Fuel Tech reports 2021 earnings

WARRENVILLE - Fuel Tech Inc. Wednesday said consolidated revenues for fiscal year 2021 rose to $24.3 million from $22.6 million the prior year, reflecting a 24.1% increase.

Operating loss from continuing operations narrowed to $1.5 million from $4.3 million in the 2020 fiscal year. Net income for 2021 was $100,000, or 0 cents per diluted share, compared to a net loss of $4.3 million, or 17 cents per diluted share, in 2020. Net income for 2021 included other income of $1.6 million, reflecting full forgiveness of the loan proceeds from the Paycheck Protection Program, established pursuant to the CARES Act.

Fuel Tech is a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications.

"For full year 2021, we generated higher revenues; continued a strict cost-control discipline that produced lower selling, general and administrative expenses; significantly reduced our operating loss, and reported annual net income for the first time since 2013," said Vincent J. Arnone, president and CEO. "We also ended the year in a strong financial position, with $37.1 million in total cash and no debt."