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

Vermont bill would set new standards for renewable energy

Vermont is considering a change to its energy policy that would end a practice that critics said amounted to double-counting the environmental benefits of its renewable sources of power.

Senate panel passes energy-efficiency utility bill

Major utility companies would be able to develop their own energy-efficiency programs and charge customers to implement them under a bill that cleared a state Senate committee Thursday, but the panel's chairman said the bill still needs a lot of work.

Follow Power Engineering on Twitter
Latest News

MHPS to supply M501J gas, steam turbines to new combined-cycle power plant in Korea

Mitsubishi Hitachi Power Systems (MHPS), jointly with Marubeni Corp., has received an order f...

Business leaders throw support behind coal plant proposal

Business leaders on Thursday outlined the economic devastation they say could come if New Mex...

TVA seeks public comment for future coal ash storage at Bull Run

The Tennessee Valley Authority (TVA) is asking for public input on plans to expand dry onsite...

California Public Utilities Commission Approves NRG Energy’s Carlsbad Energy Center

California Public Utilities Commission (CPUC) has approved the SDG&E Power Purchase and T...

Vermont joins international effort to fight climate change

Gov. Peter Shumlin says Vermont has signed on to what he called a first-of-its-kind agreement...

Products May 2015

Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

Replacing heavy equipment is one way utilities can extend the life and increase the reliabili...

Managing CCRs and Process Water: Why Handling Bottom Ash Wet May Remain The Best Option

The U.S. coal-fired electric generation industry once again finds itself in the crosshairs of...

Power Engineering Current Issue

01/01/2015
Volume 119, Issue 1
1501pe-cover-lg
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 | 2014 | 2015

Buyers Guide Categories

Power Industry Wire News

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free NDT Job Training to Vets, Disadvantaged Young Adults

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free ND...

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tech Talent

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tec...

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possible Delisting

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possi...

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 >>