$FTEK
FUEL TECH, INC.

2017 Q2 Form 10-Q Financial Statement

#000084691317000069 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $9.741M $15.18M
YoY Change -35.81% -18.78%
Cost Of Revenue $6.116M $9.595M
YoY Change -36.26% -16.9%
Gross Profit $3.625M $5.580M
YoY Change -35.04% -21.8%
Gross Profit Margin 37.21% 36.77%
Selling, General & Admin $5.923M $6.760M
YoY Change -12.38% -19.52%
% of Gross Profit 163.39% 121.15%
Research & Development $280.0K $295.0K
YoY Change -5.08% -69.96%
% of Gross Profit 7.72% 5.29%
Depreciation & Amortization $410.0K $570.0K
YoY Change -28.07% -46.73%
% of Gross Profit 11.31% 10.22%
Operating Expenses $6.203M $7.055M
YoY Change -12.08% -24.8%
Operating Profit -$5.601M -$1.475M
YoY Change 279.73% -34.33%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$221.0K
YoY Change -99.1% 240.0%
Pretax Income -$5.600M -$1.690M
YoY Change 231.36% -26.74%
Income Tax -$15.00K $111.0K
% Of Pretax Income
Net Earnings -$6.854M -$2.628M
YoY Change 160.81% 91.68%
Net Earnings / Revenue -70.36% -17.32%
Basic Earnings Per Share -$0.29 -$0.03
Diluted Earnings Per Share -$0.29 -$0.11
COMMON SHARES
Basic Shares Outstanding 23.74M shares 23.38M shares
Diluted Shares Outstanding 23.74M shares 23.38M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.600M $12.40M
YoY Change -46.77% -17.33%
Cash & Equivalents $6.576M $12.43M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $4.000M $10.00M
YoY Change -60.0% 20.48%
Inventory $1.560M $1.498M
Prepaid Expenses
Receivables $18.97M $22.43M
Other Receivables $0.00 $0.00
Total Short-Term Assets $31.19M $46.43M
YoY Change -32.83% -14.47%
LONG-TERM ASSETS
Property, Plant & Equipment $6.601M $11.25M
YoY Change -41.31% -11.72%
Goodwill $2.116M $2.116M
YoY Change 0.0% 0.0%
Intangibles $1.722M $6.381M
YoY Change -73.01% -32.88%
Long-Term Investments
YoY Change
Other Assets $595.0K $1.320M
YoY Change -54.92% -3.51%
Total Long-Term Assets $17.87M $22.27M
YoY Change -19.74% -25.78%
TOTAL ASSETS
Total Short-Term Assets $31.19M $46.43M
Total Long-Term Assets $17.87M $22.27M
Total Assets $49.06M $68.70M
YoY Change -28.59% -18.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.737M $7.267M
YoY Change -34.81% -18.93%
Accrued Expenses $8.400M $6.000M
YoY Change 40.0% -6.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.12M $13.31M
YoY Change -1.44% -13.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $512.0K $503.0K
YoY Change 1.79% 0.6%
Total Long-Term Liabilities $512.0K $503.0K
YoY Change 1.79% 0.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.12M $13.31M
Total Long-Term Liabilities $512.0K $503.0K
Total Liabilities $13.63M $13.81M
YoY Change -1.32% -13.09%
SHAREHOLDERS EQUITY
Retained Earnings -$100.9M -$79.40M
YoY Change 27.06% 22.57%
Common Stock $138.8M $136.7M
YoY Change 1.54% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.472M $1.214M
YoY Change 21.25% 16.51%
Treasury Stock Shares 644.1M shares 354.9K shares
Shareholders Equity $35.43M $54.89M
YoY Change
Total Liabilities & Shareholders Equity $49.06M $68.70M
YoY Change -28.59% -18.5%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$6.854M -$2.628M
YoY Change 160.81% 91.68%
Depreciation, Depletion And Amortization $410.0K $570.0K
YoY Change -28.07% -46.73%
Cash From Operating Activities -$3.630M $3.390M
YoY Change -207.08% -239.51%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$210.0K
YoY Change -38.1% 110.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$130.0K -$210.0K
YoY Change -38.1% 90.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0K -120.0K
YoY Change 100.0% -86.67%
NET CHANGE
Cash From Operating Activities -3.630M 3.390M
Cash From Investing Activities -130.0K -210.0K
Cash From Financing Activities -240.0K -120.0K
Net Change In Cash -4.000M 3.060M
YoY Change -230.72% -188.95%
FREE CASH FLOW
Cash From Operating Activities -$3.630M $3.390M
Capital Expenditures -$130.0K -$210.0K
Free Cash Flow -$3.500M $3.600M
YoY Change -197.22% -254.51%

Facts In Submission

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InvestmentIncomeInterest
3000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
6000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
14396000 USD
CY2017Q2 us-gaap Liabilities
Liabilities
13630000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
57788000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
49058000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
14050000 USD
CY2017Q2 us-gaap Liabilities Current
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13118000 USD
CY2016Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
9000 USD
CY2017Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
11000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7192000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-258000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-301000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-232000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2199000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5252000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-986000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3936000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-2628000 USD
us-gaap Net Income Loss
NetIncomeLoss
-5265000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-9360000 USD
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
57788000 USD
CY2017Q2 us-gaap Noncurrent Assets
NoncurrentAssets
49058000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5601000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-7378000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6357000 USD
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7192000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
666000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
595000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-111000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
318000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
380000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
496000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-116000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
310000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
380000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
497000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-221000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-484000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8000 USD
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
346000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
512000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
172000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
258000 USD
CY2016Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
13000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
317000 USD
CY2017Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
88000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
272000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
302000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
233000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2891000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2984000 USD
CY2016Q4 us-gaap Prepaid Taxes
PrepaidTaxes
87000 USD
CY2017Q2 us-gaap Prepaid Taxes
PrepaidTaxes
65000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
-7020000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
0 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
1000 USD
us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
1000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
268000 USD
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
159000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
159000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
159000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
0 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
0 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10517000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6601000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
151000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
30000 USD
CY2017Q2 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
262000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
295000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
766000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
280000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
564000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
6020000 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1020000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
0 USD
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
5000000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
317000 USD
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
58000 USD
us-gaap Restructuring Charges
RestructuringCharges
119000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
13000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
309000 USD
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
186000 USD
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
552000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-91520000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-100880000 USD
CY2016Q2 us-gaap Revenues
Revenues
15175000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13922000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5923000 USD
us-gaap Revenues
Revenues
32997000 USD
CY2017Q2 us-gaap Revenues
Revenues
9741000 USD
us-gaap Revenues
Revenues
18232000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6760000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11077000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1041000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1156000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
43392000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
35428000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
354889000 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
644091000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1214000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1472000 USD
CY2016Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
6755000 USD
CY2017Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5296000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23381000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23283000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23738000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23738000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23606000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23606000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23381000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23283000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23738000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23738000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23606000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23606000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
CY2017Q2 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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