Fuel Tech

In my defence (for selling), Fuel Tech has made less revenue and profit in every quarter since September '06 (this streak could extend further but I haven't looked further for data).

PERIOD ENDING		30-Jun-07	31-Mar-07	31-Dec-06	30-Sep-06
Total Revenue		16,210	16,262	18,062	20,173
Cost of Revenue		9,083	8,957	9,219	10,042
Gross Profit		7,127	7,305	8,843	10,131

It is also on track to make less revenue and profit in '07 compared to '06 though this might not end up being true since apparently Q4 is supposed to end full with backlogged orders. Also, in a business like this revenue is clumpy and inconsistent. However, the shares trade like investors are expecting some huge breakout in orders, possibly from China or because of some hugely increased acceptance
of the company's technology in general or maybe because greenhouse gas emissions may become further regulated, or maybe that the company will be bought out. I don't think the company will be bought out much higher than at the price the stock trades at today.

The bottom line is that I'm trying to retroactively justify my selling of this company and am hoping that I'll get a chance to pick it up later in the year, possibly during a further market downturn or if Q3 is going to bring back some reflection of pessimism in the shares.