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
NRC to increase oversight of Pilgrim nuclear power plant

NRC to increase oversight of Pilgrim nuclear power plant

The U.S. Nuclear Regulatory Commission (NRC) will increase its oversight of the 670-MW Pilgri...
Kettleman utility-scale solar project providing electricity to Silicon Valley city of Palo Alto

Kettleman utility-scale solar project powering city of Palo Alto

The Kettleman Solar Power Project in Kings County was built on about 264 acres of land on Hig...
Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivered a nuclear reactor vessel head to Electrabel for Unit 4 at the Doel nuclear po...
EPSA files brief with Supreme court on FERC demand response case

EPSA files brief with Supreme Court on FERC demand response case

The Electric Power Supply Association (EPSA) and a number of other parties filed a legal brie...
Southern Power, First Solar co-own California solar PV project

Southern Power, First Solar co-own California solar PV project

Southern Co. (NYSE: SO) unit, Southern Power, acquired a controlling stake in a 300-MW solar ...
EPA to opponents: Wait for the absolutely final Clean Power Plan, then attack

EPA to opponents: Wait for the absolutely final Clean Power Plan, then attack

Responding to an Aug. 13 notice of appeal from several states, including coal-reliant West Vi...
Global nuclear plant life extensions to decrease sixfold by 2025

Global nuclear plant life extensions to decrease sixfold by 2025

The capacity of nuclear power plants starting plant life extension (PLEX) programs will decre...
DOE selects eight projects to receive funding for reducing cost of CO2 capture and compression

DOE selects 8 projects to receive funding for reducing cost of CO2 capture and compression

The U.S. Department of Energy’s (DOE) National Energy Technology Laboratory (NETL) has select...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover
Products Showcase
Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivered a nuclear reactor vessel head to Electrabel for Unit 4 at the Doel nuclear power plant in Belgium.

GE announces launch of latest aeroderivative gas turbine, LM6000-PF+

GE announces launch of latest aeroderivative gas turbine, LM6000-PF+

GE is launching its latest aeroderivative gas turbine, the LM6000-PF+, which employs technologies from four GE businesses, bringing power online faster and more efficiently than ever before.

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

Nine Energy Service Acquires G 8 Oil Tool

Nine Energy Service Acquires G 8 Oil Tool

MCW Energy Group Reports on Production Progress of Its Environmentally-Friendly Oil Sands Extraction Plant in Asphalt Ridge, Utah

MCW Energy Group Reports on Production Progress of Its Environmentally-Friendly Oil San...

Global Well Completion Equipment Market to Grow at a CAGR of 11.45% by 2019: Radiant Insights, Inc

Global Well Completion Equipment Market to Grow at a CAGR of 11.45% by 2019: Radiant In...

Chemical Industry Webinar to Discuss $960 Billion in Potential Spending, an Industrial Info Event Announcement

Chemical Industry Webinar to Discuss $960 Billion in Potential Spending, an Industrial ...

Vantage Drilling Company Receives Notice of Drilling Contract Termination

Vantage Drilling Company Receives Notice of Drilling Contract Termination

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 >>