PR Newswire
WALTHAM, Mass., May 11, 2017
WALTHAM, Mass., May 11, 2017 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE, the "Company"), an On-Site Utility provider offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and fitness facilities, reported total revenues of $1,718,164 for the first quarter of 2017, compared to $1,514,449 for the first quarter of 2016, a 13.5% increase. GAAP diluted earnings per share (EPS) was a loss of $0.01 for the first quarter of 2017 versus a loss of $0.02 for the first quarter of 2016.
Speaking about the quarter, Co-Chief Executive Officer Benjamin Locke noted, "We continue to manage the company toward maximizing the business potential of the installed fleet. Our sites improvement initiative, including upgrading electrical metering for eighty percent of the fleet, delivered excellent margin improvement alongside new revenue growth. The over 70% year-on-year growth in demand savings-related revenue generated in the first quarter is an excellent example of the potential these improvements can produce. Looking ahead, we expect to complete the remainder of the planned site improvements and electrical metering upgrades by year end and look forward to a similar proportional improvement in revenues and adjusted gross margins (excluding depreciation), setting the company up for what we expect to be a profitable future as a subsidiary of Tecogen Inc."
Reflecting upon the Company's ongoing efforts to optimize its On-Site Utility business, On-Site Utility gross margin excluding depreciation improved in the first quarter of 2017 to 31.4% versus 25.2% for the same period in 2016, a 6.2 percentage point improvement in gross margin resulting in a 25% improvement in adjusted gross margin.
In addition, the Company delivered a cash flow positive quarter on an adjusted EBITDA cash flow basis (as defined below), with inflows of $23,532 for the first quarter of 2017 as compared to outflows of $42,679 in the comparable prior year period.
Chief Financial Officer Bonnie Brown observed, "With the elimination of the remaining balance of the convertible debt at year end 2016, the Company enjoyed a significant improvement in leverage ratios and reduction in interest expense in the first quarter of 2017. This benefit was partially offset by the mark-to-market decline in the value of our remaining stake in EuroSite Power Inc. following that company's decision to de-list their shares at year end 2016. We will continue to evaluate best uses of capital going forward and position our balance sheet to support ongoing improvement in the operations of the Company."
Major Highlights:
Consolidated Financial Results
Operations
Fitness | 19 | % |
Hospitality | 12 | % |
Housing | 27 | % |
Education | 13 | % |
Healthcare | 22 | % |
Other | 7 | % |
Total | 100 | % |
Electricity | 58 | % |
Thermal | 42 | % |
Cooling | — | % |
Total | 100 | % |
American DG Energy will hold its earnings conference call today, May 11, 2017 at 1:00 p.m. Eastern Time. To listen, dial (866) 364-3819 within the U.S., (855) 669-9657 from Canada, or (412) 902-4209 from other international locations. Participants should reference American DG Energy to access the call. We suggest you begin dialing at least 10 minutes before the scheduled starting time. Alternately, to register for and listen to the live webcast, please go to http://investors.americandg.com/webcast.
The earnings conference call will be recorded and available for playback one hour after the end of the call through Thursday, May 18, 2017. To listen to the playback, dial (877) 344-7529 within the U.S. (855) 669-9658 from Canada, or +1 (412) 317-0088 from other international locations and reference Replay Access Code 10105521. Following the call, the webcast will be archived for 30 days.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. We are 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 - through our On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. Learn more about how American DG Energy reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
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.
AMERICAN DG ENERGY INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
| |||||||
| March 31, | | December 31, | ||||
ASSETS | | | | ||||
Current assets: | | | | ||||
Cash and cash equivalents | $ | 1,127,252 | | | $ | 338,627 | |
Accounts receivable, net | 778,044 | | | 815,748 | | ||
Unbilled revenue | 17,079 | | | 18,797 | | ||
Due from related party | 71,468 | | | 87,845 | | ||
Inventory | 109,823 | | | 128,680 | | ||
Assets held for sale | — | | | 946,883 | | ||
Prepaid and other current assets | 356,496 | | | 299,667 | | ||
Total current assets | 2,460,162 | | | 2,636,247 | | ||
Property and equipment, net | 15,548,797 | | | 15,831,160 | | ||
Investment securities | 519,568 | | | 637,651 | | ||
TOTAL ASSETS | $ | 18,528,527 | | | $ | 19,105,058 | |
| | | | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
Current liabilities: | | | | ||||
Accounts payable | $ | 257,100 | | | $ Werbung Mehr Nachrichten zur AMERICAN DG ENERGY INC Aktie kostenlos abonnieren
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