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FTEK builds technologies for air pollution control and other services. |
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Released on Tuesday, June 12, 2012, 6:00 AM ET
Pittsburgh, PA (SpeculatingStocks) - Fuel Tech (NASDAQ:FTEK) announced on June 1st, receiving two orders for projects in China. The first order was an award of a Fuel Tech NOxOUT-SCR® system for a carbon black manufacturing facility. The second order was placed by an existing utility customer in China, is an award of Fuel Tech ULTRA systems for two large coal-fired units being retrofitted with nitrogen oxide (NOx) control technology.
On May 15th, the company authorized the repurchase of up to $6 million of its outstanding shares through June 30, 2013. It will be funded through Fuel Tech's existing cash. As of, December 30, 2011, FTEK had cash and cash equivalents of $28.2 million on the balance sheet and no long-term debt.
FTEK has grown revenue and profit each of the last three years with revenue of $71.3 million in 2009, $81.7 million in 2010 and $93.6 million in 2011. Net income for FTEK has grown from a loss of $2.30 million in 2009 to a profit of $1.75 million in 2010 to an even greater profit of $6.14 million in 2011.
FTEK is attractively priced with a market cap value of $105.36 million and PE of only around 17.38. Insiders have been purchasing shares as recently as May 30th, 2012 with a purchase of 18,000 shares by an inside officer at $3.81. There were several other insider purchases in May between $3.51 and $3.81.
FTEK is quite the attractive play currently with the stock rebounding from its 52-week low recently of $3.50 and climbing to around $5.00. It looks like the stock now starting a second leg higher.
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