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
354889 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1042000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1214000 USD
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
7312000 USD
CY2016Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
8042000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
140000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
37000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23167000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23079000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23446000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23337000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23167000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23079000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23446000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23337000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares

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