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Profile:Fuel-Tech N.V. is engaged in the business of air pollution control, through its wholly owned subsidiary, Fuel Tech, Inc. (FTI), and its affiliate, Clean Diesel Technologies, Inc. (CDT). FTI`s focus is the worldwide marketing of its oxides of nitrogen (NOx) reduction, and fuel and flue gas treatment processes (Fuel Chem). The NOx reduction technologies, which include the NOxOUT, NOxOUT CASCADE, NOxOUT SCR and FLGR Processes, reduce NOx emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. The Fuel Chem business uses chemical processes for slagging, fouling and corrosion control and plume abatement in furnaces and boilers, through the addition of chemicals into the fuel or by Targeted-In-Furnace-Injection. CDT is a specialty chemical company, supplying fuel additives and systems that reduce harmful emissions from internal combustion engines, while improving fuel economy.
http://www.fuel-tech.com
http://www.fuel-tech.com
Fuel-Tech N.V. Reports Third Quarter Results; Y/Y Revenue Increases 92%
Tuesday October 29, 8:30 am ET
STAMFORD, Conn., Oct. 29 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the third quarter ended September 30, 2002.
ADVERTISEMENT
For the quarter, net sales increased 92% to $8.0 million, compared to $4.2 million in the third quarter of 2001. Net income for the quarter was $379,000 or $0.02 per diluted share, compared to a loss of $256,000, or a loss of $0.01 per diluted share, in the same quarter a year ago.
"We are pleased with our results for the quarter as we continued to see significant growth in our air pollution control business," commented Steven C. Argabright, President and Chief Operating Officer. "In total, we have announced orders valued at $20 million in 2002 and we expect to receive additional orders during the balance of this year."
Mr. Argabright continued, "We are also encouraged by the strong prospects in our non-regulatory driven operations, namely our FUEL CHEM® and Virtual Vantage(TM) businesses. Despite the weak demand for power and the high price of oil relative to natural gas which impacted FUEL CHEM sales during the quarter, we are pleased to announce that we are seeing a significant increase in interest regarding our proprietary, Targeted-In-Furnace-Injection (TIFI) technology for use on Western coal-fired boilers. We have maintained our sharp focus on further penetrating the coal-fired market, especially those customers burning Western coals. To date, our TIFI technology has been implemented on four units burning Western coals and we expect to increase that number significantly during the first half of 2003 with new demonstrations of the technology for this application. There is also significant interest in the TIFI technology in Europe, and we expect to capitalize on those opportunities in 2003 as well."
Mr. Argabright concluded, "I am also pleased to announce that we have received our first commercial order for our Virtual Vantage (TM) software from one of our beta sites, which confirms the validity of our product. We recently announced the availability of Version 3.1 of the software, which offers users significant improvements over previous versions, and increases the size of the market available to us."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM EST on Tuesday, October 29, 2002, to further discuss third quarter results. This call will simultaneously be broadcast over the Internet at http://www.fueltechnv.com and can be accessed under the subheading "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
Net sales $ 8,033 $ 4,194 $ 21,275 $ 12,090
Costs and expenses:
Cost of sales 4,462 1,984 11,175 5,926
Selling, general and
administrative 2,717 2,073 7,725 6,205
Research and
development 394 295 1,041 851
Operating income (loss) 460 (158) 1,334 (892)
(Loss) income from
equity interest in
affiliates (27) (93) 196 (267)
Interest expense (37) (56) (114) (194)
Other (expense) income,
net (17) 51 254 126
Income (loss) before
taxes 379 (256) 1,670 (1,227)
Income taxes -- -- 50 --
Net income (loss) $ 379 $ (256) $ 1,720 $ (1,227)
Net income (loss)
per common share:
Basic $ .02 $ (.01) $ .09 $ (.07)
Diluted $ .02 $ (.01) $ .08 $ (.07)
Average number of common shares outstanding:
Basic 19,454,000 18,558,000 19,299,000 18,530,000
Diluted 22,422,000 18,558,000 22,565,000 18,530,000
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars, except share data)
September 30, December 31,
2002 2001
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 8,169 $ 9,338
Accounts receivable, net 8,422 5,368
Prepaid expenses and other current assets 1,386 857
Total current assets 17,977 15,563
Equipment, net of accumulated depreciation of
$4,905 and $4,222, respectively 2,034 1,756
Goodwill, net of accumulated amortization of
$924 and $924, respectively 2,126 2,126
Other 797 883
Total assets $ 22,934 $ 20,328
Liabilities and stockholders` equity
Current liabilities:
Current portion of note payable $ 2,025 $ 2,700
Accounts payable 3,119 1,978
Deferred revenue -- 319
Accrued expenses 1,950 1,705
Total current liabilities 7,094 6,702
Other liabilities 383 491
Total liabilities 7,477 7,193
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,612,067
and 18,984,097 shares issued, respectively 196 190
Additional paid-in capital 90,312 87,720
Accumulated deficit (74,487) (76,207)
Accumulated other comprehensive loss 2 (68)
Treasury stock (1,098) (1,098)
Nil coupon perpetual loan notes 532 2,598
Total stockholders` equity 15,457 13,135
Total liabilities and stockholders` equity $ 22,934 $ 20,328
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--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Tuesday October 29, 8:30 am ET
STAMFORD, Conn., Oct. 29 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the third quarter ended September 30, 2002.
ADVERTISEMENT
For the quarter, net sales increased 92% to $8.0 million, compared to $4.2 million in the third quarter of 2001. Net income for the quarter was $379,000 or $0.02 per diluted share, compared to a loss of $256,000, or a loss of $0.01 per diluted share, in the same quarter a year ago.
"We are pleased with our results for the quarter as we continued to see significant growth in our air pollution control business," commented Steven C. Argabright, President and Chief Operating Officer. "In total, we have announced orders valued at $20 million in 2002 and we expect to receive additional orders during the balance of this year."
Mr. Argabright continued, "We are also encouraged by the strong prospects in our non-regulatory driven operations, namely our FUEL CHEM® and Virtual Vantage(TM) businesses. Despite the weak demand for power and the high price of oil relative to natural gas which impacted FUEL CHEM sales during the quarter, we are pleased to announce that we are seeing a significant increase in interest regarding our proprietary, Targeted-In-Furnace-Injection (TIFI) technology for use on Western coal-fired boilers. We have maintained our sharp focus on further penetrating the coal-fired market, especially those customers burning Western coals. To date, our TIFI technology has been implemented on four units burning Western coals and we expect to increase that number significantly during the first half of 2003 with new demonstrations of the technology for this application. There is also significant interest in the TIFI technology in Europe, and we expect to capitalize on those opportunities in 2003 as well."
Mr. Argabright concluded, "I am also pleased to announce that we have received our first commercial order for our Virtual Vantage (TM) software from one of our beta sites, which confirms the validity of our product. We recently announced the availability of Version 3.1 of the software, which offers users significant improvements over previous versions, and increases the size of the market available to us."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM EST on Tuesday, October 29, 2002, to further discuss third quarter results. This call will simultaneously be broadcast over the Internet at http://www.fueltechnv.com and can be accessed under the subheading "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2002 2001 2002 2001
Net sales $ 8,033 $ 4,194 $ 21,275 $ 12,090
Costs and expenses:
Cost of sales 4,462 1,984 11,175 5,926
Selling, general and
administrative 2,717 2,073 7,725 6,205
Research and
development 394 295 1,041 851
Operating income (loss) 460 (158) 1,334 (892)
(Loss) income from
equity interest in
affiliates (27) (93) 196 (267)
Interest expense (37) (56) (114) (194)
Other (expense) income,
net (17) 51 254 126
Income (loss) before
taxes 379 (256) 1,670 (1,227)
Income taxes -- -- 50 --
Net income (loss) $ 379 $ (256) $ 1,720 $ (1,227)
Net income (loss)
per common share:
Basic $ .02 $ (.01) $ .09 $ (.07)
Diluted $ .02 $ (.01) $ .08 $ (.07)
Average number of common shares outstanding:
Basic 19,454,000 18,558,000 19,299,000 18,530,000
Diluted 22,422,000 18,558,000 22,565,000 18,530,000
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars, except share data)
September 30, December 31,
2002 2001
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 8,169 $ 9,338
Accounts receivable, net 8,422 5,368
Prepaid expenses and other current assets 1,386 857
Total current assets 17,977 15,563
Equipment, net of accumulated depreciation of
$4,905 and $4,222, respectively 2,034 1,756
Goodwill, net of accumulated amortization of
$924 and $924, respectively 2,126 2,126
Other 797 883
Total assets $ 22,934 $ 20,328
Liabilities and stockholders` equity
Current liabilities:
Current portion of note payable $ 2,025 $ 2,700
Accounts payable 3,119 1,978
Deferred revenue -- 319
Accrued expenses 1,950 1,705
Total current liabilities 7,094 6,702
Other liabilities 383 491
Total liabilities 7,477 7,193
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,612,067
and 18,984,097 shares issued, respectively 196 190
Additional paid-in capital 90,312 87,720
Accumulated deficit (74,487) (76,207)
Accumulated other comprehensive loss 2 (68)
Treasury stock (1,098) (1,098)
Nil coupon perpetual loan notes 532 2,598
Total stockholders` equity 15,457 13,135
Total liabilities and stockholders` equity $ 22,934 $ 20,328
Make Your Opinion Count - Click Here
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded Orders for $2.4 Million - Includes First Commercial Application of Rich Reagent Injection -
Tuesday November 5, 8:31 am ET
STAMFORD, Conn., Nov. 5 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced seven new orders for the installation of its NOx reduction technologies and design engineering services. The total value of these orders, including the previously announced contract for Fuel Tech`s NOxOUT ULTRA(TM) systems on combustion turbines, is $2.4 million.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased by our ongoing ability to further penetrate the NOx reduction market as our technologies continue to gain recognition as cost-effective and efficient methods for significantly reducing NOx emissions. Four of the orders are for our advanced design engineering services, three for the NOxOUT(TM) process and one for a NOxOUT ULTRA system on a large, coal-fired utility boiler. We have been very successful in the past converting these orders to full commercial contracts, and have every expectation for the same result with these four. We also received an order for a demonstration of the NOxOUT process on a large utility boiler in excess of 700 megawatts (MWe), the largest boiler Fuel Tech has operated on to date. This will serve as additional proof to the utility marketplace that our technology can be cost effective in reducing NOx emissions from very large boilers. We are particularly encouraged by the increased penetration of our NOxOUT ULTRA technology and participation in our first commercial project utilizing the Rich Reagent Injection technology, which is licensed from the Electric Power Research Institute (EPRI) by both Fuel Tech and one of its Implementers."
Mr. Argabright concluded, "We also received a contract in Spain for the installation of the NOxOUT process at a multi-unit waste-to-energy facility, the third from the same European firm. This again confirms our ability to gain repeat business from satisfied customers."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
Make Your Opinion Count - Click Here
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Tuesday November 5, 8:31 am ET
STAMFORD, Conn., Nov. 5 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced seven new orders for the installation of its NOx reduction technologies and design engineering services. The total value of these orders, including the previously announced contract for Fuel Tech`s NOxOUT ULTRA(TM) systems on combustion turbines, is $2.4 million.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased by our ongoing ability to further penetrate the NOx reduction market as our technologies continue to gain recognition as cost-effective and efficient methods for significantly reducing NOx emissions. Four of the orders are for our advanced design engineering services, three for the NOxOUT(TM) process and one for a NOxOUT ULTRA system on a large, coal-fired utility boiler. We have been very successful in the past converting these orders to full commercial contracts, and have every expectation for the same result with these four. We also received an order for a demonstration of the NOxOUT process on a large utility boiler in excess of 700 megawatts (MWe), the largest boiler Fuel Tech has operated on to date. This will serve as additional proof to the utility marketplace that our technology can be cost effective in reducing NOx emissions from very large boilers. We are particularly encouraged by the increased penetration of our NOxOUT ULTRA technology and participation in our first commercial project utilizing the Rich Reagent Injection technology, which is licensed from the Electric Power Research Institute (EPRI) by both Fuel Tech and one of its Implementers."
Mr. Argabright concluded, "We also received a contract in Spain for the installation of the NOxOUT process at a multi-unit waste-to-energy facility, the third from the same European firm. This again confirms our ability to gain repeat business from satisfied customers."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
Make Your Opinion Count - Click Here
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Receives Letter of Intent in Excess of $2.5 Million for Turnkey Supply Of NOxOUT(R) SNCR To Major University Co-Generation Facility
Monday November 11, 8:33 am ET
STAMFORD, Conn., Nov. 11 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a Letter of Intent to provide its NOxOUT® Selective Non-Catalytic Reduction (SNCR) technology on a turnkey basis to a major university co-generation facility. The technology will be installed on three units, two which produce 250,000 lbs/hour steam and one which produces 350,000 lbs/hour. The project, valued in excess of $2.5 million, is expected to be operational by September 2003.
Steven C. Argabright, President and Chief Operating Officer of Fuel Tech, commented, "We are extremely pleased with the high level of interest our NOx reduction business is generating, which continues to result in booked orders. This booking is particularly gratifying as it represents another repeat order from a satisfied customer. These orders are the result of the pending deadline of the State Implementation Plan (SIP) Call, which requires significant NOx reductions from utility and industrial units in nineteen states. Going forward, we are confident that with our proven proprietary technology and acceptance in the market, we are poised to capitalize on the additional opportunities presented by this regulation."
Mr. Argabright concluded, "In addition, we are encouraged by the rate at which we are receiving orders for our advanced design engineering services and for the installation of our NOxOUT systems. In just the last three weeks, we have announced nine orders which total in excess of $7 million. Four of the orders were for our advanced design and engineering services, which carry a low contract value, but are important as they are usually precursors to the award of full installation contracts for our NOxOUT systems. We are confident that these orders will continue to lead to increased business among industrial and utility operators who are faced with increasing pressure to comply with the May 2004 deadline mandated by the SIP Call."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
Make Your Opinion Count - Click Here
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Monday November 11, 8:33 am ET
STAMFORD, Conn., Nov. 11 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a Letter of Intent to provide its NOxOUT® Selective Non-Catalytic Reduction (SNCR) technology on a turnkey basis to a major university co-generation facility. The technology will be installed on three units, two which produce 250,000 lbs/hour steam and one which produces 350,000 lbs/hour. The project, valued in excess of $2.5 million, is expected to be operational by September 2003.
Steven C. Argabright, President and Chief Operating Officer of Fuel Tech, commented, "We are extremely pleased with the high level of interest our NOx reduction business is generating, which continues to result in booked orders. This booking is particularly gratifying as it represents another repeat order from a satisfied customer. These orders are the result of the pending deadline of the State Implementation Plan (SIP) Call, which requires significant NOx reductions from utility and industrial units in nineteen states. Going forward, we are confident that with our proven proprietary technology and acceptance in the market, we are poised to capitalize on the additional opportunities presented by this regulation."
Mr. Argabright concluded, "In addition, we are encouraged by the rate at which we are receiving orders for our advanced design engineering services and for the installation of our NOxOUT systems. In just the last three weeks, we have announced nine orders which total in excess of $7 million. Four of the orders were for our advanced design and engineering services, which carry a low contract value, but are important as they are usually precursors to the award of full installation contracts for our NOxOUT systems. We are confident that these orders will continue to lead to increased business among industrial and utility operators who are faced with increasing pressure to comply with the May 2004 deadline mandated by the SIP Call."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM(TM) and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
Make Your Opinion Count - Click Here
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded Orders for $2.2 Million
Friday January 3, 8:30 am ET
STAMFORD, Conn., Jan. 3 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced orders for air pollution control projects totaling $2.2 million. Two of the orders, which total $1 million, are for the installation of NOxOUT® systems, one on a refinery boiler in the Midwest and one on a Municipal Solid Waste Incinerator in Italy. Three of the orders, which total $850,000, are design engineering orders for four units -- two NOxOUT ULTRA(TM) systems on coal-fired utility boilers and two NOxOUT systems, one on a utility boiler and one on an industrial unit. In addition, there were two add-on orders to existing NOxOUT contracts, which total $325,000.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are encouraged by the continued acceptance of our NOxOUT ULTRA technology and our ongoing ability to further penetrate the NOx reduction market, both domestically and abroad. As the State Implementation Plan (SIP) Call deadline of May 2004 approaches, we anticipate increased business from industrial and utility operators who are faced with increasing pressure to comply with this regulation."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Friday January 3, 8:30 am ET
STAMFORD, Conn., Jan. 3 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced orders for air pollution control projects totaling $2.2 million. Two of the orders, which total $1 million, are for the installation of NOxOUT® systems, one on a refinery boiler in the Midwest and one on a Municipal Solid Waste Incinerator in Italy. Three of the orders, which total $850,000, are design engineering orders for four units -- two NOxOUT ULTRA(TM) systems on coal-fired utility boilers and two NOxOUT systems, one on a utility boiler and one on an industrial unit. In addition, there were two add-on orders to existing NOxOUT contracts, which total $325,000.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are encouraged by the continued acceptance of our NOxOUT ULTRA technology and our ongoing ability to further penetrate the NOx reduction market, both domestically and abroad. As the State Implementation Plan (SIP) Call deadline of May 2004 approaches, we anticipate increased business from industrial and utility operators who are faced with increasing pressure to comply with this regulation."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA(TM), Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and Virtual Vantage(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s Virtual Vantage business includes high-end, virtual reality-based visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s Fuel Chem products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Trading Spotlight
Fuel-Tech N.V. Reports Fourth Quarter and Year-End Results; Y/Y Revenue Increases 85%
Thursday February 27, 7:31 am ET
STAMFORD, Conn., Feb. 27 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the fourth quarter and year ended December 31, 2002.
ADVERTISEMENT
For the quarter, net sales increased 103% to $11.4 million, compared to $5.6 million in the fourth quarter of 2001. Net income for the quarter was $1.3 million or $0.06 per diluted share, compared to a loss of $406,000, or $(0.02) per diluted share, in the same quarter a year ago.
Net sales for the year were $32.6 million, compared with $17.7 million for 2001. Net income for the full year was $3.1 million, or $0.14 per diluted share, compared with a loss of $1.6 million, or $(0.09) per diluted share in 2001.
"We are very pleased with our results for the quarter and full year, particularly in light of present market conditions, both in the electric utility sector and in the economy in general," commented Steven C. Argabright, President and Chief Operating Officer. "Despite the weak demand for power and the financial difficulties that many utilities are experiencing, we were still able to book projects on the air pollution control side of our business totaling in excess of $24 million in 2002, while growing revenues by 85% and realizing over $3.0 million in net profits."
Mr. Argabright continued, "All three of our businesses made significant progress in 2002. Revenues from our air pollution control business increased 145% this year, as the May 31, 2004 deadline for the EPA`s State Implementation Plan (SIP) Call nears. We expect revenues in this business to continue to grow through 2005 and 2006, beyond the deadline for the SIP Call, as in some cases utilities are delaying large capital expenditures as well as looking at low-capital solutions and the purchase of NOx allowances to meet their NOx compliance needs. We see this as an opportunity, for the first time, to sell our NOxOUT® systems on a Return on Investment basis due to the high price of NOx allowances. I expect to report back to you throughout 2003 on our success with this approach."
"During the year, several factors caused our FUEL CHEM® business to fall short of expectations. First, the high price of oil coupled with political uncertainties in the Middle East caused many of our oil-fired accounts to switch fuels to natural gas. Second, the quality of coal burned at one of our large coal-fired accounts improved, temporarily alleviating the need for our process. Finally, many utilities that are experiencing financial difficulties have not allocated resources for new technology implementation. Although these factors, which we feel are temporary, had a negative impact on FUEL CHEM revenues in 2002, we have made significant progress in our discussions with coal-fired utilities and expect significant new business beginning in the first half of 2003. We are also in late-stage discussions with major coal suppliers on joint marketing opportunities, and we see important synergies resulting from such alliances. Finally, we have stepped up our marketing efforts overseas, and received our first large order from China. In addition to the Far East, we see attractive markets in Western Europe and Mexico, and intend to penetrate these markets in 2003."
Mr. Argabright concluded, "We have made a great deal of progress with our ACUITIV(TM) visualization software product, commercially introduced in 2002, and believe we are now well positioned to capitalize on market opportunities in 2003. We recently released an upgraded version of the software which makes it compatible with Microsoft Windows 2000®, in addition to the UNIX and LINUX operating systems. This greatly increases our available market, and we expect order flow to gradually accelerate in 2003 and beyond."
Outlook
The weak economy and the financial constraints on the electric utility industry are expected to continue for most, if not all, of 2003.
In order to produce year-over-year growth in earnings, the Company is taking aggressive steps to expand its markets, reinforce its sales force and reduce costs in other areas wherever possible.
Conference Call
As a reminder, Fuel-Tech N.V. will be hosting a telephone conference call at 10:00 AM EST on Thursday, February 27th, 2003, to discuss further its fourth quarter and year-end results. This conference will simultaneously be broadcast over the Internet at http://www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
FUEL-TECH N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share data)
Three Months Ended Twelve Months Ended
December 31 December 31
2002 2001 2002 2001
Net sales $11,352 $5,582 $32,627 $17,672
Costs and expenses:
Cost of sales 7,057 3,070 18,232 8,996
Selling, general
and administrative 2,507 2,503 10,232 8,708
Research and development 414 314 1,455 1,165
Operating income (loss) 1,374 (305) 2,708 (1,197)
(Loss) income from
equity interest in
affiliates -- (75) 196 (342)
Interest expense (22) (51) (136) (245)
Other (expense) income,
net (115) (89) 139 37
Income (loss) before
taxes 1,237 (520) 2,907 (1,747)
Income tax benefit 100 114 150 114
Net income (loss) $1,337 $(406) $3,057 $(1,633)
Net income (loss) per common share:
Basic $.07 $(.02) $.16 $(.09)
Diluted $.06 $(.02) $.14 $(.09)
Average number of common shares outstanding:
Basic 19,503,000 18,778,000 19,350,000 18,592,000
Diluted 21,870,000 18,778,000 22,437,000 18,592,000
FUEL-TECH N.V.
CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars, except share data)
December 31, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $10,939 $9,338
Accounts receivable, net of allowances
for doubtful accounts of $107 and $162,
respectively 8,849 5,368
Inventories 420 274
Prepaid expenses and other current assets 744 583
Total current assets 20,952 15,563
Equipment, net of accumulated depreciation of
$5,118 and $4,222, respectively 2,123 1,756
Goodwill, net of accumulated amortization of $924 2,119 2,126
Other assets 675 883
Total assets $25,869 $20,328
Liabilities and stockholders` equity
Current liabilities:
Current portion of note payable $-- $2,700
Accounts payable 5,065 1,978
Accrued liabilities:
Employee compensation 802 513
Deferred revenue -- 319
Other accrued liabilities 1,138 1,192
Total current liabilities 7,005 6,702
Note payable 1,800 --
Other liabilities 259 491
Total liabilities 9,064 7,193
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,613,817
and 18,984,097 shares issued, respectively 196 190
Additional paid-in capital 90,315 87,720
Accumulated deficit (73,150) (76,207)
Accumulated other comprehensive loss 10 (68)
Treasury stock (1,098) (1,098)
Nil coupon perpetual loan notes 532 2,598
Total stockholders` equity 16,805 13,135
Total liabilities and stockholders` equity $25,869 $20,328
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Thursday February 27, 7:31 am ET
STAMFORD, Conn., Feb. 27 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the fourth quarter and year ended December 31, 2002.
ADVERTISEMENT
For the quarter, net sales increased 103% to $11.4 million, compared to $5.6 million in the fourth quarter of 2001. Net income for the quarter was $1.3 million or $0.06 per diluted share, compared to a loss of $406,000, or $(0.02) per diluted share, in the same quarter a year ago.
Net sales for the year were $32.6 million, compared with $17.7 million for 2001. Net income for the full year was $3.1 million, or $0.14 per diluted share, compared with a loss of $1.6 million, or $(0.09) per diluted share in 2001.
"We are very pleased with our results for the quarter and full year, particularly in light of present market conditions, both in the electric utility sector and in the economy in general," commented Steven C. Argabright, President and Chief Operating Officer. "Despite the weak demand for power and the financial difficulties that many utilities are experiencing, we were still able to book projects on the air pollution control side of our business totaling in excess of $24 million in 2002, while growing revenues by 85% and realizing over $3.0 million in net profits."
Mr. Argabright continued, "All three of our businesses made significant progress in 2002. Revenues from our air pollution control business increased 145% this year, as the May 31, 2004 deadline for the EPA`s State Implementation Plan (SIP) Call nears. We expect revenues in this business to continue to grow through 2005 and 2006, beyond the deadline for the SIP Call, as in some cases utilities are delaying large capital expenditures as well as looking at low-capital solutions and the purchase of NOx allowances to meet their NOx compliance needs. We see this as an opportunity, for the first time, to sell our NOxOUT® systems on a Return on Investment basis due to the high price of NOx allowances. I expect to report back to you throughout 2003 on our success with this approach."
"During the year, several factors caused our FUEL CHEM® business to fall short of expectations. First, the high price of oil coupled with political uncertainties in the Middle East caused many of our oil-fired accounts to switch fuels to natural gas. Second, the quality of coal burned at one of our large coal-fired accounts improved, temporarily alleviating the need for our process. Finally, many utilities that are experiencing financial difficulties have not allocated resources for new technology implementation. Although these factors, which we feel are temporary, had a negative impact on FUEL CHEM revenues in 2002, we have made significant progress in our discussions with coal-fired utilities and expect significant new business beginning in the first half of 2003. We are also in late-stage discussions with major coal suppliers on joint marketing opportunities, and we see important synergies resulting from such alliances. Finally, we have stepped up our marketing efforts overseas, and received our first large order from China. In addition to the Far East, we see attractive markets in Western Europe and Mexico, and intend to penetrate these markets in 2003."
Mr. Argabright concluded, "We have made a great deal of progress with our ACUITIV(TM) visualization software product, commercially introduced in 2002, and believe we are now well positioned to capitalize on market opportunities in 2003. We recently released an upgraded version of the software which makes it compatible with Microsoft Windows 2000®, in addition to the UNIX and LINUX operating systems. This greatly increases our available market, and we expect order flow to gradually accelerate in 2003 and beyond."
Outlook
The weak economy and the financial constraints on the electric utility industry are expected to continue for most, if not all, of 2003.
In order to produce year-over-year growth in earnings, the Company is taking aggressive steps to expand its markets, reinforce its sales force and reduce costs in other areas wherever possible.
Conference Call
As a reminder, Fuel-Tech N.V. will be hosting a telephone conference call at 10:00 AM EST on Thursday, February 27th, 2003, to discuss further its fourth quarter and year-end results. This conference will simultaneously be broadcast over the Internet at http://www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Fuel Lean Gas Reburn (FLGR(TM)), Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at http://www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
FUEL-TECH N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except share data)
Three Months Ended Twelve Months Ended
December 31 December 31
2002 2001 2002 2001
Net sales $11,352 $5,582 $32,627 $17,672
Costs and expenses:
Cost of sales 7,057 3,070 18,232 8,996
Selling, general
and administrative 2,507 2,503 10,232 8,708
Research and development 414 314 1,455 1,165
Operating income (loss) 1,374 (305) 2,708 (1,197)
(Loss) income from
equity interest in
affiliates -- (75) 196 (342)
Interest expense (22) (51) (136) (245)
Other (expense) income,
net (115) (89) 139 37
Income (loss) before
taxes 1,237 (520) 2,907 (1,747)
Income tax benefit 100 114 150 114
Net income (loss) $1,337 $(406) $3,057 $(1,633)
Net income (loss) per common share:
Basic $.07 $(.02) $.16 $(.09)
Diluted $.06 $(.02) $.14 $(.09)
Average number of common shares outstanding:
Basic 19,503,000 18,778,000 19,350,000 18,592,000
Diluted 21,870,000 18,778,000 22,437,000 18,592,000
FUEL-TECH N.V.
CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars, except share data)
December 31, December 31,
2002 2001
Assets
Current assets:
Cash and cash equivalents $10,939 $9,338
Accounts receivable, net of allowances
for doubtful accounts of $107 and $162,
respectively 8,849 5,368
Inventories 420 274
Prepaid expenses and other current assets 744 583
Total current assets 20,952 15,563
Equipment, net of accumulated depreciation of
$5,118 and $4,222, respectively 2,123 1,756
Goodwill, net of accumulated amortization of $924 2,119 2,126
Other assets 675 883
Total assets $25,869 $20,328
Liabilities and stockholders` equity
Current liabilities:
Current portion of note payable $-- $2,700
Accounts payable 5,065 1,978
Accrued liabilities:
Employee compensation 802 513
Deferred revenue -- 319
Other accrued liabilities 1,138 1,192
Total current liabilities 7,005 6,702
Note payable 1,800 --
Other liabilities 259 491
Total liabilities 9,064 7,193
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,613,817
and 18,984,097 shares issued, respectively 196 190
Additional paid-in capital 90,315 87,720
Accumulated deficit (73,150) (76,207)
Accumulated other comprehensive loss 10 (68)
Treasury stock (1,098) (1,098)
Nil coupon perpetual loan notes 532 2,598
Total stockholders` equity 16,805 13,135
Total liabilities and stockholders` equity $25,869 $20,328
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded $2.2 Million Contract For Its NOxOUT ULTRA(R) Technology
Wednesday April 30, 7:35 am ET
STAMFORD, Conn., April 30 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a $2.2 million order from a Midwest utility for its proprietary NOxOUT ULTRA® technology. The NOxOUT ULTRA system will be installed on a 360 megawatt (MW) coal-fired boiler.
The NOxOUT ULTRA process, which is complementary to the Company`s broad offering of superior nitrogen oxide (NOx) reduction technologies, provides for the safe and cost-effective conversion of urea to ammonia for use as a reagent in the selective catalytic reduction (SCR) of NOx. This contract represents the second installation of this technology on a coal-fired utility boiler. As previously announced, Fuel Tech received a design and engineering order for an ULTRA system on a third coal-fired utility boiler, and expects to receive the equipment release shortly.
Steven C. Argabright, President and Chief Operating Officer, stated, "We are extremely pleased that our NOxOUT ULTRA technology continues to penetrate the marketplace. Our customer was attracted to both our advanced technology and simple process for the conversion of urea to ammonia onsite, eliminating the hazards associated with its transportation and storage."
Mr. Argabright continued, "By safely and effectively converting urea to ammonia, the NOxOUT ULTRA process provides the Company with the ability to access the SCR market, which requires an ammonia reagent to effectively lower emission levels. The NOxOUT ULTRA technology therefore allows us to participate incrementally in the NOx reduction market over the next several years as industrial and utility customers implement their NOx reduction programs."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding
future events. These statements are only predictions and actual events may
differ materially. Please refer to documents that Fuel Tech files from time
to time with the Securities and Exchange Commission for a discussion of
certain factors that could cause actual results to differ materially from
those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
+1-203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Wednesday April 30, 7:35 am ET
STAMFORD, Conn., April 30 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a $2.2 million order from a Midwest utility for its proprietary NOxOUT ULTRA® technology. The NOxOUT ULTRA system will be installed on a 360 megawatt (MW) coal-fired boiler.
The NOxOUT ULTRA process, which is complementary to the Company`s broad offering of superior nitrogen oxide (NOx) reduction technologies, provides for the safe and cost-effective conversion of urea to ammonia for use as a reagent in the selective catalytic reduction (SCR) of NOx. This contract represents the second installation of this technology on a coal-fired utility boiler. As previously announced, Fuel Tech received a design and engineering order for an ULTRA system on a third coal-fired utility boiler, and expects to receive the equipment release shortly.
Steven C. Argabright, President and Chief Operating Officer, stated, "We are extremely pleased that our NOxOUT ULTRA technology continues to penetrate the marketplace. Our customer was attracted to both our advanced technology and simple process for the conversion of urea to ammonia onsite, eliminating the hazards associated with its transportation and storage."
Mr. Argabright continued, "By safely and effectively converting urea to ammonia, the NOxOUT ULTRA process provides the Company with the ability to access the SCR market, which requires an ammonia reagent to effectively lower emission levels. The NOxOUT ULTRA technology therefore allows us to participate incrementally in the NOx reduction market over the next several years as industrial and utility customers implement their NOx reduction programs."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization services and software that were developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding
future events. These statements are only predictions and actual events may
differ materially. Please refer to documents that Fuel Tech files from time
to time with the Securities and Exchange Commission for a discussion of
certain factors that could cause actual results to differ materially from
those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
+1-203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded Letter of Intent and Order Totaling $2.3 Million
Thursday May 15, 8:31 am ET
STAMFORD, Conn., May 15 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced a Letter of Intent and an order for air pollution control projects totaling $2.3 million. The Letter of Intent is for the installation of NOxOUT® systems on two 100 MW(e) coal-fired utility boilers while the order is for design engineering services on another coal-fired unit.
Steven C. Argabright, President and Chief Operating Officer, commented, "As the State Implementation Plan (SIP) Call deadline of May 2004 approaches, we expect increased business from both utility and industrial customers who are faced with increasing pressure to comply with the regulation. Our NOxOUT Process provides extremely cost-effective NOx reductions and does not require major outages for installation. Work on the two units covered by the Letter of Intent is expected to be materially completed in 2003 with the requirement for shipment later this year. We continue to solicit and receive advance design engineering orders to allow more rapid equipment construction once releases for that phase of the project are in hand. In this case, the design engineering order represents another repeat order from a satisfied customer."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Thursday May 15, 8:31 am ET
STAMFORD, Conn., May 15 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced a Letter of Intent and an order for air pollution control projects totaling $2.3 million. The Letter of Intent is for the installation of NOxOUT® systems on two 100 MW(e) coal-fired utility boilers while the order is for design engineering services on another coal-fired unit.
Steven C. Argabright, President and Chief Operating Officer, commented, "As the State Implementation Plan (SIP) Call deadline of May 2004 approaches, we expect increased business from both utility and industrial customers who are faced with increasing pressure to comply with the regulation. Our NOxOUT Process provides extremely cost-effective NOx reductions and does not require major outages for installation. Work on the two units covered by the Letter of Intent is expected to be materially completed in 2003 with the requirement for shipment later this year. We continue to solicit and receive advance design engineering orders to allow more rapid equipment construction once releases for that phase of the project are in hand. In this case, the design engineering order represents another repeat order from a satisfied customer."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Enters Into a Strategic Agreement With Peabody Energy
Monday June 16, 7:30 am ET
- Enhances Opportunity for our TIFI Technology in the Coal-Fueled Utility Market -
STAMFORD, Conn., June 16 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has signed a strategic agreement with Peabody Energy (NYSE: BTU - News) to work together on a case-by-case basis to jointly market the Company`s proprietary Targeted-In-Furnace Injection (TIFI) technology to units using high sodium coals.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are very excited to be working with Peabody Energy, the world`s largest coal company. This is a real step forward and will give us another avenue for penetrating the coal-fueled utility market, which we believe represents the largest opportunity for us. An agreement with a company of this caliber is further evidence of the benefits provided by FUEL CHEM®, as well as the growing acceptance of our patented TIFI technology as a superior method for controlling slagging and fouling in furnaces and boilers using a variety of fuels, including certain Western coals."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Monday June 16, 7:30 am ET
- Enhances Opportunity for our TIFI Technology in the Coal-Fueled Utility Market -
STAMFORD, Conn., June 16 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has signed a strategic agreement with Peabody Energy (NYSE: BTU - News) to work together on a case-by-case basis to jointly market the Company`s proprietary Targeted-In-Furnace Injection (TIFI) technology to units using high sodium coals.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are very excited to be working with Peabody Energy, the world`s largest coal company. This is a real step forward and will give us another avenue for penetrating the coal-fueled utility market, which we believe represents the largest opportunity for us. An agreement with a company of this caliber is further evidence of the benefits provided by FUEL CHEM®, as well as the growing acceptance of our patented TIFI technology as a superior method for controlling slagging and fouling in furnaces and boilers using a variety of fuels, including certain Western coals."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded Letter of Intent and Orders Totaling $2.5 Million
Monday June 23, 7:30 am ET
STAMFORD, Conn., June 23 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced a Letter of Intent and orders for air pollution control projects totaling $2.5 million. The Letter of Intent is for the installation of a NOxOUT® system on a large co-generation plant in the Eastern U.S. The orders are as follows: two are for the installation of NOxOUT® systems on small units in Italy and France, two are for design engineering services, one is a demonstration at a steel mill and another is for an increase in scope to an existing NOxOUT contract.
Steven C. Argabright, President and Chief Operating Officer, commented, "This demonstrates our continued acceptance of our NOxOUT technology and our ongoing ability to further penetrate the NOx reduction market, both domestically and abroad. We are particularly gratified that one of these orders is the result of a referral from another satisfied customer. We look forward to other significant orders for our technologies, as industrial and utility operators look to comply with the requirements of the SIP Call Regulation."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203)425-9830
Tracy H. Krumme
Director, Investor Relations
(203)425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Monday June 23, 7:30 am ET
STAMFORD, Conn., June 23 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced a Letter of Intent and orders for air pollution control projects totaling $2.5 million. The Letter of Intent is for the installation of a NOxOUT® system on a large co-generation plant in the Eastern U.S. The orders are as follows: two are for the installation of NOxOUT® systems on small units in Italy and France, two are for design engineering services, one is a demonstration at a steel mill and another is for an increase in scope to an existing NOxOUT contract.
Steven C. Argabright, President and Chief Operating Officer, commented, "This demonstrates our continued acceptance of our NOxOUT technology and our ongoing ability to further penetrate the NOx reduction market, both domestically and abroad. We are particularly gratified that one of these orders is the result of a referral from another satisfied customer. We look forward to other significant orders for our technologies, as industrial and utility operators look to comply with the requirements of the SIP Call Regulation."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203)425-9830
Tracy H. Krumme
Director, Investor Relations
(203)425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Awarded A $2.1 Million Contract For NOxOUT Ultra(R) Technology
Tuesday July 1, 7:30 am ET
STAMFORD, Conn., July 1 /PRNewswire-FirstCall/ -- Fuel-Tech N.V. (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a $2.1 million order for its proprietary NOxOUT ULTRA® technology. The NOxOUT ULTRA system will be installed on a 520 megawatt (MWe) coal-fueled utility boiler. Included in a previous Company press release was an order for over $0.5 million for engineering work related to this contract, making the total value of this project exceed $2.6 million.
The NOxOUT ULTRA process, which is complementary to the Company`s broad offering of superior nitrogen oxide (NOx) reduction technologies, provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent in the selective catalytic reduction (SCR) of NOx, thereby eliminating the hazards associated with the transport and storage of ammonia.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased that our NOxOUT ULTRA technology continues to penetrate the NOx reduction market. By safely and effectively converting urea to ammonia, the NOxOUT ULTRA process provides the Company with the ability to access the SCR market, which requires an ammonia reagent to effectively lower emission levels. We look forward to continued bookings over the next several years as industrial and utility customers implement their NOx reduction programs."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Tuesday July 1, 7:30 am ET
STAMFORD, Conn., July 1 /PRNewswire-FirstCall/ -- Fuel-Tech N.V. (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced that it has received a $2.1 million order for its proprietary NOxOUT ULTRA® technology. The NOxOUT ULTRA system will be installed on a 520 megawatt (MWe) coal-fueled utility boiler. Included in a previous Company press release was an order for over $0.5 million for engineering work related to this contract, making the total value of this project exceed $2.6 million.
The NOxOUT ULTRA process, which is complementary to the Company`s broad offering of superior nitrogen oxide (NOx) reduction technologies, provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent in the selective catalytic reduction (SCR) of NOx, thereby eliminating the hazards associated with the transport and storage of ammonia.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased that our NOxOUT ULTRA technology continues to penetrate the NOx reduction market. By safely and effectively converting urea to ammonia, the NOxOUT ULTRA process provides the Company with the ability to access the SCR market, which requires an ammonia reagent to effectively lower emission levels. We look forward to continued bookings over the next several years as industrial and utility customers implement their NOx reduction programs."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Announces Successful TIFI Application on a Large Coal-Fueled Unit
Thursday July 17, 7:31 am ET
STAMFORD, Conn., July 17 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced the successful application of its proprietary Targeted In-Furnace Injection (TIFI) technology on a 475 megawatt {MW(e)} coal-fueled unit in Oklahoma. The unit, at the Hugo Station, is owned by Western Farmers Electrical Cooperative (WFEC). WFEC is a consumer-owned, regional cooperative responsible for supplying wholesale electric power to 19 member distribution electric cooperatives and Altus Air Force Base.
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Charles Collier, Plant Manager at Hugo Station, said, "After utilizing various options to address efficiency-robbing slag and fouling accumulation, we made a decision to work with Fuel Tech to utilize a chemical injection process to mitigate slagging. To date, this trial is delivering as described by the Fuel Tech personnel. Using our infrared video camera, we have been able to verify the desirable effects from the application of this fuel additive technology in the elimination of problematic slag accumulation, and related furnace fouling issues. We are also encouraged in our ability to reduce oxygen levels, and the related NOx reduction trends we have seen." Mr. Collier concluded, "The working relationship developed between Hugo Station and the Fuel Tech service team throughout the trial period has been mutually beneficial."
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased to provide these significant results in such a short period of time. This application, which started up in May, will allow Hugo Station to reduce the amount of time the plant is off-line, keep power costs down, and minimize potential damage to the boiler from slag accumulation, while providing a significant return on their investment." Mr. Argabright added, "We look forward to our continued penetration of this market, and are confident that our state-of-the-art FUEL CHEM® technology will continue to gain recognition as the efficient and cost-effective method for controlling slag and fouling."
About the TIFI Technology
Fuel Tech`s TIFI program utilizes advanced Computational Fluid Dynamic (CFD) modeling techniques to ensure that active chemicals reach problem areas, thereby significantly reducing or eliminating slagging and corrosion concerns. Historically, these concerns have created multiple problems for utilities that include loss of efficiency, extremely high soot blowing requirements, tube erosion, boiler damage due to falling slag, difficult cleanings, as well as furnace fouling that can result in costly shutdowns. By utilizing Fuel Tech`s TIFI technology, utility and industrial companies can maintain cleaner furnace conditions even as higher percentages of cheaper, lower grade coal are utilized at their power plants. Via Fuel Tech`s TIFI technology, these companies can also realize a substantial return on their investment over a very short period of time.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Thursday July 17, 7:31 am ET
STAMFORD, Conn., July 17 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology and advanced engineering solutions for energy systems, today announced the successful application of its proprietary Targeted In-Furnace Injection (TIFI) technology on a 475 megawatt {MW(e)} coal-fueled unit in Oklahoma. The unit, at the Hugo Station, is owned by Western Farmers Electrical Cooperative (WFEC). WFEC is a consumer-owned, regional cooperative responsible for supplying wholesale electric power to 19 member distribution electric cooperatives and Altus Air Force Base.
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Charles Collier, Plant Manager at Hugo Station, said, "After utilizing various options to address efficiency-robbing slag and fouling accumulation, we made a decision to work with Fuel Tech to utilize a chemical injection process to mitigate slagging. To date, this trial is delivering as described by the Fuel Tech personnel. Using our infrared video camera, we have been able to verify the desirable effects from the application of this fuel additive technology in the elimination of problematic slag accumulation, and related furnace fouling issues. We are also encouraged in our ability to reduce oxygen levels, and the related NOx reduction trends we have seen." Mr. Collier concluded, "The working relationship developed between Hugo Station and the Fuel Tech service team throughout the trial period has been mutually beneficial."
Steven C. Argabright, President and Chief Operating Officer, commented, "We are extremely pleased to provide these significant results in such a short period of time. This application, which started up in May, will allow Hugo Station to reduce the amount of time the plant is off-line, keep power costs down, and minimize potential damage to the boiler from slag accumulation, while providing a significant return on their investment." Mr. Argabright added, "We look forward to our continued penetration of this market, and are confident that our state-of-the-art FUEL CHEM® technology will continue to gain recognition as the efficient and cost-effective method for controlling slag and fouling."
About the TIFI Technology
Fuel Tech`s TIFI program utilizes advanced Computational Fluid Dynamic (CFD) modeling techniques to ensure that active chemicals reach problem areas, thereby significantly reducing or eliminating slagging and corrosion concerns. Historically, these concerns have created multiple problems for utilities that include loss of efficiency, extremely high soot blowing requirements, tube erosion, boiler damage due to falling slag, difficult cleanings, as well as furnace fouling that can result in costly shutdowns. By utilizing Fuel Tech`s TIFI technology, utility and industrial companies can maintain cleaner furnace conditions even as higher percentages of cheaper, lower grade coal are utilized at their power plants. Via Fuel Tech`s TIFI technology, these companies can also realize a substantial return on their investment over a very short period of time.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy H. Krumme
Director, Investor Relations
(203) 425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Reports Second Quarter and Six Months Results; Y/Y Revenue Increases 24% and 36%, Respectively
Tuesday July 29, 7:32 am ET
STAMFORD, Conn., July 29 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the second quarter and six months ended June 30, 2003.
ADVERTISEMENT
For the quarter, net sales increased 24% to $10.0 million, compared to $8.0 million in the second quarter of 2002. Net income for the quarter was $600,000, or $0.03 per diluted share, compared to net income of $1,029,000, or $0.05 per diluted share, in the same quarter a year ago. For the six month period ended June 30, 2003, net sales increased 36% to $18.0 million, compared to $13.2 million in the first half of 2002. Net income for the first six months of 2003 was $83,000, or $0.00 per diluted share, compared to net income of $1,341,000, or $0.06 per diluted share, in the same period a year ago.
"Our results for the quarter were in line with our expectations," commented Steven C. Argabright, President and Chief Operating Officer. "The reduction in overall margins for the first half of the year was the result of air pollution control turnkey installations comprising a large percentage of total revenues, and the turnkey portion of these contracts are sold at a much lower margin than our traditional scope. As most of our turnkey projects are near completion, margins from our air pollution control business should return to more traditional levels. We continue to see strong interest in the air pollution control project business as the May 31, 2004 deadline for compliance with the SIP Call nears."
Mr. Argabright continued, "We are pleased by the progress we`ve seen in our FUEL CHEM® business, as our patented Targeted In-Furnace Injection (TIFI) technology continues to gain recognition as a superior method for controlling slagging and fouling in boilers burning a variety of fuels, including Western coals. We recently announced the results of our successful demonstration at Western Farmers Electric Cooperative`s Hugo station on a 475 MW coal-fueled utility boiler which, when coupled with our strategic agreement with Peabody Energy, adds tremendous credibility to our technology. We expect significant additional business to be gained during the next six to eight months based on the proven ROI benefit that our FUEL CHEM technology provides. This will give us the critical mass that we need to significantly increase our market penetration." Mr. Argabright concluded, "We look forward to improved results in the subsequent quarter as we benefit from new air pollution control contracts and the increased penetration of our FUEL CHEM business on coal-fueled utility boilers."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM EDT on Tuesday, July 29th, 2003, to further discuss second quarter results. The call will be simultaneously broadcast over the Internet at www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel-Tech N.V. files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy Krumme
Director of Investor Relations
(203) 425-9830
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Six Months Ended
June 30 June 30
2003 2002 2003 2002
Net sales $ 9,968 $ 8,021 $18,004 $13,242
Costs and expenses:
Cost of sales 6,411 4,130 11,820 6,713
Selling, general
and administrative 2,750 2,653 5,604 5,008
Research and development 295 354 606 647
Operating income (loss) 512 884 (26) 874
(Loss) income from equity
interest in affiliates -- (15) -- 223
Interest expense (9) (34) (25) (77)
Other income, net 97 194 134 271
Income before taxes 600 1,029 83 1,291
Income taxes -- -- -- 50
Net income $ 600 $ 1,029 $ 83 $ 1,341
Net income per common share:
Basic $ .03 $ .05 $ -- $ .07
Diluted $ .03 $ .05 $ -- $ .06
Average number of common shares outstanding:
Basic 19,582,000 19,310,000 19,571,000 19,247,000
Diluted 22,147,000 22,733,000 22,089,000 22,675,000
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share data)
June 30, December 31,
2003 2002
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 6,160 $ 10,939
Accounts receivable, net 8,994 8,849
Prepaid expenses and other current assets 1,407 1,164
Total current assets 16,561 20,952
Equipment, net of accumulated
depreciation of
$5,593 and $5,118, respectively 2,305 2,123
Goodwill, net of accumulated amortization of $924 2,119 2,119
Other 674 675
Total assets $ 21,659 $ 25,869
Liabilities and stockholders` equity
Current liabilities:
Accounts payable 3,065 5,065
Accrued expenses 1,322 1,940
Total current liabilities 4,387 7,005
Long-term debt -- 1,800
Other liabilities 270 259
Total liabilities 4,657 9,064
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,706,892
and 19,613,817 shares issued, respectively 197 196
Additional paid-in capital 90,466 90,315
Accumulated deficit (73,068) (73,150)
Accumulated other comprehensive income 8 10
Treasury stock (1,133) (1,098)
Nil coupon perpetual loan notes 532 532
Total stockholders` equity 17,002 16,805
Total liabilities and stockholders` equity $ 21,659 $ 25,869
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Tuesday July 29, 7:32 am ET
STAMFORD, Conn., July 29 /PRNewswire-FirstCall/ -- Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in air pollution control technology, process optimization and advanced engineering solutions for energy systems, today reported results for the second quarter and six months ended June 30, 2003.
ADVERTISEMENT
For the quarter, net sales increased 24% to $10.0 million, compared to $8.0 million in the second quarter of 2002. Net income for the quarter was $600,000, or $0.03 per diluted share, compared to net income of $1,029,000, or $0.05 per diluted share, in the same quarter a year ago. For the six month period ended June 30, 2003, net sales increased 36% to $18.0 million, compared to $13.2 million in the first half of 2002. Net income for the first six months of 2003 was $83,000, or $0.00 per diluted share, compared to net income of $1,341,000, or $0.06 per diluted share, in the same period a year ago.
"Our results for the quarter were in line with our expectations," commented Steven C. Argabright, President and Chief Operating Officer. "The reduction in overall margins for the first half of the year was the result of air pollution control turnkey installations comprising a large percentage of total revenues, and the turnkey portion of these contracts are sold at a much lower margin than our traditional scope. As most of our turnkey projects are near completion, margins from our air pollution control business should return to more traditional levels. We continue to see strong interest in the air pollution control project business as the May 31, 2004 deadline for compliance with the SIP Call nears."
Mr. Argabright continued, "We are pleased by the progress we`ve seen in our FUEL CHEM® business, as our patented Targeted In-Furnace Injection (TIFI) technology continues to gain recognition as a superior method for controlling slagging and fouling in boilers burning a variety of fuels, including Western coals. We recently announced the results of our successful demonstration at Western Farmers Electric Cooperative`s Hugo station on a 475 MW coal-fueled utility boiler which, when coupled with our strategic agreement with Peabody Energy, adds tremendous credibility to our technology. We expect significant additional business to be gained during the next six to eight months based on the proven ROI benefit that our FUEL CHEM technology provides. This will give us the critical mass that we need to significantly increase our market penetration." Mr. Argabright concluded, "We look forward to improved results in the subsequent quarter as we benefit from new air pollution control contracts and the increased penetration of our FUEL CHEM business on coal-fueled utility boilers."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM EDT on Tuesday, July 29th, 2003, to further discuss second quarter results. The call will be simultaneously broadcast over the Internet at www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel-Tech N.V. files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
CONTACT: Scott M. Schecter
Chief Financial Officer
(203) 425-9830
Tracy Krumme
Director of Investor Relations
(203) 425-9830
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Six Months Ended
June 30 June 30
2003 2002 2003 2002
Net sales $ 9,968 $ 8,021 $18,004 $13,242
Costs and expenses:
Cost of sales 6,411 4,130 11,820 6,713
Selling, general
and administrative 2,750 2,653 5,604 5,008
Research and development 295 354 606 647
Operating income (loss) 512 884 (26) 874
(Loss) income from equity
interest in affiliates -- (15) -- 223
Interest expense (9) (34) (25) (77)
Other income, net 97 194 134 271
Income before taxes 600 1,029 83 1,291
Income taxes -- -- -- 50
Net income $ 600 $ 1,029 $ 83 $ 1,341
Net income per common share:
Basic $ .03 $ .05 $ -- $ .07
Diluted $ .03 $ .05 $ -- $ .06
Average number of common shares outstanding:
Basic 19,582,000 19,310,000 19,571,000 19,247,000
Diluted 22,147,000 22,733,000 22,089,000 22,675,000
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share data)
June 30, December 31,
2003 2002
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 6,160 $ 10,939
Accounts receivable, net 8,994 8,849
Prepaid expenses and other current assets 1,407 1,164
Total current assets 16,561 20,952
Equipment, net of accumulated
depreciation of
$5,593 and $5,118, respectively 2,305 2,123
Goodwill, net of accumulated amortization of $924 2,119 2,119
Other 674 675
Total assets $ 21,659 $ 25,869
Liabilities and stockholders` equity
Current liabilities:
Accounts payable 3,065 5,065
Accrued expenses 1,322 1,940
Total current liabilities 4,387 7,005
Long-term debt -- 1,800
Other liabilities 270 259
Total liabilities 4,657 9,064
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,706,892
and 19,613,817 shares issued, respectively 197 196
Additional paid-in capital 90,466 90,315
Accumulated deficit (73,068) (73,150)
Accumulated other comprehensive income 8 10
Treasury stock (1,133) (1,098)
Nil coupon perpetual loan notes 532 532
Total stockholders` equity 17,002 16,805
Total liabilities and stockholders` equity $ 21,659 $ 25,869
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Reports Third Quarter Results
Tuesday October 28, 7:31 am ET
Y/Y Revenue & Net Income Increases 27% and 248%, Respectively
STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 28, 2003--Fuel-Tech N.V., (Nasdaq:FTEK - News), a world leader in advanced engineering solutions for the optimization of combustion systems for utility and industrial customers, today reported results for the third quarter and nine months ended September 30, 2003.
ADVERTISEMENT
For the quarter, net sales increased 27% to $10.2 million, compared to $8.0 million in the third quarter of 2002. Net income in the third quarter increased 248% to $1.3 million, or $0.06 per diluted share, compared to $379,000, or $0.02 per diluted share, last year. For the nine month period ended September 30, 2003, net sales increased 32% to $28.2 million, compared to $21.3 million in the same period last year. Net income for the nine months was $1.4 million, or $0.06 per diluted share, compared to net income of $1.7 million, or $0.08 per diluted share, in the same period last year.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are pleased with our results for the third quarter. This was a record quarter for our FUEL CHEM® business, with revenues up 90% over last year. This growth is attributable to our increased penetration and strong performance in the Western coal-fueled utility market as well as an increase in our more traditional oil-fueled business. We continue to be extremely excited about the growth opportunities in our FUEL CHEM business. Plant managers from two large utilities and a regional co-op have visited our successful Targeted-In-Furnace-Injection application at Western Farmers` HUGO Station, and we believe that we will have commitments for demonstrations at these and other utilities between now and the end of the first quarter next year. We look forward to strong revenue growth from this business and expect year-over-year growth in the range of 75-100% in 2004."
"During the quarter, we simultaneously announced two agreements with Martin Marietta Magnesia Specialties (MMMS). The first was the acquisition of MMMS` fuel treatment chemical business, and the second was the signing of a long-term chemical supply agreement. These agreements will allow us to continue to offer the highest quality fuel treatment chemicals to our customers, as well as provide additional revenue, market intelligence and an oil-fired customer base which we can leverage with our technology."
Mr. Argabright continued, "Third quarter air pollution control revenues were up 8% from last year, which was less than we had internally projected, but a result of the current environment we are operating in. As we said in our last press release, two things have led to a slowing in this business. First, recent rulings related to New Source Review have caused our utility customers to reassess compliance plans to ensure that they will meet their overall NOx reduction requirements in the most cost-effective manner. Although we expect these recent rulings to benefit us in the future, the impact in the near-term is a delay in orders. Second, as we have discussed many times in the past, many utilities are experiencing significant capital constraints. This, coupled with depressed NOx allowance prices, the result of mild weather and weak demand for power, has caused some utilities to delay capital spending and meet their requirements on a short-term basis through the purchase of allowances and other temporary means. It is important to note that these revenues are not going away, but merely being postponed. We are doing everything we can to work with our customers as they finalize their compliance plans, and we expect this business to pick up in the second half of 2004 and be strong in 2005 and 2006."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM ET on Tuesday, October 28, 2003, to further discuss these results. The call will be simultaneously broadcast over the Internet at www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company providing proprietary advanced engineering solutions for the optimization of combustion systems for utility and industrial customers. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel-Tech N.V. files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
(Tables to Follow)
-0-
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share data)
September 30, December 31,
2003 2002
------------- ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 5,791 $ 10,939
Accounts receivable, net 9,661 8,849
Prepaid expenses and other current assets 1,456 1,164
------------- ------------
Total current assets 16,908 20,952
Equipment, net of accumulated depreciation
of
$5,867 and $5,118, respectively 2,182 2,123
Goodwill, net of accumulated amortization of
$924 2,119 2,119
Other intangible asset 1,298 -
Other 673 675
------------- ------------
Total assets $ 23,180 $ 25,869
============= ============
Liabilities and stockholders` equity
Current liabilities:
Accounts payable $ 2,684 $ 5,065
Accrued expenses 1,733 1,940
------------- ------------
Total current liabilities 4,417 7,005
Long-term debt - 1,800
Other liabilities 260 259
------------- ------------
Total liabilities 4,677 9,064
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,895,503
and 19,613,817 shares issued, respectively 199 196
Additional paid-in capital 90,636 90,315
Accumulated deficit (71,753) (73,150)
Accumulated other comprehensive income 22 10
Treasury stock (1,133) (1,098)
Nil coupon perpetual loan notes 532 532
------------- ------------
Total stockholders` equity 18,503 16,805
------------- ------------
Total liabilities and stockholders` equity $ 23,180 $ 25,869
============= ============
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
------------------------- ------------------------
Net sales $ 10,178 $ 8,033 $ 28,182 $ 21,275
Costs and expenses:
Cost of sales 5,592 4,462 17,412 11,175
Selling, general
and administrative 2,961 2,717 8,565 7,725
Research and
development 314 394 920 1,041
------------ ------------ ------------ -----------
Operating income 1,311 460 1,285 1,334
(Loss) income from
equity interest in
affiliates - (27) - 196
Interest expense - (37) (25) (114)
Other income, net 6 (17) 140 254
------------ ------------ ------------ -----------
Income before taxes 1,317 379 1,400 1,670
Income taxes - - - 50
------------ ------------ ------------ -----------
Net income $ 1,317 $ 379 $ 1,400 $ 1,720
============ ============ ============ ===========
Net income per
common share:
Basic $ .07 $ .02 $ .07 $ .09
============ ============ ============ ===========
Diluted $ .06 $ .02 $ .06 $ .08
============ ============ ============ ===========
Average number of
common shares
outstanding:
Basic 19,744,000 19,454,000 19,629,000 19,299,000
============ ============ ============ ===========
Diluted 22,748,000 22,422,000 22,325,000 22,565,000
============ ============ ============ ===========
--------------------------------------------------------------------------------
Contact:
Fuel-Tech N.V.
Scott M. Schecter, 203-425-9830
or
Tracy Krumme, 203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Tuesday October 28, 7:31 am ET
Y/Y Revenue & Net Income Increases 27% and 248%, Respectively
STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 28, 2003--Fuel-Tech N.V., (Nasdaq:FTEK - News), a world leader in advanced engineering solutions for the optimization of combustion systems for utility and industrial customers, today reported results for the third quarter and nine months ended September 30, 2003.
ADVERTISEMENT
For the quarter, net sales increased 27% to $10.2 million, compared to $8.0 million in the third quarter of 2002. Net income in the third quarter increased 248% to $1.3 million, or $0.06 per diluted share, compared to $379,000, or $0.02 per diluted share, last year. For the nine month period ended September 30, 2003, net sales increased 32% to $28.2 million, compared to $21.3 million in the same period last year. Net income for the nine months was $1.4 million, or $0.06 per diluted share, compared to net income of $1.7 million, or $0.08 per diluted share, in the same period last year.
Steven C. Argabright, President and Chief Operating Officer, commented, "We are pleased with our results for the third quarter. This was a record quarter for our FUEL CHEM® business, with revenues up 90% over last year. This growth is attributable to our increased penetration and strong performance in the Western coal-fueled utility market as well as an increase in our more traditional oil-fueled business. We continue to be extremely excited about the growth opportunities in our FUEL CHEM business. Plant managers from two large utilities and a regional co-op have visited our successful Targeted-In-Furnace-Injection application at Western Farmers` HUGO Station, and we believe that we will have commitments for demonstrations at these and other utilities between now and the end of the first quarter next year. We look forward to strong revenue growth from this business and expect year-over-year growth in the range of 75-100% in 2004."
"During the quarter, we simultaneously announced two agreements with Martin Marietta Magnesia Specialties (MMMS). The first was the acquisition of MMMS` fuel treatment chemical business, and the second was the signing of a long-term chemical supply agreement. These agreements will allow us to continue to offer the highest quality fuel treatment chemicals to our customers, as well as provide additional revenue, market intelligence and an oil-fired customer base which we can leverage with our technology."
Mr. Argabright continued, "Third quarter air pollution control revenues were up 8% from last year, which was less than we had internally projected, but a result of the current environment we are operating in. As we said in our last press release, two things have led to a slowing in this business. First, recent rulings related to New Source Review have caused our utility customers to reassess compliance plans to ensure that they will meet their overall NOx reduction requirements in the most cost-effective manner. Although we expect these recent rulings to benefit us in the future, the impact in the near-term is a delay in orders. Second, as we have discussed many times in the past, many utilities are experiencing significant capital constraints. This, coupled with depressed NOx allowance prices, the result of mild weather and weak demand for power, has caused some utilities to delay capital spending and meet their requirements on a short-term basis through the purchase of allowances and other temporary means. It is important to note that these revenues are not going away, but merely being postponed. We are doing everything we can to work with our customers as they finalize their compliance plans, and we expect this business to pick up in the second half of 2004 and be strong in 2005 and 2006."
Conference Call
As a reminder, Fuel-Tech N.V will be hosting a conference call at 10:00 AM ET on Tuesday, October 28, 2003, to further discuss these results. The call will be simultaneously broadcast over the Internet at www.fueltechnv.com and can be accessed under the subheading of "Investors" on the homepage.
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company providing proprietary advanced engineering solutions for the optimization of combustion systems for utility and industrial customers. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release may contain statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel-Tech N.V. files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
(Tables to Follow)
-0-
FUEL-TECH N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars, except share data)
September 30, December 31,
2003 2002
------------- ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 5,791 $ 10,939
Accounts receivable, net 9,661 8,849
Prepaid expenses and other current assets 1,456 1,164
------------- ------------
Total current assets 16,908 20,952
Equipment, net of accumulated depreciation
of
$5,867 and $5,118, respectively 2,182 2,123
Goodwill, net of accumulated amortization of
$924 2,119 2,119
Other intangible asset 1,298 -
Other 673 675
------------- ------------
Total assets $ 23,180 $ 25,869
============= ============
Liabilities and stockholders` equity
Current liabilities:
Accounts payable $ 2,684 $ 5,065
Accrued expenses 1,733 1,940
------------- ------------
Total current liabilities 4,417 7,005
Long-term debt - 1,800
Other liabilities 260 259
------------- ------------
Total liabilities 4,677 9,064
Stockholders` equity:
Common stock, par value $0.01 per share,
authorized 40,000,000 shares, 19,895,503
and 19,613,817 shares issued, respectively 199 196
Additional paid-in capital 90,636 90,315
Accumulated deficit (71,753) (73,150)
Accumulated other comprehensive income 22 10
Treasury stock (1,133) (1,098)
Nil coupon perpetual loan notes 532 532
------------- ------------
Total stockholders` equity 18,503 16,805
------------- ------------
Total liabilities and stockholders` equity $ 23,180 $ 25,869
============= ============
FUEL-TECH N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands of U.S. dollars, except share data)
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
------------------------- ------------------------
Net sales $ 10,178 $ 8,033 $ 28,182 $ 21,275
Costs and expenses:
Cost of sales 5,592 4,462 17,412 11,175
Selling, general
and administrative 2,961 2,717 8,565 7,725
Research and
development 314 394 920 1,041
------------ ------------ ------------ -----------
Operating income 1,311 460 1,285 1,334
(Loss) income from
equity interest in
affiliates - (27) - 196
Interest expense - (37) (25) (114)
Other income, net 6 (17) 140 254
------------ ------------ ------------ -----------
Income before taxes 1,317 379 1,400 1,670
Income taxes - - - 50
------------ ------------ ------------ -----------
Net income $ 1,317 $ 379 $ 1,400 $ 1,720
============ ============ ============ ===========
Net income per
common share:
Basic $ .07 $ .02 $ .07 $ .09
============ ============ ============ ===========
Diluted $ .06 $ .02 $ .06 $ .08
============ ============ ============ ===========
Average number of
common shares
outstanding:
Basic 19,744,000 19,454,000 19,629,000 19,299,000
============ ============ ============ ===========
Diluted 22,748,000 22,422,000 22,325,000 22,565,000
============ ============ ============ ===========
--------------------------------------------------------------------------------
Contact:
Fuel-Tech N.V.
Scott M. Schecter, 203-425-9830
or
Tracy Krumme, 203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Fuel-Tech N.V. Announces a Letter of Intent and NOxOUT Contracts Totalling $2.1 Million and a FUEL CHEM Demonstration at a Major Utility
Friday January 9, 7:30 am ET
STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 9, 2004--Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in providing advanced engineering solutions for the optimization of combustion systems and production facilities for utility and industrial customers, today announced multiple orders for air pollution control projects totaling $2.1 million. The orders are as follows: NOxOUT® systems for two municipal solid waste incinerators in the eastern U.S., a NOxOUT engineering and injection equipment order for small industrial units in Korea, and a NOxOUT system for a municipal solid waste incinerator in France. In addition, the Company received a FUEL CHEM® purchase order for a TIFI (Targeted-In-Furnace-Injection) demonstration on a very large, Western coal-fired boiler at a major utility.
Steven C. Argabright, President and Chief Operating Officer, commented, "These air pollution control orders are from the industrial market, demonstrating our continued penetration in this sector, both domestically and abroad. We are extremely pleased by the FUEL CHEM demonstration as this is taking place at a large utility that we have identified as one of our primary targets, due to the leadership position this utility enjoys and the opportunity to provide our TIFI technology to additional units within the utility. Our existing business on coal-fired units continues to perform well and interest in the technology for coal applications continues to grow. We remain extremely excited about the growth potential in this business and expect additional orders for demonstrations in the near future."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
--------------------------------------------------------------------------------
Contact:
Fuel-Tech N.V.
Vincent J. Arnone, 630-845-4500
or:
Tracy H. Krumme, 203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
Friday January 9, 7:30 am ET
STAMFORD, Conn.--(BUSINESS WIRE)--Jan. 9, 2004--Fuel-Tech N.V., (Nasdaq: FTEK - News), a world leader in providing advanced engineering solutions for the optimization of combustion systems and production facilities for utility and industrial customers, today announced multiple orders for air pollution control projects totaling $2.1 million. The orders are as follows: NOxOUT® systems for two municipal solid waste incinerators in the eastern U.S., a NOxOUT engineering and injection equipment order for small industrial units in Korea, and a NOxOUT system for a municipal solid waste incinerator in France. In addition, the Company received a FUEL CHEM® purchase order for a TIFI (Targeted-In-Furnace-Injection) demonstration on a very large, Western coal-fired boiler at a major utility.
Steven C. Argabright, President and Chief Operating Officer, commented, "These air pollution control orders are from the industrial market, demonstrating our continued penetration in this sector, both domestically and abroad. We are extremely pleased by the FUEL CHEM demonstration as this is taking place at a large utility that we have identified as one of our primary targets, due to the leadership position this utility enjoys and the opportunity to provide our TIFI technology to additional units within the utility. Our existing business on coal-fired units continues to perform well and interest in the technology for coal applications continues to grow. We remain extremely excited about the growth potential in this business and expect additional orders for demonstrations in the near future."
About Fuel-Tech N.V.
Fuel-Tech N.V. is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. The Company`s NOx reduction processes, which include the NOxOUT®, NOxOUT CASCADE®, NOxOUT ULTRA®, Rich Reagent Injection (RRI) and NOxOUT SCR® technologies, have established Fuel-Tech N.V. as a leader in post-combustion NOx control systems, which are installed on over 300 units worldwide.
New technologies that have grown out of the core NOx reduction business form the basis of the FUEL CHEM® and ACUITIV(TM) businesses. FUEL CHEM technology centers around the unique application of chemicals to improve the performance of combustion units while the Company`s ACUITIV business includes high-end visualization software that was developed as part of Fuel Tech`s sophisticated Computational Fluid Dynamics (CFD) modeling techniques utilized to predict the behavior of industrial processes. The Company`s FUEL CHEM products are being applied to over 80 combustion units burning a variety of fuels. For more information, visit Fuel-Tech N.V.`s web site at www.fueltechnv.com.
This press release contains statements of a forward-looking nature regarding future events. These statements are only predictions and actual events may differ materially. Please refer to documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a discussion of certain factors that could cause actual results to differ materially from those contained in the forward-looking statements.
--------------------------------------------------------------------------------
Contact:
Fuel-Tech N.V.
Vincent J. Arnone, 630-845-4500
or:
Tracy H. Krumme, 203-425-9830
--------------------------------------------------------------------------------
Source: Fuel-Tech N.V.
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