di4
15 years ago
American DG Energy Reports 2009 First Quarter Financial Performance
May 14, 2009 10:00:00 AM
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View Additional ProfilesCore On-Site Utility Energy Business Revenues Grew 13%
WALTHAM, Mass., May 14 /PRNewswire-FirstCall/ -- American DG Energy Inc. (OTC Bulletin Board: ADGE), a leading On-Site Utility offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported overall revenues of $1,403,529 in the first quarter of 2009, compared to revenues of $1,516,952 for the same period in 2008. The core On-Site Utility energy revenues increased by 13% to $1,394,521 in 2009, compared to revenues of $1,234,909 in 2008. GAAP diluted earnings per share (EPS) were $(0.02) in the first quarter of 2009, compared to $(0.01) for the same period in 2008, and GAAP operating income was a loss of $(437,337) in the first quarter of 2009, compared to a loss of $(241,420) for the same period in 2008.
"We are pleased to report revenue growth of 13% in the first quarter of 2009 in our core On-Site Utility energy business," said John N. Hatsopoulos, Chief Executive Officer of American DG Energy. "Our On-Site Utility energy business continued to grow even though our revenues and margins were affected by lower energy prices (electricity, natural gas and oil) in the greater New York metropolitan area. We believe this is a temporary situation."
American DG Energy will hold its earnings conference call today, May 14, at 10:00 a.m. Eastern Time. To listen, dial (800) 860-2442 within the U.S. or (412) 858-4600 outside the U.S. Participants should reference American DG Energy to access the call. This earnings press release will be available on the Company website at www.americandg.com in the "Investors" section under "News Releases." The earnings call will be available for playback through Thursday, May 21, 2009. To listen to the playback, call (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and use Playback Code 430175.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities -- without any capital or start-up costs to the energy user. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
for the Three Months Ended March 31, 2009 and March 31, 2008
Three Months Ended
March 31, March 31,
2009 2008
UNAUDITED UNAUDITED
Net Sales $1,403,529 $1,516,952
Cost of sales
Fuel, maintenance and installation 1,054,533 1,077,087
Depreciation expense 197,742 115,701
1,252,275 1,192,788
Gross profit 151,254 324,164
Operating expenses
General and administrative 349,767 348,887
Selling 120,064 114,850
Engineering 118,760 101,847
588,591 565,584
Loss from operations (437,337) (241,420)
Other income (expense)
Interest and other income 23,778 47,906
Interest expense (117,500) (120,500)
(93,722) (72,594)
Loss from continuing operations,
before tax (531,059) (314,014)
Provision for state income taxes (2,050) (28,613)
Net loss (533,109) (342,627)
Less: Income attributable to the
noncontrolling interest (42,204) (82,135)
Net loss attributable to American DG
Energy Inc. (575,313) (424,762)
Net loss per share - basic and diluted $(0.02) $(0.01)
Weighted average shares outstanding
- basic and diluted 33,535,306 32,265,813
Non-GAAP financial disclosure
Loss from operations $(437,337) $(241,420)
Depreciation expense 201,076 115,701
Stock based compensation 84,746 95,640
Adjusted (loss) income from
operations $(151,515) $(30,079)
CONDENSED CONSOLIDATED BALANCE SHEETS
as of March 31, 2009 and December 31, 2008
March 31, December 31,
2009 2008
UNAUDITED
ASSETS
Current assets:
Cash and cash equivalents $1,502,742 $1,683,498
Short-term investments 271,133 761,614
Accounts receivable, net 789,143 835,922
Unbilled revenue 129,448 204,750
Due from related party, current 379,538 297,417
Prepaid and other current assets 164,362 163,121
Total current assets 3,236,366 3,946,322
Property, plant and equipment, net 7,230,214 6,983,392
Accounts receivable, long-term - 5,647
TOTAL ASSETS 10,466,580 10,935,361
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 275,139 270,852
Accrued expenses and other current
liabilities 331,814 384,340
Due to related party 195,042 166,560
Capital lease obligations 2,431 2,431
Total current liabilities 804,426 824,183
Long-term liabilities:
Convertible debentures 5,875,000 5,875,000
Capital lease obligations, long-term 13,865 14,394
Total liabilities 6,693,291 6,713,577
Stockholders' equity:
American DG Energy Inc. shareholders' equity:
Common stock, $0.001 par value; 50,000,000
Shares authorized; 34,034,496 issued and
outstanding at March 31, 2009 and December
31, 2008, respectively 34,034 34,034
Additional paid-in capital 12,709,578 12,614,332
Common stock subscription (10,540) (35,040)
Accumulated deficit (10,283,858) (9,708,545)
Total American DG Energy Inc.
stockholders' equity 2,449,214 2,904,781
Noncontrolling interest 1,324,075 1,317,003
Total stockholders' equity 3,773,289 4,221,784
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $10,466,580 $10,935,361
SOURCE American DG Energy Inc.
----------------------------------------------
John Hatsopoulos
American DG Energy
+1-781-522-6020
di4
15 years ago
American DG Energy Supplies Clean Energy to Stevens Institute of Technology
May 14, 2009 8:00:00 AM
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View Additional ProfilesEvaluating Remaining Buildings on Campus for Additional On-Site Utility Opportunities
HOBOKEN, N.J., May 14 /PRNewswire-FirstCall/ -- American DG Energy Inc. (OTC Bulletin Board: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and athletic facilities, is supplying clean energy to Stevens Institute of Technology, a premier technological university, located in Hoboken, NJ. Stevens is receiving a portion of its energy from an on-site 75 kW combined heat and power (CHP) system and a 200 ton natural gas engine driven chiller, which are owned and operated by American DG Energy. The value of the energy of just these two projects over the term of the agreements is estimated at $8.3 million.
American DG Energy produces clean energy in the form of electricity, space heating and cooling at Stevens' Schaefer Center. Stevens pays only for the energy they use and avoids all capital, installation and operating costs. The electricity and space heating is produced with small-scale CHP equipment; cooling is provided by a natural gas engine driven chiller that was recently installed. Although this energy equipment is located in the building, it is installed, owned and operated by American DG Energy. Since the Company will handle all service, maintenance and repair, Stevens will not need any manpower to support the equipment.
As a top-notch engineering and science school, Stevens Institute of Technology is committed to providing educational programs addressing global issues, such as sustainability. As such, the Institute has installed alternative energy systems on campus to both reduce its carbon footprint and benefit the students learning about these clean energy technologies. The clean energy systems operating on campus function as a "live laboratory" which is beneficial for students studying green engineering. Financing clean energy systems, however, can be difficult.
"Capital is always tight in an institutional setting," stated Mark Byrd, HVAC Manager at Stevens Institute of Technology. "When we searched for companies who would finance, install, operate and execute a power purchasing agreement for CHP and chillers, we found only one. Only American DG Energy was able to meet all our needs."
The CHP system, which has been running since early February, has already had a positive economic impact, both in energy savings and in bringing in new students. "We're already saving money," said Norman Forster, Director of Physical Plant at Stevens Institute of Technology. "But even more beneficial than the energy savings is the impact on the institution's marketability to prospective students." Mr. Forster continued, "Having sustainable energy systems on campus for students to learn from, gives Stevens a competitive advantage when trying to attract new students."
Stevens is pleased with system performance to date and has signed an agreement to purchase additional cooling and combined heat and power exclusively from American DG Energy. Under the terms of the agreement, Stevens has granted the Company access to its entire campus to evaluate and determine which remaining buildings may be a good fit for additional energy efficient CHP and chiller systems.
On-Site Utility
American DG Energy sells the energy produced on-site from a combined heat and power (CHP) system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the CHP system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy. All system installation, operation and support are handled by the Company as well.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial, and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities - without any capital or start-up costs to the energy user. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE American DG Energy Inc.
----------------------------------------------
John Hatsopoulos
American DG Energy
+1-781-522-6020
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