FTEK - Earnings call transcript Q1 2019

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Operator

Greetings and welcome to the Fuel Tech 2019 First Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to conference over to your host, Devin Sullivan, SVP of Equity Group.

Devin Sullivan

good and Dana, you, morning everyone. Thank for first quarter you joining us XXXX Tech’s Fuel for financial today Thank results call. conference is the after copy website, close, issued available which www.ftek.com. the Company’s at Yesterday the release, we of a speakers the President Arnone, the Principal and be Pach, Chairman, Financial Jim on Officer. today’s and The will Company’s Vince call CEO; prepared we will from investors. and analysts remarks, open questions After our the call for

Act expressions, are by company’s but statements has currently currently on as estimate, not these or expressed risks well business XXXX, various to results condition, undertakes like Factors or historical information to this the of to Before are remind cash that XA obligation cause as in could of Vince, no detailed those publicly any available turning exclusive things similar and Tech intend, which as words Securities materially results will defined operations, in prospects using the all and by performance in forward-looking for statements Annual prospects implied to to update our those herein contained to from believe, tried operations, and to Litigation Investors as for such as to other over events, and risks such assumptions plan, the statements reflect opportunities and anticipate, under forward-looking growth, actual caption subject not amended, cash the factors opportunities these pursuant are expect, uncertainties, Tech Fuel and that or and amended by announce reason. results matters of Fuel and are identify circumstances of of Act business as any future available to reflect made call, and changed statements involve Act or I’d except Report XXE developments the Tech’s management. statements. over turn cautioned harbor growth are Arnone, differ Tech and with and Tech. SEC. XXXX performance Vince to flows information based financial Fuel I’d factors Risk the of Chairman, Company’s discussed Exchange and information to and These call CEO to ahead. forward-looking which statements. limited the uncertainties words identifying on Item forward-looking Tech’s but under now made means Fuel expectations filings discussed other provisions of are said, Section Vince, Private Securities in of statements subsequent those Reform current everyone like to the in Securities Fuel XXXX, flows, XX-K of of to, the including including, President With go Tech's the the in please filings Fuel safe future regarding that Fuel Form forward-looking

Vince Arnone

keep has Thank Principal thank we here us for Controller. joining morning. remarks short and on spoke, you, It the Officer our and Pach, Financial I’ll a I’m brief morning Devin. Good last today. my with everyone Jim I today only since want so time call been to this

charges year our full the results income associated our outlook our to continuing generate of year regarding suspension consecutive whereby a China variety expect items, were the the operating expectations remain excluding for below losses optimistic exploring with operation. our operations QX While of slight for second the due we we to from and

charges, under just the of operations from business Air XXXX completion breakeven Pollution short QX, losses million contract. be Control net operations loss quarter in suspended the are other operating are that first these charges the timing totaling Our well and the of million current fell for Absent of our impact XXXX. as project unfavorable results the financial of APC China soon continuing $X.X to $X.X as from included core

that We of of or pursue of to negotiation a aggregate $XX in pipeline potential and that we various stages continue clients U.S. in award QX of the opportunities QX by we expect with close million are to late early of contract to contracts $XX particularly opportunities XXXX. in APC the promising represents million

Additionally, business promising. for outlook the our CHEM FUEL is

are coal-fired by FUEL and CHEM of installing the XXXX. units program QX to utility of have end We these this and expect currently in on our domestic running new a incremental two units month up

$X.X of quarter employee severance be the the Our combination via in of and soon an unfavorable China suspended payments incremental to had APC million business cost. impact planned on operating

expect in suspension the outstanding we We're and several that We our accounts continue the and of second progress completing towards office Beijing will projects of with the on on be project our business work no associated focused receivable. suspension originating the our from half contract longer this work on activities and this collecting our to make completed substantially under year.

profit As we be the wind down statement. from impact removed our and will loss operations, these the associated of losses

timing some incurred in project and our item, for we cost completing this unfavorable we of segment additional project. Beyond experienced one some support APC

CHEM outages the allowed we year. customer QX at experienced prior unplanned some for which variant a of would've Additionally, versus larger otherwise FUEL driven favorable revenue

of XX% the to profit by in prior and to in QX organizational of reduction XX.X the other end same actions Consolidated gross largely of our SG&A which statements, and approximately million at expenses. XXXX, down million approximately due was R&D was debt QX and Moving we declined Total the was XXXX. stable QX cash loss a level in the margin quarter free. X.X of at the our investments with versus XXXX, foreign remain of year. to China remain

our of that With in whether we in applications on APC opportunities the FUEL level Title to APC guidelines development business which expansion. about site ULTRA to for we in Turkey. QX I the of Plants compliance as and as neighboring on a basis that QX our Czech for XXXX, timeline upgrade at balance guidelines Domestically, global expect BREF, the level. Although, generation also and issued primarily as reliance Republic in efforts APC through reduced focused with countries XX with emissions SCRs in prior clients refurbishment million same early heavy represent QX. on and close on of stages year ESP business negotiation awards noted, and optimistic XXXX. was contract and are outlook late as will they'd to the for various in were these the EU with maintenance strong NOx are countries target our for industrial due respect In developments work as a well support the aggregate Europe, for DeNOx These projects known of of V to such Available Poland coal-fired in as we potential systems or Technology, our capital backlog CHEM. is and permit renewals, plant or XXXX need from current their be August in Balkans Reference Best XX new

projects opportunities coal-fired However, Earlier these pursue NOx meet generation to systems XXXX, conditions have this through indefinitely. partner. primary the economic will necessitate a current and in which decided upgrades secondary to and stalled guidelines, Turkey with extend will year, German we Germany control BREF to

technology non-European countries global and in currently with for partners pursuing system in in for exposure through Europe delivery also SCR SNCR, our ammonia multiple are deliveries We geographies. technologies bids European and

In pursue VR India, continue heavy engineering to limited. We licensing partner associated is various opportunities agreement. with just our

timeline has the that quarters compliance prior in importance. mentioned and of from initial remediation order targets government had have off backed prioritized We in

the First matter, and with FGC compared the highly capitalize control showcase or opportunity an Sox and, NOx Conditioning to bag particulate finally, technology, marketplace particulate ESP Gas Fuel presented in technology hybrid on then Flue as Tech this low-cost it or a filter solutions. the for our effective

we report progress in process on are the in for opportunity an will to We continue future. currently our the on system FGC bid and

to We concluded NTPC in systems demand XXXX demonstrations as expect pick technology the for SNCR at plants. up are

adequate acknowledged cubic per As alone units. combustion meter target NTPC and have not officials reach XXX to modifications milligram pre-XXXX that normal for the NOx are

we a in As started result, receive firm India. to finally for enquiries have SNCR

derived and I in XX% only revenue XXXX natural last in gas X% our of applications, XXXX. approximately call, stated APC XX% from on XXXX in As up was from

the expect this to of the power gas sources trend expected general new still We as fuel for to into generation. primary future natural be continue is source

that believe fuel to country’s of come. the metrics years evolving coal a remain to continue We part for will

and this end, on running by To CHEM our units program expect of coal-fired CHEM coal-fired to effort program the end that assists two to installing year. I'm more of facility efficiently. second FUEL Our the generation FUEL burn we this power to their and domestic quarter very state currently at lower these a have and up predominantly incremental and excited quality thinly fuels are new units

that emphasize these for million this units operational, expected this program, part addition equipment the not includes to potential these FUEL basis. new the realized historic in in for CHEM are order sale are want seasonal chemical on I installation second be revenue these by and and a units CHEM annualized to the units power approximately to margins. In driven will which on When as as basis year. demands be expected an for the of generate $X quarter of normal gross project base also units revenue and is to two dispatch loaded of FUEL

that incremental units almost in a the added coal-fired has Midwest. third had more period this two the years four and our customer You quarter time. on base and the have in short had may of early first pleased we recall very unit added that This in existing XXXX, new relatively been to of customer to unit we we’re coal-fired

the we’re our using waste our opportunities; Europe And countries is the Papyrus and FUEL We where the high paper One pursue coal following applications related source are using In other other for Southeastern continuing to fuel such slightly where is on pulp RECOVERY Asia pricing country demand solid Philippines. and in Asian in is municipal and in industry power where CHEM to geographies. focusing partner this we’re Amazon are Southeast program. biomass initiative. primary and CHEM via

and Infusion Gas Dissolved will we new and time. some knew our application the Technology this developing outset, business, market take product Regarding Water that at

have permit with tangible. our QX demonstration variety been oil the April in anticipated gas is potential projection region The recycling. multiple The cost truck disposal more the producing space trailer either difficult year. industries Our seismic the via DGI basin set customers growth suspended more and or remote of becoming wells in from fracking is Administration or becoming to metals modest It issued oil address economic issue sulphide transportation are investors a largest Information are severe to a and include have across is with with just are on is report Energy volumes little in exploding. fracking for and bit to hydrogen and either We important operations a steady mobile discussions produced for wells pipeline the focus the issues progress the this total per region. disposal considerations are wells along reused the and produce due note oil overtime. industry. currently the water Permian in that and a we This removal and keeping water primary now can water to in at disposal world basins specific solid, now

market markets as these in are and We utility benefit DGI other we concurrently investigating believe as industrial well. can provide

to have early running a the or end and expect of of this demonstration QX year. in We by QX up

water We opportunity year and have CHEM treatment awards continue project we our this new are as remainder traction with visibility our good the FUEL of thereafter to initiatives. business for about in excited strengthen APC landscape and

process of on we operations. the operating our $X as from China in losses we Additionally, finalize of the performance approximately our suspension annual eliminating financial million are

next As our thank XXXX, closing, for patience expect continuing in previously from I In as company. income operating your our and noted Fuel for we to and to Tech ongoing year of your you towards full continue the development diligently I operations for positive once for the again cash we want flow. generate interest steps

to doing over While our entire our Jim a slightly confident team call results. fall that results our you financial will to remain shareholders. the first our I Jim, Fuel of short expectations, is we to possible everything provide turn the future return assure quarter about now successful I Tech that did a discussion ensure please. and still of can our I for

Jim Pach

Thanks, Vince, and good morning everyone.

mentioned. results for Beijing suspension the And were million Tech following loss QX operating has $X.X Fuel A Vince previously of Tech work of $X.X with severance our noted, Beijing the charge related restructuring domestic restructuring associated excluding X.X the items. million by Fuel project. a operations. APC ongoing charges incremental for impacted A As finally charge million

severance consistent excluding We and other the QX expect Tech the for QX charges. operating Beijing loss Fuel to in be with

for the charge customer charge their to requirement all scope $X.X domestic working As satisfy work. the of incremental are our APC it with relates million of work, we to

see revenue these With $XXX,XXX at compared to you’ll respect exclusive increased Lower from at $X.X line, year’s $XX.X the result APC FUEL revenue the first million first quarter top last to just million, breakeven year’s below as million quarter. for the declined a backlog quarter CHEM reflecting we decline declined of of As to revenues the operated quarter. first items. $XX.X of in a quarter first revenues as last and year compared were to entering this the first APC

or As we we Gross contracts was XX.X%. the promising this XXXX. to margin XX.X% in expect compared X in Vince million margin was several XX.X% APC near item revenue QX as close the of included compared $X.X or QX, margin are QX of XXXX Consolidated million revenues in QX XXXX. which term. in XXXX gross of charge exclusive has X.X gross XX.X% mentioned, of actively in pursuing XX.X% to to of U.S., was million gross in margin the of domestic

site Excluding Tech million the APC In revenues million or Fuel operating X.X X.X of new Beijing including an X.X were the conditions U.S.. of an APC million. revenues rose of loss XX.X%. XXXX million QX, and million million billion. reflecting weather was loss customer at operating Fuel in existing margin of for the X.X of Beijing restructuring charge charges XXXX, X.X QX favorable QX QX from included of results Midwest CHEM revenues and X.X an of gross in from Tech in unit segment XXXX from in to X.X XXXX a with addition coal-fired million FUEL X.X

and of XXXX. XX.X% QX of of dispatch QX Segment QX offset outages During earlier and regional of by QX partially XXXX expected in driven XXXX, XXXX. in margin was than gross customer in XX.X%

margin CHEM and a For gross the full targeting APC the XXXX are between of FUEL blended excluding we year China. XX of XX%, and impact

XXXX. SG&A focus QX. was reflects XXXX control cost of and X.X% QX X.X from our SG&A to on decline continue of We for million a that QX in

by expect following we operations activities and XXXX anticipated X.X report of first the slightly is APC just the full discontinued China SG&A Infusion For expected during in completion Gas of the suspension above million, XXXX Dissolved of stable or development to comparable spending, reported of of last million, year XX driven the million, be in X.X SG&A technology. higher expect we to with our XXXX we in which year's large continuing X.X loss Net XXX,XXX first share loss quarter. geography that under R&D last to the of approximately XXX,XXX quarter. of to net from operations expenses R&D range to our were or for $X.XX per to a $X.XX from was XXXX. excludes year's QX continuing in per compared XX operations between million diluted or which part share compared

operations share was QX net for X.X operating million China X.X Excluding from continuing $X.XX Tech's of diluted Fuel loss charges excluding of losses the was in loss QX the per adjusted Beijing the or and of million. XXXX at the impact net income operating XXXX

are XXXX preserving cumulative maintain XX operating at our several includes XXXX Given NOLs expect expense will income we figure covers we given in will the which losses million This net our or March that be zero. entity which continue at we XX.X near of China China. to legal tax geographies, that of for

remains we XX, and had March balance of including equivalents of Our million. XX.X And cash sheet cash X cash XXXX restricted at debt million, free.

our liquidity geographies. in to all We monitor our of continue

need continue XX, Our will support XXXX of $XX March million ongoing business. balance the working was capital operating at to our which

the U.S. the the of end U.S. is the of pursuing JP Our with existing renewal facility Company and Morgan credit quarter. to credit maturity. facility The at actively its shift domestic expires U.S. second at facility intends renew

provided that and instructions able was was existing respect At per term We to are to value same With be share currently valuation, us. to a minimum, book $X.XX. currently a evaluating our maintain we our options facility banking the expect us. with to to available our

XX, was at Our a our tangible capital per book share $X.XX March value per share working XXXX. was and $X.XX

approximately of call to which and like U.S. above. we $X.XX fully over addition, share for been are With have included In have in the those share per remarks, Vince. reserved in tax back the Italy, any quoted to turn amounts and deferred assets not per I’d the

Vince Arnone

Thank you now very questions. like much, Jim. to Operator, line we’d open for the

Operator

Wainwright. the Thank you. proceed conducting question comes Amit [Operator At from H.C. time, Instructions] Dayal line this your with a we’ll be question. first question-and-answer Our with session. Please of

Amit Dayal

of So this the relative know ’XX, our to XQ just mentioned for of you’re I full sort at versus over going does you've ’XX relatively flat XXXX? expectations the how end the impact backlog $XX $XX XXXX contract of months, a XXXX. the million bit over to few is expecting year-over-year slower in the we sort a opportunities than in million close little rate what next to current potentially but XQ saw

get expect to wanted how we just XXXX So out? the quarters three play context for to next some should around

Vince Arnone

you’re been bookings Amit, XXXX has slower the right, XXXX and far. of than pace in Understood, thus

versus ’XX, bit I far, side, of the today. timing in thus pure in to trend the guidance to As expecting it ops FUEL on profit without CHEM obviously it from bottom on but side the in the little full line to call timing favorable on still can I on getting versus APC contract in slightly we’re perspective reduction operating to on expect that based a our APC you From ’XX top similar delivering ’XX we’re on top a target. year impact XXXX just tell focused fashion on would line. ’XX of line, full award a just continuing That relates year, is given

speaking going and execution project on is going project. we’re visibility year we this, is customer focusing those by generally XXXX. point full we're timing depend is then be full to now it on specifically Amit, be all this into opportunity our requirements of of this more have work our getting But We’ll under year your have just once executed point So, right to the belts and then a would in slower the little just know We’ll time. to are to to have Bookings control. than throughout talk have and but follow from can’t at going more revenue then year. it’s prospective, more a recognition contracts result see, call as that for timing to the what you later bit through going quarter, second we that remainder the obviously the orders we’ll accurate. like it’s to we And

Amit Dayal

I topic, apologize, if the you particular any revenue U.S. but on U.S. this on declines, for revenue touched the side? slow reason pace

Vince Arnone

it, million than reason Really versus the $XX plus million, with into into $XX when million XXXX as coming other on noted, approximately $XX with Jim no when, XXXX the compare going specific we to backlog backlog.

is not executing as of same level same recognizing just now at We’re it a the that projects on result level revenue and either.

that’s driver. primary So the

Amit Dayal

China to operating just The those two know of one-time are well? more quarters but Jim on this, levels losses, And clarity one-time to the then expect the restructuring thing. related the the these $XXX,XXX losses $XXX,XXX gave I next I probably in charges or one should bit a items, in for as little for we -- model mean,

Vince Arnone

Yes, right now, yes.

the thereabout cost have a QX excluding expect operating here operating the half similar on cost we’re by charges that to answering you okay. year. we’re right so running about end, of January all employee to second of QX, lay-offs I’ll severance to the restructuring QX. at the for time. in on to already that of go $XXX,XXX incremental the specifically will, We indeed that reduced it at end your not a team we we QX, second we took or approximately more any one-time. we’re point severance level cost, in question, And quarter, if actually We of At China went question going But this charges through taken of QX. that the call round answer restructuring through would the in going in round but had of first the in our charge are approximately First that take

projects year, just up to the to we’re As we a much move on collecting numbers will decline then slower staff that hand be QX, dramatically. will skeleton to QX throughout going that a be finish the on number remainder and the of on couple going of having be accounts work just because less receivable.

and APC final operating as level to QX $XXX,XXX even you the wrap in from the or cost business QX in and China. lower we $XXX,XXX drop we’ll down sub wind or So, will up do if of

does Okay, that helps?

Amit Dayal

so Thank yes. yes, you for that. Yes, much

Vince Arnone

welcome. You’re

Amit Dayal

Just sales one these in and in other me, still you through partners? targeting for distributors support markets other some primarily non-China you're Is presence this creating last planning to of Or Asia. also are of geographies sort just some on one efforts?

Vince Arnone

are use OEMs, entities Amit. of Now, in do solutions We’ll at footholds or not be looking looking they’d to technology, whether in geographies. other through we geographies, We're it of other be not licensing but they’d partners to other whether technology establishing some we’ll implementers those establish our another presence. those deliver

Operator

Partners. Please Our comes the with Peter from of next your question. MAZ with question Enderlin proceed line

Peter Enderlin

terms that And utilities going providing two how they're the of running with those around, big when I will running, be to so running, got year dispatched? new not they're for, they're of be? last magnitude going FUEL to you one know actually would it's compare year, those that one or not CHEM magnitude when the the how but of seasonally be you're in the

Vince Arnone

to how that's give be be weather Pete, run a we an running. Just dependent because answer, expect it call coal-fired but a factory on you going approximate the actually would use, call year. Right brought to from of QX as that units But going last I'll expect would on larger a a, difficult revenue these in are know board well. two we now, approximate these the I just it's summer basis as units monthly to unit it one to

total summer, three per you pleased if a said It's slim. what two dispatched coal-fired this ago of XXX,XXX by that, would in for month, probably anywhere would the the you to both that we're have So and opportunity, approximately. XXX,XXX, range are incremental pretty these was when I FUEL in our know units have the approximately, them to CHEM half add we opportunity would've probability to or me, the base. units asked year XXX,XXX opportunity

on to specific these are to need These coal. pleased by a the have we're driven driven. burn They So board. challenging few are come last units being being

So, it for well units fits pleased very we FUEL program other the and these on come have to CHEM line. very are

Peter Enderlin

would And that the be basically for quarter? summer likely

Vince Arnone

yes, during necessarily Predominantly, and see winter as comes these and But expect around spring when happens well. we'll then units what running. fall, not we would be to

Peter Enderlin

And you've with Was million a backlog equipment associated in $X of at that. first Is the end million that dollar? mentioned that the quarter?

Vince Arnone

have generally. for FUEL sale recurring CHEM, we it’s Pete, because No, a revenue a don't backlog calculation

Our and customer. this I call for sale a services, of one-off would specific equipment more of installation situation

Peter Enderlin

China, treat it it's Beijing and overall as accounting of for On down? actually clearer just operation to instead wouldn't a be the discontinued shut simpler completely waiting until

Vince Arnone

Pete. I'll Jim comment on that, let

Jim Pach

require the it'd do make cleaner, financial Pete, get presentation or be unfortunately could U.S. that, the can accounting a lot that. before rules I but obviously of to suspension activities down that entity the finalized was GAAP Yes, you wish closed completely

accounting unfortunately, that flexibility really on literature So, we that's an unfortunately. item have don't

Peter Enderlin

got Is sense have I but mean screwed. would wanted just China? to I some of, you potential there you you that any know redress legal what guys for say so, thought check. in I sort I

action legal is So possible?

Vince Arnone

some this At you no remedy. that Pete, for remedy IT will We did, ago issues in to engaged in in Tech legal see actually a four time, our operation. years China and Fuel actually we if to this point there’s and is can to if five time, was in, what It transpire activity, and years point referring ago. had find not historically we this Beijing you’re at with in Pete,

We’re and and be taking the Beijing Fuel Tech. from of focused better our future. better move structured because forward Fuel obvious And more a operational we’ll we’ll concerns, company absent in action here Tech's China it’s for

Peter Enderlin

Is the worldwide? XX% for or U.S. statistic Is a mentioned? that APC you that natural number gas

Jim Pach

Worldwide.

Vince Arnone

Worldwide.

Peter Enderlin

in at but curious. of very part substantial just of former is this Yes, course, anyway, the point and that I'm

Vince Arnone

Correct.

Peter Enderlin

XXXX? Could be pretty longer On the it to a of DGI like early major as a going of there that really significant as outlook, sounds potential. is as percentage a it up? is become revenues wrap term lot Or

Vince Arnone

I’d be term it’s in time. us, this longer opportunity at to say going for Pete, point a

And us, what particularly our we’re for on step on in gas but we’re and by terms basis activity. very, correct, provide You’re large oil approach. a side some about very step we’re seeing possibly of progressing methodical Again post ultimately, terms will for can opportunity but establishing likely going potential as to it’s the it have be of place in best with in us before solution material revenues player market ourselves technology we and XXXX. good that us be

Peter Enderlin

get incremental of the of And potential it that for but I is question, quiet talking be done the impact the would the what scale customer really in would sort that or markets, with and of a a things need of that’s bunch to technology do of at different those the don’t mean it in same technology of -- time? cooperation sort breakthrough about? general you’re I other

Vince Arnone

be all, the Two industries an all first we our oxygenation issues. have Well, to treatment over so had deployed of other water technology that consider I of things, understood. technology in application that been improvement

to all material Okay, and chemical question. It’s it's one so And our technology we a answering treating other conjunction technology cases, applications, so, secondarily, be like. other for that consider are okay, the in with used then sole improvement, not oxygenation solution the to almost water. solutions applications

being ends end of the that the it solutions at part package day. So, user for the

Operator

Please the your with H.C. comes Joshi Wainwright. Sameer with line next question. Instructions] [Operator from question of proceed Our

Sameer Joshi

outlook XX.X% on given have FUEL already rather XX%, the and for that gross rest The year, of CHEM? XX.X XX.X you to isn’t on margin XX% bit the conservative the it little a APC

Vince Arnone

XX% range the just as rule then Sameer, be CHEM, relative speaking, also side, of on a okay. revenues by that it it percentage Generally impacted to point APC you as the APC out, a mix thumb that comes we FUEL is, and call XX% of because it’s projects from will use versus

as range. So, our at a we to XX% typically XX% landscape, full year to it general call look quote as we

project able then to the of bit CHEM, on that to a As B, we little mix more granular, APC APC; we FUEL premature and have between specific picture today were a A, a make number. revenue get the mix but as to to and then better more

Sameer Joshi

Understood.

Vince Arnone

Okay.

Sameer Joshi

Clarification on during the this two APC or projects did incremental work on you that one quarter?

Vince Arnone

Yes.

Sameer Joshi

was that be you’re it nature projects incurred the likely to another of was on? working Why necessitated What that if it and on work?

Vince Arnone

part answer question. would be, second no, The on your

was them. On needed the meet particular actually a system as is found of we and do And site their, our to delivered we little bit customer’s to to do we there bit as customer priority for a -- work at requirements, of a system that customer, we our okay. doing by first part, that customers site. to our the delivery work our on system ultimately all on delivery to, their meeting as we a result requirements, of as And right location, we’re Fuel more had our little Tech,

driver little we that’s work what So, doing expecting why normal call is a it more the not out, called for be expensive of incremental I It’s scope it the to which it’s cost. not a something and -- for incremental than would recurring. we’re

Sameer Joshi

clarification. that for Thanks Okay.

Vince Arnone

You’re welcome.

Sameer Joshi

incremental into the as the bringing previous from you you inside? units coal-fired color one or units program do last next look you’re that to did the additional online. few the under to on question out quarters, expect me, give But CHEM you One be FUEL coal-fired

Vince Arnone

surprised, you necessarily surprised bit on that right domestically, I little a say if us. board were have now, was the I’ll it to little tell of a going expect be I’ll brought happen. we Yes, it to Sameer. to happen did just bit We two

great having a my the pursuing comments market there, base at whereby domestically, pricing that difficulty in boilers, Here are two high burning in some opportunities boilers, stations at loaded and they’re demand extremely for at coal-fired with fuel is out I had Philippines a power in different we mentioned actually our in high. very has power

we is investment going for So, the to customers. the think return be on there end

we’re it of unit if be, a next going would So, probably was source to of FUEL I would the U.S. outside CHEM coal-fired be say,

Sameer Joshi

usage Understood. Is coal? the extended as given equation Germany have part of that well they of that

Vince Arnone

with in as very had lignite to their given and design I in burn their their we and tried able FUEL some what to slagging They be would We to fouling how that boilers utilities fuel address. haven't would running specifically. critical pursue they their CHEM ago, lignite years Germany coal-fired call issues but experience

that Just coal the of very how to they used because boilers in specifically local engineered Germany. they the

expect necessarily FUEL in not anything would incremental from CHEM. Germany I So,

Sameer Joshi

once again my questions. taking for Thanks

Vince Arnone

pleasure, anytime. My

Operator

have Ladies and to question-and-answer we gentlemen, like of reached the call the end back for turn to Vince remarks. and the closing Arnone I session, would

Vince Arnone

multiyear want reorganization, call say, Thanks, to restructuring, the We're for operator. and again, I through thanks Once a you in redevelopment your time everyone restructuring for years. our of These interest first point four thank and gone to today going the generated five Fuel planned to cash flow operating three positive Tech. to we years, we've significant in the profit company. for XXXX, past joining through whereby an

additional and as expect the to to I We continued shareholders. value success providing team and improvement continue Tech mentioned to entire is to Fuel previously, dedicated our

Have great the a You day. have base. that shareholder my commitment Thanks everyone. as to

Operator

conference. today's This concludes

time. this at line your disconnect Thank may participation. you for You your

Fuel Tech (FTEK) 14 May 192019 Q1 Earnings call transcript