Financial Performance - Revenues for the three and six month periods ending June 30, 2020 were $4,401 and $8,948, representing a decrease of $4,547 or 51% and $10,924 or 57% compared to the same periods in 2019[96] - The Air Pollution Control (APC) technology segment generated revenues of $1,937 and $3,133, reflecting a decrease of $2,866 or 60% and $7,459 or 70% from the prior year[97] - Consolidated gross margin percentage for the three and six month periods ended June 30, 2020 were 14% and 26%, significantly reduced from 44% and 41% in 2019[100] - Selling, general and administrative expenses (SG&A) were $2,755 and $6,641 for the three and six month periods ended June 30, 2020, with SG&A as a percentage of revenues increasing to 63% and 81% from 50% and 47% in 2019[101] - The company recorded losses from continuing operations totaling $5,111 for the six month period ended June 30, 2020, with cash used from continuing operations amounting to $3,414[106] Research and Development - Research and development expenses for the three and six month periods ended June 30, 2020 were $271 and $595, focused on new product development and technologies outside traditional markets[104] Cash and Financing - As of June 30, 2020, the company had a cash balance of $11,257, including restricted cash of $3,003, and working capital totaled $12,133[107] - The company received $1,556 in loan proceeds from the Paycheck Protection Program (PPP) on April 15, 2020, with a 1.0% interest rate and a two-year term[113] Backlog and Orders - Consolidated APC backlog at June 30, 2020 was $8,321, down from $9,671 at December 31, 2019, indicating a decline in project execution and new orders[98] Taxation - The company is projecting a consolidated effective tax rate of approximately 3% for 2020, significantly lower than the federal income tax rate of 21%[105]
Fuel Tech(FTEK) - 2020 Q2 - Quarterly Report