KFx reports growth in first quarter 2002

DENVER, May 24, 2002 -- KFx Inc. recently reported its results for the first quarter of 2002.

Consolidated revenues in the first quarter of 2002 were $1,250,961, an increase of $1,003,011, or 405%, as compared to the first quarter of 2001 due entirely to an increase in revenues at Pegasus Technologies, Inc., a majority-owned subsidiary of KFx.

The increase in Pegasus revenues resulted from a significant increase in revenue-generating projects caused by the receipt of the Cinergy fleet wide order in May 2001, the acquisition of the Pavilion power optimization division in July 2001, which contributed approximately $271,000 in revenue during the first quarter of 2002 and increased utilization of the software installation engineers.

KFx also reported revenue growth for the fourth consecutive quarter as consolidated revenues for the first quarter of 2002 exceeded the fourth quarter of 2001 by 12%. Total current order backlog is approximately $8,382,000.

Consolidated operating loss in the first quarter of 2002 was $1,407,102, a decrease of $636,971, or 31%, compared to the first quarter of 2001. This decrease was due primarily to the net effect of the significant increase in revenues and a decrease in depreciation and amortization expense of $389,299 offset by an increase in Pegasus engineering and sales staff and the additional costs of international market expansion.

Consolidated net loss of $3,620,878 ($0.12 per share) in the first quarter of 2002 compares to a consolidated net loss of $2,816,721 ($0.11 per share) in the first quarter of 2001. The first quarter 2002 net loss included non-cash charges of approximately $1,681,000 for interest expense relating principally to the various financing transactions entered into by KFx. These non-cash charges totaled approximately $419,000 for the first quarter of 2001.

KFx provides total fuel solutions for the power industry. Its patented K-Fuel® process converts low heating value coal into clean, high-energy fuel. The KFx web site address is www.kfx.com .

Pegasus Technologies, Inc., a majority-owned subsidiary of KFx, is a provider of neural network based IT applications for the power generation market. The Pegasus OS 2001 suite of combustion optimization applications enables utilities to reduce emissions and increase the efficiency of fossil-fueled electric generating units. The Pegasus web site address is www.pegasustec.com .


Sponsored by FLSmidth

Related Articles

EPA releases coal ash rule

The U.S. Environmental Protection Agency (EPA) Administrator Gina McCarthy announced the agency will now consider coal ash on the same level as household waste as opposed to hazardous waste. Household garbage and coal ash are both listed in the solid waste category, a stretch from the hazardous waste classification.

Fuel Tech receives air pollution control contracts worth $3.6Mn

Fuel Tech Inc. has received multiple air pollution control (APC) contracts, worth approximately $3.6 million, from customers in China, Europe and the U.S.

Follow Power Engineering on Twitter
Latest News
Winners and losers in Clean Power Plan Associated Press

Who wins and loses under Obama's stricter power plant limits

President Barack Obama is mandating even steeper greenhouse gas cuts from U.S. power plants t...
Olkiluoto 3 construction delay claims increased

Companies update claims over Finnish nuclear project delays

The Areva-Siemens consortium and Finnish utility Teollisuuden Voima Ovj (TVO) have both incre...
DOE opens funding for advanced nuclear reactor R&D

DOE opens funding for advanced nuclear R&D

The U.S. Energy Department (DOE) released a funding opportunity for research, development and...
Rosatom to build nuclear power plants in Vietnam

Rosatom plans construction of nuclear power units in Vietnam

Russia state-owned Rosatom signed a general framework agreement with Electricity of Vietnam (...
Regulators approve modified plans for Carlsband Energy Center

Regulators approve modified natural gas-fired power plant plan

The California Energy Commission (CEC) approved amendments for construction of a planned natu...
DTE Energy to build solar power project at Metro airport

DTE Energy building airport solar power project

DTE Energy (NYSE: DTE) started construction on a solar power array at Detroit Metropolitan Ai...
On site power manufacturer buys distribution equipment company

On-site power manufacturer buys distribution equipment company

Pioneer Power Solutions Inc. (Nasdaq: PPSI) announced that its Pioneer CEP subsidiary acquire...
Pattern Energy Group owns 100% of Texas wind energy project

Pattern owns 100% of Texas wind energy project

Pattern Energy Group Inc. (Nasdaq: PEGI) completed the acquisition of the remaining ownership...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Power Industry Wire News

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

Lubricants Market to Reach $68.54 Billion by 2022: Grand View Research, Inc.

TX Holdings Reports Third Quarter 2015 Results

TX Holdings Reports Third Quarter 2015 Results

Magnum Hunter Resources Declares Monthly Cash Dividend on Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock

Magnum Hunter Resources Declares Monthly Cash Dividend on Series C Preferred Stock, Ser...

Emerald Oil Announces Venture With Koch Exploration, Results of Southern McKenzie County Wells & Midstream Joint Venture

Emerald Oil Announces Venture With Koch Exploration, Results of Southern McKenzie Count...

Fortress Opens $2.5 Million Frac Tank Wash Out and Truck Wash Facility to Serve Eagle Ford Shale Unconventional Oil & Gas E&Ps That Need Streamlined and Affordable Salt Water Disposal Services

Fortress Opens $2.5 Million Frac Tank Wash Out and Truck Wash Facility to Serve Eagle F...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>