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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fuel Tech Inc | NASDAQ:FTEK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.96% | 1.03 | 1.00 | 1.06 | 1.05 | 1.02 | 1.03 | 38,214 | 21:30:00 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
20-5657551
|
(State or other jurisdiction of
incorporation of organization)
|
|
(I.R.S. Employer
Identification Number)
|
Large accelerated filer
|
|
¨
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
|
x
|
Smaller reporting company
|
|
x
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
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Page
|
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||
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||
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|
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|
||
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the Six-Month Periods Ended June 30, 2019 and 2018
|
|
|
|
|
|
Notes to Condensed Consolidated Financial Statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||
|
|
|
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|
|
|
June 30,
2019 |
December 31,
2018 |
||||
|
|
|
||||
ASSETS
|
|
|
||||
Current assets:
|
|
|
||||
Cash and cash equivalents
|
$
|
11,664
|
|
$
|
12,039
|
|
Restricted cash
|
2,768
|
|
6,020
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $1,216 and $1,411, respectively
|
14,627
|
|
18,399
|
|
||
Inventories, net
|
317
|
|
957
|
|
||
Prepaid expenses and other current assets
|
2,241
|
|
3,184
|
|
||
Income taxes receivable
|
129
|
|
118
|
|
||
Total current assets
|
31,746
|
|
40,717
|
|
||
Property and equipment, net of accumulated depreciation of $26,481 and $26,528, respectively
|
5,832
|
|
5,976
|
|
||
Goodwill
|
2,116
|
|
2,116
|
|
||
Other intangible assets, net of accumulated amortization of $6,601 and $6,608, respectively
|
1,070
|
|
1,164
|
|
||
Restricted cash
|
487
|
|
—
|
|
||
Right-of-use operating lease assets
|
1,293
|
|
—
|
|
||
Assets held for sale
|
396
|
|
485
|
|
||
Other assets
|
1,041
|
|
1,261
|
|
||
Total assets
|
$
|
43,981
|
|
$
|
51,719
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
||||
Current liabilities:
|
|
|
||||
Accounts payable
|
$
|
3,890
|
|
$
|
9,499
|
|
Accrued liabilities:
|
|
|
||||
Operating lease liabilities - current
|
472
|
|
—
|
|
||
Employee compensation
|
947
|
|
1,563
|
|
||
Other accrued liabilities
|
5,282
|
|
6,099
|
|
||
Total current liabilities
|
10,591
|
|
17,161
|
|
||
Operating lease liabilities - non-current
|
810
|
|
—
|
|
||
Deferred income taxes
|
172
|
|
171
|
|
||
Other liabilities
|
290
|
|
335
|
|
||
Total liabilities
|
11,863
|
|
17,667
|
|
||
COMMITMENTS AND CONTINGENCIES (Note 14)
|
|
|
||||
Stockholders’ equity:
|
|
|
||||
Common stock, $.01 par value, 40,000,000 shares authorized, 24,843,668 and 24,825,891 shares issued, and 24,186,824 and 24,170,585 shares outstanding, respectively
|
248
|
|
248
|
|
||
Additional paid-in capital
|
139,211
|
|
138,992
|
|
||
Accumulated deficit
|
(104,707
|
)
|
(102,495
|
)
|
||
Accumulated other comprehensive loss
|
(1,224
|
)
|
(1,285
|
)
|
||
Nil coupon perpetual loan notes
|
76
|
|
76
|
|
||
Treasury stock, at cost
|
(1,486
|
)
|
(1,484
|
)
|
||
Total stockholders’ equity
|
32,118
|
|
34,052
|
|
||
Total liabilities and stockholders’ equity
|
$
|
43,981
|
|
$
|
51,719
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Revenues
|
$
|
8,948
|
|
$
|
11,847
|
|
$
|
19,103
|
|
$
|
24,638
|
|
Costs and expenses:
|
|
|
|
|
||||||||
Cost of sales
|
5,050
|
|
8,125
|
|
11,191
|
|
15,891
|
|
||||
Selling, general and administrative
|
4,455
|
|
4,763
|
|
8,913
|
|
9,684
|
|
||||
Restructuring charge
|
30
|
|
—
|
|
625
|
|
—
|
|
||||
Research and development
|
205
|
|
261
|
|
471
|
|
549
|
|
||||
Intangible assets abandonment
|
51
|
|
317
|
|
51
|
|
317
|
|
||||
|
9,791
|
|
13,466
|
|
21,251
|
|
26,441
|
|
||||
Operating loss from continuing operations
|
(843
|
)
|
(1,619
|
)
|
(2,148
|
)
|
(1,803
|
)
|
||||
Interest expense
|
(3
|
)
|
—
|
|
(4
|
)
|
—
|
|
||||
Interest income
|
9
|
|
—
|
|
11
|
|
2
|
|
||||
Other expense
|
(97
|
)
|
(59
|
)
|
(72
|
)
|
(67
|
)
|
||||
Loss from continuing operations before income taxes
|
(934
|
)
|
(1,678
|
)
|
(2,213
|
)
|
(1,868
|
)
|
||||
Income tax expense
|
(2
|
)
|
(1
|
)
|
(2
|
)
|
(2
|
)
|
||||
Net loss from continuing operations
|
(936
|
)
|
(1,679
|
)
|
(2,215
|
)
|
(1,870
|
)
|
||||
Loss from discontinued operations (net of income tax benefit of $0 in 2019 and 2018)
|
(9
|
)
|
(74
|
)
|
(19
|
)
|
(99
|
)
|
||||
Net loss
|
$
|
(945
|
)
|
$
|
(1,753
|
)
|
$
|
(2,234
|
)
|
$
|
(1,969
|
)
|
Net loss per common share:
|
|
|
|
|
||||||||
Basic
|
|
|
|
|
|
|
|
|
||||
Continuing operations
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
Discontinued operations
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Basic net loss per common share
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
Diluted
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
Discontinued operations
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Diluted net loss per common share
|
$
|
(0.04
|
)
|
$
|
(0.07
|
)
|
$
|
(0.09
|
)
|
$
|
(0.08
|
)
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
||||||||
Basic
|
24,187,000
|
|
24,170,000
|
|
24,182,000
|
|
24,158,000
|
|
||||
Diluted
|
24,187,000
|
|
24,170,000
|
|
24,182,000
|
|
24,158,000
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Net loss
|
$
|
(945
|
)
|
$
|
(1,753
|
)
|
$
|
(2,234
|
)
|
$
|
(1,969
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
(43
|
)
|
(594
|
)
|
61
|
|
(178
|
)
|
||||
Unrealized losses from marketable securities, net of tax
|
—
|
|
(2
|
)
|
—
|
|
(3
|
)
|
||||
Total other comprehensive income
|
(43
|
)
|
(596
|
)
|
61
|
|
(181
|
)
|
||||
Comprehensive income (loss)
|
$
|
(988
|
)
|
$
|
(2,349
|
)
|
$
|
(2,173
|
)
|
$
|
(2,150
|
)
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Nil
Coupon Perpetual Loan Notes |
|
Treasury Stock
|
|
Total
|
|||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at December 31, 2017
|
|
24,133
|
|
|
$
|
248
|
|
|
$
|
138,760
|
|
|
$
|
(102,672
|
)
|
|
$
|
(768
|
)
|
|
$
|
76
|
|
|
$
|
(1,472
|
)
|
|
$
|
34,172
|
|
Net loss
|
|
|
|
|
|
|
|
(216
|
)
|
|
|
|
|
|
|
|
(216
|
)
|
|||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
416
|
|
|
|
|
|
|
416
|
|
|||||||||||||
Unrealized loss on marketable securities, net of tax
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
(1
|
)
|
|||||||||||||
Stock compensation expense
|
|
|
|
|
|
(59
|
)
|
|
|
|
|
|
|
|
|
|
(59
|
)
|
|||||||||||||
Common shares issued upon vesting of restricted stock units
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||
Treasury shares withheld
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(10
|
)
|
|
(10
|
)
|
||||||||||||
Adoption of ASC 606
|
|
|
|
|
|
|
|
205
|
|
|
|
|
|
|
|
|
205
|
|
|||||||||||||
Balance at March 31, 2018
|
|
24,168
|
|
|
$
|
248
|
|
|
$
|
138,701
|
|
|
$
|
(102,683
|
)
|
|
$
|
(353
|
)
|
|
$
|
76
|
|
|
$
|
(1,482
|
)
|
|
$
|
34,507
|
|
Net loss
|
|
|
|
|
|
|
|
(1,753
|
)
|
|
|
|
|
|
|
|
(1,753
|
)
|
|||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(594
|
)
|
|
|
|
|
|
(594
|
)
|
|||||||||||||
Unrealized loss on marketable securities, net of tax
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
|
|
|
|
(2
|
)
|
|||||||||||||
Stock compensation expense
|
|
|
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
97
|
|
|||||||||||||
Common shares issued upon vesting of restricted stock units
|
|
4
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
||||||||||||
Treasury shares withheld
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||||
Balance at June 30, 2018
|
|
24,170
|
|
|
$
|
248
|
|
|
$
|
138,797
|
|
|
$
|
(104,436
|
)
|
|
$
|
(949
|
)
|
|
$
|
76
|
|
|
$
|
(1,484
|
)
|
|
$
|
32,252
|
|
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Nil
Coupon Perpetual Loan Notes |
|
Treasury Stock
|
|
Total
|
|||||||||||||||||
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balance at December 31, 2018
|
|
24,170
|
|
|
$
|
248
|
|
|
$
|
138,992
|
|
|
$
|
(102,495
|
)
|
|
$
|
(1,285
|
)
|
|
$
|
76
|
|
|
$
|
(1,484
|
)
|
|
$
|
34,052
|
|
Net loss
|
|
|
|
|
|
|
|
(1,289
|
)
|
|
|
|
|
|
|
|
(1,289
|
)
|
|||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
104
|
|
|
|
|
|
|
104
|
|
|||||||||||||
Stock compensation expense
|
|
|
|
|
|
96
|
|
|
|
|
|
|
|
|
|
|
96
|
|
|||||||||||||
Common shares issued upon vesting of restricted stock units
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||||||
Treasury shares withheld
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||||||
Adoption of ASC 842
|
|
|
|
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at March 31, 2019
|
|
24,186
|
|
|
$
|
248
|
|
|
$
|
139,088
|
|
|
$
|
(103,762
|
)
|
|
$
|
(1,181
|
)
|
|
$
|
76
|
|
|
$
|
(1,486
|
)
|
|
$
|
32,983
|
|
Net loss
|
|
|
|
|
|
|
|
(945
|
)
|
|
|
|
|
|
|
|
(945
|
)
|
|||||||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
|
|
(43
|
)
|
|
|
|
|
|
(43
|
)
|
|||||||||||||
Stock compensation expense
|
|
|
|
|
|
123
|
|
|
|
|
|
|
|
|
|
|
123
|
|
|||||||||||||
Balance at June 30, 2019
|
|
24,186
|
|
|
$
|
248
|
|
|
$
|
139,211
|
|
|
$
|
(104,707
|
)
|
|
$
|
(1,224
|
)
|
|
$
|
76
|
|
|
$
|
(1,486
|
)
|
|
$
|
32,118
|
|
|
Six Months Ended
June 30, |
|||||
|
2019
|
2018
|
||||
Operating Activities
|
|
|
||||
Net loss
|
$
|
(2,234
|
)
|
$
|
(1,969
|
)
|
Loss from discontinued operations
|
19
|
|
99
|
|
||
Net loss from continuing operations
|
(2,215
|
)
|
(1,870
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
||||
Depreciation
|
478
|
|
355
|
|
||
Amortization
|
68
|
|
106
|
|
||
Loss on disposal of equipment
|
2
|
|
17
|
|
||
Provision for doubtful accounts, net of recoveries
|
—
|
|
(62
|
)
|
||
Intangible assets abandonment
|
51
|
|
317
|
|
||
Stock-based compensation, net of forfeitures
|
219
|
|
38
|
|
||
Changes in operating assets and liabilities:
|
|
|
||||
Accounts receivable
|
3,870
|
|
(1,766
|
)
|
||
Inventories
|
640
|
|
213
|
|
||
Prepaid expenses, other current assets and other non-current assets
|
1,163
|
|
229
|
|
||
Accounts payable
|
(5,595
|
)
|
714
|
|
||
Accrued liabilities and other non-current liabilities
|
(1,485
|
)
|
(1,760
|
)
|
||
Net cash used in operating activities - continuing operations
|
(2,804
|
)
|
(3,469
|
)
|
||
Net cash used in operating activities - discontinued operations
|
(19
|
)
|
(43
|
)
|
||
Net cash used in operating activities
|
(2,823
|
)
|
(3,512
|
)
|
||
Investing Activities
|
|
|
||||
Purchases of equipment and patents
|
(359
|
)
|
(214
|
)
|
||
Proceeds from the sale of equipment
|
—
|
|
2
|
|
||
Net cash used in investing activities
|
(359
|
)
|
(212
|
)
|
||
Financing Activities
|
|
|
||||
Taxes paid on behalf of equity award participants
|
(2
|
)
|
(13
|
)
|
||
Net cash used in financing activities
|
(2
|
)
|
(13
|
)
|
||
Effect of exchange rate fluctuations on cash
|
44
|
|
(217
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
(3,140
|
)
|
(3,954
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period (Note 2)
|
18,059
|
|
14,386
|
|
||
Cash, cash equivalents and restricted cash at end of period (Note 2)
|
$
|
14,919
|
|
$
|
10,432
|
|
|
June 30,
2019 |
June 30,
2018 |
||||
Cash and cash equivalents
|
$
|
11,664
|
|
$
|
3,912
|
|
Restricted cash included in current assets
|
2,768
|
|
6,520
|
|
||
Restricted cash included in long-term assets
|
487
|
|
—
|
|
||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows
|
$
|
14,919
|
|
$
|
10,432
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Air Pollution Control
|
|
|
|
|
||||||||
Technology solutions
|
$
|
3,795
|
|
$
|
7,592
|
|
$
|
8,536
|
|
$
|
15,314
|
|
Spare parts
|
384
|
|
229
|
|
533
|
|
529
|
|
||||
Ancillary revenue
|
624
|
|
586
|
|
1,523
|
|
1,147
|
|
||||
Total Air Pollution Control Technology revenues
|
4,803
|
|
8,407
|
|
10,592
|
|
16,990
|
|
||||
FUEL CHEM
|
|
|
|
|
||||||||
FUEL CHEM technology solutions
|
4,145
|
|
3,440
|
|
8,511
|
|
7,648
|
|
||||
Total Revenues
|
$
|
8,948
|
|
$
|
11,847
|
|
$
|
19,103
|
|
$
|
24,638
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
United States
|
$
|
7,562
|
|
$
|
8,830
|
|
$
|
16,377
|
|
$
|
19,072
|
|
Foreign Revenues
|
|
|
|
|
||||||||
South America
|
17
|
|
354
|
|
192
|
|
626
|
|
||||
Europe
|
668
|
|
1,562
|
|
1,285
|
|
3,028
|
|
||||
Asia
|
701
|
|
1,101
|
|
1,249
|
|
1,912
|
|
||||
Total Foreign Revenues
|
1,386
|
|
3,017
|
|
2,726
|
|
5,566
|
|
||||
Total Revenues
|
$
|
8,948
|
|
$
|
11,847
|
|
$
|
19,103
|
|
$
|
24,638
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Products transferred at a point in time
|
$
|
5,153
|
|
$
|
4,255
|
|
$
|
10,567
|
|
$
|
9,324
|
|
Products and services transferred over time
|
3,795
|
|
7,592
|
|
8,536
|
|
15,314
|
|
||||
Total Revenues
|
$
|
8,948
|
|
$
|
11,847
|
|
$
|
19,103
|
|
$
|
24,638
|
|
|
As of
|
||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||
Trade receivables
|
$
|
11,403
|
|
|
$
|
14,261
|
|
Unbilled receivables
|
2,338
|
|
|
5,540
|
|
||
Insurance proceeds receivable (Note 14)
|
1,978
|
|
|
—
|
|
||
Other short-term receivables
|
124
|
|
|
9
|
|
||
Allowance for doubtful accounts
|
(1,216
|
)
|
|
(1,411
|
)
|
||
Total accounts receivable
|
$
|
14,627
|
|
|
$
|
18,399
|
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Total revenues
|
$
|
(28
|
)
|
$
|
681
|
|
$
|
310
|
|
$
|
1,340
|
|
Net loss
|
(540
|
)
|
(620
|
)
|
(1,390
|
)
|
(1,153
|
)
|
|
As of
|
||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||
Total assets
|
$
|
5,493
|
|
|
$
|
8,546
|
|
Total liabilities
|
(1,199
|
)
|
|
(2,953
|
)
|
||
Total net assets
|
$
|
4,294
|
|
|
$
|
5,593
|
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Restructuring liability at beginning of period
|
$
|
373
|
|
$
|
282
|
|
$
|
65
|
|
$
|
391
|
|
Amounts expensed
|
30
|
|
—
|
|
625
|
|
—
|
|
||||
Amounts paid
|
(248
|
)
|
(94
|
)
|
(535
|
)
|
(203
|
)
|
||||
Restructuring liability at end of period
|
$
|
155
|
|
$
|
188
|
|
$
|
155
|
|
$
|
188
|
|
|
Three months ended June 30,
|
Six months ended June 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Foreign currency translation
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(1,181
|
)
|
$
|
(353
|
)
|
$
|
(1,285
|
)
|
$
|
(768
|
)
|
Other comprehensive loss:
|
|
|
|
|
||||||||
Foreign currency translation adjustments (1)
|
(43
|
)
|
(596
|
)
|
61
|
|
(181
|
)
|
||||
Balance at end of period
|
$
|
(1,224
|
)
|
$
|
(949
|
)
|
$
|
(1,224
|
)
|
$
|
(949
|
)
|
Available-for-sale marketable securities
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
4
|
|
Other comprehensive income:
|
|
|
|
|
||||||||
Net unrealized holding loss (2)
|
—
|
|
(3
|
)
|
—
|
|
(4
|
)
|
||||
Balance at end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Total accumulated other comprehensive loss
|
$
|
(1,224
|
)
|
$
|
(949
|
)
|
$
|
(1,224
|
)
|
$
|
(949
|
)
|
(1)
|
In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings.
|
(2)
|
In all periods presented, there were no realized holding gains or losses and therefore no amounts were reclassified to earnings.
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||
|
2019
|
2018
|
2019
|
2018
|
||||
Basic weighted-average shares
|
24,187,000
|
|
24,170,000
|
|
24,182,000
|
|
24,158,000
|
|
Conversion of unsecured loan notes
|
—
|
|
—
|
|
—
|
|
—
|
|
Unexercised options and unvested RSUs
|
—
|
|
—
|
|
—
|
|
—
|
|
Diluted weighted-average shares
|
24,187,000
|
|
24,170,000
|
|
24,182,000
|
|
24,158,000
|
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Stock options and restricted stock units, net of forfeited
|
$
|
123
|
|
$
|
97
|
|
$
|
219
|
|
$
|
38
|
|
Tax benefit of stock-based compensation expense
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
After-tax effect of stock-based compensation
|
$
|
123
|
|
$
|
97
|
|
$
|
219
|
|
$
|
38
|
|
|
Number
of
Options
|
Weighted-
Average
Exercise Price
|
Weighted- Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding on January 1, 2019
|
932,500
|
|
$
|
4.68
|
|
|
|
||
Granted
|
—
|
|
—
|
|
|
|
|||
Exercised
|
—
|
|
—
|
|
|
|
|||
Expired or forfeited
|
(185,000
|
)
|
10.14
|
|
|
|
|||
Outstanding on June 30, 2019
|
747,500
|
|
$
|
3.33
|
|
5.24
|
$
|
77
|
|
Exercisable on June 30, 2019
|
747,500
|
|
$
|
3.33
|
|
5.24
|
$
|
77
|
|
|
Shares
|
Weighted Average
Grant Date
Fair Value
|
|||
Unvested restricted stock units at January 1, 2019
|
1,110,277
|
|
$
|
1.21
|
|
Granted
|
228,135
|
|
1.52
|
|
|
Forfeited
|
—
|
|
—
|
|
|
Vested
|
(17,777
|
)
|
1.59
|
|
|
Unvested restricted stock units at June 30, 2019
|
1,320,635
|
|
$
|
1.26
|
|
•
|
The Air Pollution Control technology segment includes technologies to reduce NO
x
emissions in flue gas from boilers, incinerators, furnaces and other stationary combustion sources. These include Low and Ultra Low NO
x
Burners (LNB and ULNB), Over-Fire Air (OFA) systems, NO
x
OUT
®
and HERT™ Selective Non-Catalytic Reduction (SNCR) systems, and Advanced Selective Catalytic Reduction (ASCR
™
) systems. Our ASCR systems include ULNB, OFA, and SNCR components, along with a downsized SCR catalyst, Ammonia Injection Grid (AIG), and Graduated Straightening Grid GSG™ systems to provide high NO
x
reductions at significantly lower capital and operating costs than conventional SCR systems. The NO
x
OUT CASCADE
®
and NO
x
OUT-SCR
®
processes are more basic, using just SNCR and SCR catalyst components. ULTRA™ technology creates ammonia at a plant site using safe urea for use with any SCR application. Flue Gas Conditioning systems are chemical injection systems offered in markets outside the U.S. and Canada to enhance electrostatic precipitator and fabric filter performance in controlling particulate emissions.
|
•
|
The FUEL CHEM
®
technology segment, which uses chemical processes in combination with advanced CFD and CKM boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI
®
Targeted In-Furnace Injection™ technology.
|
Three months ended June 30, 2019
|
Air Pollution
Control Segment |
FUEL CHEM
Segment |
Other
|
Total
|
||||||||
Revenues from external customers
|
$
|
4,803
|
|
$
|
4,145
|
|
$
|
—
|
|
$
|
8,948
|
|
Cost of sales
|
(2,975
|
)
|
(2,075
|
)
|
—
|
|
(5,050
|
)
|
||||
Gross margin
|
1,828
|
|
2,070
|
|
—
|
|
3,898
|
|
||||
Selling, general and administrative
|
—
|
|
—
|
|
(4,455
|
)
|
(4,455
|
)
|
||||
Restructuring charge
|
(30
|
)
|
—
|
|
—
|
|
(30
|
)
|
||||
Research and development
|
—
|
|
—
|
|
(205
|
)
|
(205
|
)
|
||||
Intangible assets abandonment
|
—
|
|
—
|
|
(51
|
)
|
(51
|
)
|
||||
Operating income (loss) from continuing operations
|
$
|
1,798
|
|
$
|
2,070
|
|
$
|
(4,711
|
)
|
$
|
(843
|
)
|
Three months ended June 30, 2018
|
Air Pollution
Control Segment |
FUEL CHEM
Segment |
Other
|
Total
|
||||||||
Revenues from external customers
|
$
|
8,407
|
|
$
|
3,440
|
|
$
|
—
|
|
$
|
11,847
|
|
Cost of sales
|
(6,328
|
)
|
(1,797
|
)
|
—
|
|
(8,125
|
)
|
||||
Gross margin
|
2,079
|
|
1,643
|
|
—
|
|
3,722
|
|
||||
Selling, general and administrative
|
—
|
|
—
|
|
(4,763
|
)
|
(4,763
|
)
|
||||
Research and development
|
—
|
|
—
|
|
(261
|
)
|
(261
|
)
|
||||
Intangible assets abandonment
|
—
|
|
—
|
|
(317
|
)
|
(317
|
)
|
||||
Operating income (loss) from continuing operations
|
$
|
2,079
|
|
$
|
1,643
|
|
$
|
(5,341
|
)
|
$
|
(1,619
|
)
|
Six months ended June 30, 2019
|
Air Pollution
Control Segment |
FUEL CHEM
Segment |
Other
|
Total
|
||||||||
Revenues from external customers
|
$
|
10,592
|
|
$
|
8,511
|
|
$
|
—
|
|
$
|
19,103
|
|
Cost of sales
|
(6,864
|
)
|
(4,327
|
)
|
—
|
|
(11,191
|
)
|
||||
Gross margin
|
3,728
|
|
4,184
|
|
—
|
|
7,912
|
|
||||
Selling, general and administrative
|
—
|
|
—
|
|
(8,913
|
)
|
(8,913
|
)
|
||||
Restructuring charge
|
(625
|
)
|
—
|
|
—
|
|
(625
|
)
|
||||
Research and development
|
—
|
|
—
|
|
(471
|
)
|
(471
|
)
|
||||
Intangible assets abandonment
|
|
|
(51
|
)
|
(51
|
)
|
||||||
Operating income (loss) from continuing operations
|
$
|
3,103
|
|
$
|
4,184
|
|
$
|
(9,435
|
)
|
$
|
(2,148
|
)
|
Six months ended June 30, 2018
|
Air Pollution
Control Segment
|
FUEL CHEM
Segment |
Other
|
Total
|
||||||||
Revenues from external customers
|
$
|
16,990
|
|
$
|
7,648
|
|
$
|
—
|
|
$
|
24,638
|
|
Cost of sales
|
(11,924
|
)
|
(3,967
|
)
|
—
|
|
(15,891
|
)
|
||||
Gross margin
|
5,066
|
|
3,681
|
|
—
|
|
8,747
|
|
||||
Selling, general and administrative
|
—
|
|
—
|
|
(9,684
|
)
|
(9,684
|
)
|
||||
Research and development
|
—
|
|
—
|
|
(549
|
)
|
(549
|
)
|
||||
Intangible assets abandonment
|
—
|
|
—
|
|
(317
|
)
|
(317
|
)
|
||||
Operating income (loss) from continuing operations
|
$
|
5,066
|
|
$
|
3,681
|
|
$
|
(10,550
|
)
|
$
|
(1,803
|
)
|
|
Three Months Ended
June 30, |
Six Months Ended
June 30, |
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Revenues:
|
|
|
|
|
||||||||
United States
|
$
|
7,562
|
|
$
|
8,830
|
|
$
|
16,377
|
|
$
|
19,072
|
|
Foreign
|
1,386
|
|
3,017
|
|
2,726
|
|
5,566
|
|
||||
|
$
|
8,948
|
|
$
|
11,847
|
|
$
|
19,103
|
|
$
|
24,638
|
|
|
June 30,
2019 |
December 31,
2018 |
||||
Assets:
|
|
|
||||
United States
|
$
|
33,777
|
|
$
|
36,784
|
|
Foreign
|
10,204
|
|
14,935
|
|
||
|
$
|
43,981
|
|
$
|
51,719
|
|
|
Balance at December 31, 2018
|
Adjustments Upon Adoption of ASC 842
|
Balance at January 1, 2019
|
||||||
Assets
|
|
|
|
||||||
Right-of-use operating lease assets
|
$
|
—
|
|
$
|
1,592
|
|
$
|
1,592
|
|
Liabilities
|
|
|
|
||||||
Other accrued liabilities
|
6,099
|
|
(22
|
)
|
6,077
|
|
|||
Operating lease liabilities - current
|
—
|
|
650
|
|
650
|
|
|||
Operating lease liabilities - non-current
|
—
|
|
942
|
|
942
|
|
|||
Equity
|
|
|
|
||||||
Accumulated deficit
|
(102,495
|
)
|
22
|
|
(102,473
|
)
|
|
For the three months ended June 30, 2019
|
For the six months ended June 30, 2019
|
||||
Operating lease cost
|
$
|
171
|
|
$
|
343
|
|
Short-term lease cost
|
—
|
|
68
|
|
||
Total lease cost
|
$
|
171
|
|
$
|
411
|
|
Year Ending December 31,
|
Operating Leases
|
||
2019 (excluding the six months ended June 30, 2019)
|
$
|
326
|
|
2020
|
314
|
|
|
2021
|
222
|
|
|
2022
|
165
|
|
|
2023
|
156
|
|
|
Thereafter
|
212
|
|
|
Total lease payments
|
$
|
1,395
|
|
Less imputed interest
|
(113
|
)
|
|
Total
|
$
|
1,282
|
|
Operating lease liabilities - current
|
$
|
472
|
|
Operating lease liabilities - non-current
|
810
|
|
|
Total operating lease liabilities
|
$
|
1,282
|
|
|
For the three months ended June 30, 2019
|
For the six months ended June 30, 2019
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
172
|
|
$
|
343
|
|
Leased assets obtained in exchange for new operating lease liabilities
|
165
|
|
328
|
|
|
As of
|
||||||
|
June 30, 2019
|
|
December 31, 2018
|
||||
Contract liabilities (Note 3)
|
$
|
1,147
|
|
|
$
|
1,234
|
|
Accrued remediation contingency (Note 14)
|
2,228
|
|
|
—
|
|
||
Other accrued liabilities
|
1,907
|
|
|
4,865
|
|
||
Total other accrued liabilities
|
$
|
5,282
|
|
|
$
|
6,099
|
|
a.
|
Exhibits (all filed herewith)
|
|
|
10.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32
|
|
|
101.1
|
INSXBRL Instance Document
|
|
101.2
|
SCHXBRL Taxonomy Extension Schema Document
|
|
101.3
|
CALXBRL Taxonomy Extension Calculation Linkbase Document
|
|
101.4
|
DEFXBRL Taxonomy Extension Definition Linkbase Document
|
|
101.5
|
LABXBRL Taxonomy Extension Label Linkbase Document
|
|
101.6
|
PREXBRL Taxonomy Extension Prevention Linkbase Document
|
Date: 8/13/2019
|
By:
|
/s/ Vincent J. Arnone
|
|
|
Vincent J. Arnone
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date: 8/13/2019
|
By:
|
/s/ James M. Pach
|
|
|
James M. Pach
|
|
|
Vice President, Treasurer and Controller
|
|
|
(Principal Financial Officer)
|
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