Item 5. Market for Registrant’s Common Equity
ITEM 5 - MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES
Market
Our Common Shares have been traded since September 1993 on The NASDAQ Stock Market, Inc, where it trades under the symbol FTEK.
Prices
The table below sets forth the high and low sales prices during each calendar quarter since January 2019 .
2020
High
Low
Fourth Quarter
$
7.04
$
0.69
Third Quarter
1.40
0.60
Second Quarter
1.49
0.35
First Quarter
1.00
0.30
2019
High
Low
Fourth Quarter
$
1.08
$
0.84
Third Quarter
1.43
0.82
Second Quarter
2.80
1.22
First Quarter
1.85
1.17
Dividends
We have never paid cash dividends on the Common Shares and have no current plan to do so in the foreseeable future. The declaration and payment of dividends on the Common Shares are subject to the discretion of our Board of Directors. The decision of the Board of Directors to pay future dividends will depend on general business conditions, the effect of a dividend payment on our financial condition, and other factors the Board of Directors may consider relevant. The current policy of the Board of Directors is to reinvest earnings in operations to promote future growth.
Holders
As of March 3 , 2021 , there were 96 holders of record of our common stock, which does not include the number of beneficial owners whose common stock was held in street name or through fiduciaries.
NASDAQ Delisting Notice
On January 7, 2020, Fuel Tech, Inc. (the “Company”) received a letter from the Listing Qualifications Department of The NASDAQ Stock Market (“NASDAQ”) notifying the Company that, based upon the closing bid price of the Company’s common stock that trades under the symbol “FTEK” (“Common Stock”), for the last 30 consecutive business days the Common Stock did not meet the minimum bid price of $1.00 per share required for continued listing on NASDAQ pursuant to NASDAQ Listing Rule 5450(a)(1) (the “Minimum Bid Rule”), initiating an automatic 180 calendar-day grace period for the Company to regain compliance.
In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days from the date of the notification, or until July 6, 2020 to achieve compliance with the Minimum Bid Rule. The Company received an extension to March 17, 2021 and regained compliance with the Minimum Bid Rule in December of 2020 when the Company’s Common Stock closed at or above $1.00 per share for a minimum of 10 consecutive business days.
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Performance Graph
The following line graph compares our total return to stockholders per common share for the five years ended December 31, 2020 to that of the NASDAQ Composite Index and the S&P Global Clean Energy Index Fund for the period December 31, 2014 through December 31, 2020 . The graph tracks the performance of a $100 investment in the Company's common stock and in each of the indexes (with the reinvestment of all dividends) on December 31, 2015.
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ITEM 6 - SELECTED FINANCIAL DATA
Selected financial data are presented below as of the end of and for each of the fiscal years in the five-year period ended December 31, 2020 . The selected financial data should be read in conjunction with the audited consolidated financial statements as of and for the year ended December 31, 2020 , and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this report and the schedules thereto.
For the years ended December 31
CONSOLIDATED STATEMENT OF OPERATIONS DATA
2020
2019
2018
2017
2016
(in thousands of dollars, except for share and per-share data)
Revenues
$
22,550
$
30,467
$
56,535
$
45,166
$
55,161
Cost of sales
11,912
19,637
36,471
27,144
36,367
Selling, general and administrative
13,600
17,191
18,564
20,933
25,564
Restructuring charge
—
625
—
119
1,428
Research and development
1,177
1,127
1,073
1,070
1,752
Impairment and abandonment charges
197
127
317
2,965
2,074
Operating (loss) income from continuing operations
(4,336
)
(8,240
)
110
(7,065
)
(12,024
)
Net (loss) income from continuing operations
(4,278
)
(7,851
)
85
(6,535
)
(14,588
)
Loss from discontinued operations
—
(1
)
(113
)
(3,914
)
(2,800
)
Net loss
$
(4,278
)
$
(7,852
)
$
(28
)
$
(10,449
)
$
(17,388
)
Net loss per common share:
Basic
Continuing operations
$
(0.17
)
$
(0.32
)
$
—
$
(0.28
)
$
(0.62
)
Discontinued operations
—
—
—
(0.16
)
(0.12
)
Basic net loss per common share
$
(0.17
)
$
(0.32
)
$
—
$
(0.44
)
$
(0.74
)
Diluted
Continuing operations
$
(0.17
)
$
(0.32
)
$
—
$
(0.28
)
$
(0.62
)
Discontinued operations
—
—
—
(0.16
)
(0.12
)
Diluted net loss per common share
$
(0.17
)
$
(0.32
)
$
—
$
(0.44
)
$
(0.74
)
Weighted-average basic shares outstanding
24,691,000
24,202,000
24,164,000
23,872,000
23,365,000
Weighted-average diluted shares outstanding
24,691,000
24,202,000
24,164,000
23,872,000
23,365,000
December 31,
CONSOLIDATED BALANCE SHEET DATA
2020
2019
2018
2017
2016
(in thousands of dollars)
Working capital
$
15,542
$
16,816
$
23,556
$
18,025
$
26,585
Total assets
30,088
31,606
51,719
50,484
57,788
Long-term obligations
1,865
286
335
420
346
Total liabilities
7,767
5,431
17,667
16,312
15,099
Stockholders’ equity (1)
22,321
26,175
34,052
34,172
42,689
Notes:
(1)
Stockholders’ equity includes the principal amount of nil coupon non-redeemable perpetual loan notes. See Note 7 to the consolidated financial statements.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.