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Fuel Tech Income Doubles in Q3

Fuel Tech, Inc. (Nasdaq: FTEK), a leader in advanced engineering solutions that optimize combustion systems in utility and industrial applications, reported results for the quarter and nine-month period ended September 30, 2006. Net sales for the third quarter increased 57% to a record $20.2 million, up $7.4 million from the comparable prior-year quarter. Net income totaled $2.1 million, or $0.09 per diluted share, compared with $1.0 million, or $0.05 per diluted share, in the same year-ago quarter. Net sales for the nine months rose 56% to $57.1 million, up $20.4 million from the comparable year-earlier period. Pre-tax income totaled $9.4 million, a gain of 97% versus the $4.8 million recorded in the comparable 2005 period. Net income for the nine months totaled $5.4 million, up slightly from the $5.0 million posted a year ago, while net income per diluted share was $0.22, unchanged from the year-earlier period, when there were fewer shares outstanding. Results for the third quarter and first nine months of 2006 reflect $1.6 million and $4.1 million in income tax expense, respectively, virtually all of which is non-cash. Net income for the first nine months of 2005 was favorably affected by the recording of a one-time $2.2 […]

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SunOpta Completes Acquisition of Hess

SunOpta Inc. (NASDAQ:STKL; TSX:SOY) has completed the acquisition of all of the outstanding shares of Hess Food Group LLC of Chicago, Illinois. Hess is a privately-owned, profitable supplier of fruits and vegetables with $4 million in revenues, focused primarily on the quick-service and casual restaurant industry. Hess’s business model focuses on providing its customers with supply chain expertise, from initial product development, to sourcing experience, expertise and flexibility, and inventory management. Hess manages over fifty million pounds of raw and processed fruits and vegetables for its customers, sourced from qualified processors, including SunOpta’s processing facilities. Products are sourced according to customer’s quality specifications and precise formulations. The combination of Hess and the SunOpta Fruit Group will strengthen SunOpta’s position as a leader in the quick-service and casual restaurant industry, complementing SunOpta’s strengths in the private label retail and industrial markets. In addition, SunOpta’s global supply sourcing capabilities are expected to generate significant benefits to Hess’s customers via year-round global supply risk management, consistency of supply and cost efficiencies. The combination of Hess’s product development experience and SunOpta’s research and development expertise is also anticipated to generate significant future opportunities as customers benefit from greater resources in product development and innovation. […]

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DOE Selects California to Jumpstart E85 Ethanol Fueling Network

The U.S. Department of Energy (DOE) has selected a team comprised of CALSTART, General Motors, Pacific Ethanol, CleanFUEL USA, Community Environmental Council and others to receive grants to jump start an alternative fuel network in California. The grant provides partial funding to build 15 publicly accessible E85 ethanol stations. Currently there is only one public station that sells E85 ethanol (85% ethanol and 15% gasoline) in California, despite the fact the state has over 300,000 flex-fuel cars capable of running on the fuel. This project will create the building blocks of an E85 refueling network. With this initial round of funding, ten E85 pumps will be constructed at existing United Oil gas stations in the greater Los Angeles area. Four pumps will go to stations along Highway 101 between Ventura and San Luis Obispo County. A final E85 pump will be installed in the San Joaquin Valley along Highway 99 in Tulare. Of the more than 300,000 ethanol capable flex-fuel vehicles in California, approximately 1/3 were produced by GM. GM is the only car company currently selling cars in California that can operate on E85. There are approximately 1,000 E85 ethanol stations throughout the country, mostly in the Midwest. Ethanol […]

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