PR Newswire
WALTHAM, Mass., Aug. 11, 2016
WALTHAM, Mass., Aug. 11, 2016 /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 $2,112,148 for the second quarter of 2016, compared to $2,087,127 for the same period in 2015. GAAP diluted earnings per share (EPS) were $0.06 for the second quarter of 2016 versus the $0.02 loss reported in the comparable prior year quarter. GAAP EPS benefited from a one-time gain on the deconsolidation of former European subsidiary EuroSite Power Inc.
Speaking about the deconsolidation, Co-Chief Executive Officer Benjamin Locke noted, "It was imperative that American DG take steps to ameliorate the substantial debt burden on our balance sheet. The exchange of EuroSite Power shares for elimination of convertible debt was necessary to ensure the continued viability of the Company. EuroSite is on sound footing and executing well on their growth strategy, we are confident our former European subsidiary will thrive as a fully independent entity. There are a number of differences between the operating and market environments in the US, UK and EU; this corporate separation will allow both companies to focus on their individual territories and deploy business strategies as appropriate. We wish the team at EuroSite Power the best of luck as we take our place as enthusiastic long-term shareholders."
Reflecting the Company's ongoing efforts to optimize its On-Site Utility business, gross margin excluding depreciation improved in second quarter of 2016 to 38.1% versus 34.5% for the same period in 2015, representing 10.4% growth in adjusted gross margin. In addition, the Company delivered a cash flow positive quarter in US operations on a non-GAAP EBITDA basis, with an inflow of $81,058 for the quarter ended June 30, 2016 as compared to outflows of $149,573 in the comparable prior year period.
Chief Financial Officer Bonnie Brown observed, "The team has been laser focused on cost cutting, operational efficiencies, and improvement in fleet performance metrics. These efforts are now producing meaningful results when North American operations are taken on a stand-alone basis. We fully expect these investments to put the company on a path to profitability, achieving non-GAAP EBITDA cash inflow of $38,378 for the year to date period is just the first step."
Mr. Locke added, "For the second straight quarter our US operations materially reduced operating expenses; year-to-date the Company has delivered over $680,000 in operating expense reductions from management's implementation of lean practices. Similarly, the Sites Initiative continues to drive fleet improvement. Improved efficiencies in the US fleet resulted in a 6% reduction in fuel costs, offsetting increased gas rates. On the revenue side, improved metering now allows us to accurately invoice customers for demand usage, generating 65% growth in demand-related billing over the prior year period. Additionally, electric utility rates saw an increase in the period of over 7%, although small, if sustained, this uptick is a good thing for future energy sales."
Major Highlights:
Consolidated Financial Results
US Operations
| | | Fitness | 23 | % |
| | | Hospitality | 31 | % |
| | | Housing | 15 | % |
| | | Education | 12 | % |
| | | Healthcare | 12 | % |
| | | Other | 7 | % |
| | | Total | 100 | % |
| | | Electricity | 58 | % |
| | | Thermal | 32 | % |
| | | Cooling | 10 | % |
| | | Total | 100 | % |
American DG Energy will hold its earnings conference call today, August 11, 2016 at 11:30 a.m. Eastern Time. To listen, call (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, August 18, 2016. To listen to the playback, call (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 10090416. 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 | |||||||
| |||||||
| June 30, | | December 31, | ||||
ASSETS | | | | ||||
Current assets: | | | | ||||
Cash and cash equivalents | $ | 3,164,151 | | | $ | 5,587,528 | |
Accounts receivable, net | 819,621 | | | 937,706 | | ||
Unbilled revenue | 14,410 | | | 12,468 | | ||
Due from related party | 71,832 | | | 99,548 | | ||
Inventory | 857,050 | | | 1,112,853 | | ||
Prepaid and other current assets | 448,265 | | | 752,397 | | ||
Total current assets | 5,375,329 | | | 8,502,500 | | ||
Property and equipment, net | 17,924,686 | | | 25,467,049 | | ||
Investment in EuroSite | 6,434,676 | | | — | | ||
Other assets, long-term | 21,359 | | | 52,829 | | ||
TOTAL ASSETS | $ | 29,756,050 | | | $ | 34,022,378 | |
| | | | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | ||||
Current liabilities: | | | | ||||
Accounts payable | $ | 265,816 | | | $ | 575,248 Werbung Mehr Nachrichten zur AMERICAN DG ENERGY INC Aktie kostenlos abonnieren
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