WALTHAM, Mass., May 13, 2015 /PRNewswire/ -- EuroSite Power Inc.
(OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT:
ADGE), a leading On-Site Utility™ solutions provider, offering
clean electricity, heat, hot water and cooling solutions to
hospitality, healthcare, housing and fitness facilities, reported
total revenues of $548,054 for the
first quarter of 2015, compared to $432,184 for the first quarter of 2014, an
increase of $115,870 or 27%. GAAP
diluted loss per share (EPS) was $0.01 for the first quarter of 2015, compared
with a loss per share of $0.02 for
the first quarter of 2014.
Major Highlights:
Financial
- Total revenue increased by 27% to $548,054 for Q1 2015, compared to $432,184 for Q1 2014.
- As a result of our focus on productivity, total non-GAAP gross
profit margin excluding depreciation improved to 24.3% in Q1 2015,
versus 18.6% for Q4 2014 and versus 23.9% for the year ago
period.
- In April, just after the quarter, we received GBP 411,331 or approximately $625,223, for Enhanced Capital Allowance (ECA)
from the UK government. ECA is a cash energy tax incentive for
energy-saving plant and machinery, which includes combined heat and
power systems.
- The total revenue value of our On-Site Utility energy
agreements since inception is approximately $95,536,600 using various market assumptions and
estimates made by the Company.
Sales and Operations
- During Q1 2015 we reached agreements for:
- A 125 kW CHP system with Kingfisher Leisure Centre,
Sudbury, UK.
- A 125 kW CHP system with Basingstoke Sports Centre, UK.
- During Q1 2015 we brought into operation a total of 4
additional systems:
- 100 kW CHP systems for FJB Hotels installed at both their Haven
Hotel and Sandbanks Hotel properties in Poole, UK.
- A second 100 kW CHP system at the Wentworth Golf Club, home of
the BMW PGA Championship
- The third CHP system installed as part of our contract with
Topland Group for seven systems – 120 kW unit at Menzies
Cambridge, UK.
- The total number of system now under contract is 34 totaling
3,460 kW.
- In total we currently operate 25 systems totaling 2,406kW of
installed capacity with a total contract value of $69.4 million.
- Our backlog at the end of Q 1 2015 was 9 systems totaling 1,054
kW with a total contract value of $26.1
million.
- Total energy production increased by 47% to 7,114,041 kWh in Q1
2015 compared to Q1 2014.
EuroSite Power Inc. will hold its earnings conference call
today, May 13, 2015 at 9:00 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
EuroSite Power to access the call. Please begin dialing at
least 10 minutes before the scheduled starting time.
The earnings conference call will be recorded and available for
playback one hour after the end of the call through Friday, June 12, 2015. To listen to the
playback, call (877) 344-7529 within the U.S., (855) 669-9658
from Canada or (412) 317-0088
outside the U.S. and use Conference Number 10065464.
The earnings conference call will also be webcast live. To
register for and listen to the webcast, go to
http://investors.americandg.com/webcast. Following the call,
the webcast will be archived for 30 days.
About EuroSite Power
EuroSite Power Inc. is a
subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). Both
companies supply low-cost energy to their 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 conventional energy suppliers – without any
capital or start-up costs to the energy user – through its On-Site
Utility™ energy solutions. More information can be found at
www.eurositepower.co.uk.
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
that could affect our business including weather, electric price
changes, gas prices, carbon credit markets and delays by government
agencies to process tax and other incentives. Important other
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.
|
CONSOLIDATED
BALANCE SHEETS
|
|
(unaudited)
|
|
|
|
|
|
March 31,
2015
|
|
December 31,
2014
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 2,020,883
|
|
$ 3,776,852
|
|
Accounts
receivable
|
187,686
|
|
152,664
|
|
Value added tax
receivable
|
32,521
|
|
84,458
|
|
UK tax
energy incentives receivable
|
608,051
|
|
636,661
|
|
Inventory
|
104,056
|
|
99,925
|
|
Other current
assets
|
35,487
|
|
33,655
|
|
Total current
assets
|
2,988,684
|
|
4,784,215
|
|
Property, plant and
equipment, net
|
6,805,089
|
|
6,348,905
|
|
Other assets,
long-term
|
15,324
|
|
16,764
|
|
TOTAL
ASSETS
|
$ 9,809,097
|
|
$ 11,149,884
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
425,794
|
|
$
338,067
|
|
Accrued expenses and
other current liabilities
|
112,381
|
|
130,252
|
|
Due to related
party
|
12,963
|
|
-
|
|
Total current
liabilities
|
551,138
|
|
468,319
|
|
Long-term
liabilities:
|
|
|
|
|
Convertible
debentures
|
1,630,399
|
|
1,645,444
|
|
Convertible debentures
Due to related parties
|
978,239
|
|
987,266
|
|
Loan - related
party
|
2,000,000
|
|
3,000,000
|
|
Total
liabilities
|
5,159,776
|
|
6,101,029
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
Stock
|
65,747
|
|
65,747
|
|
Additional paid-in
capital
|
12,177,868
|
|
12,147,005
|
|
Accumulated
deficit
|
(7,594,294)
|
|
(7,163,897)
|
|
Total stockholders'
equity
|
4,649,321
|
|
5,048,855
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$ 9,809,097
|
|
$ 11,149,884
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(unaudited)
|
|
Three Months
Ended
|
|
March 31,
2015
|
|
March 31,
2014
|
|
Revenues
|
|
|
|
|
Energy
revenues
|
$
530,648
|
|
$
430,778
|
|
Turnkey & other
revenues
|
17,406
|
|
1,406
|
|
548,054
|
|
432,184
|
|
Cost of
sales
|
|
|
|
|
Fuel, maintenance and
installation
|
414,972
|
|
328,741
|
|
Depreciation
expense
|
90,392
|
|
70,696
|
|
505,364
|
|
399,437
|
|
Gross
profit
|
42,690
|
|
32,747
|
|
Operating
expenses
|
|
|
|
|
General and
administrative
|
303,340
|
|
193,174
|
|
Selling
|
129,449
|
|
116,114
|
|
Engineering
|
30,718
|
|
23,986
|
|
463,507
|
|
333,274
|
|
Loss from
operations
|
(420,817)
|
|
(300,527)
|
|
Other income
(expense)
|
|
|
|
|
Interest and other
income
|
2,697
|
|
1,213
|
|
Interest
expense
|
(12,277)
|
|
(21,778)
|
|
Loss on conversion of
debt
|
-
|
|
(713,577)
|
|
(9,580)
|
|
(734,142)
|
|
Loss before income
taxes
|
(430,397)
|
|
(1,034,669)
|
|
Provision for income
taxes
|
-
|
|
-
|
|
Net loss
|
$
(430,397)
|
|
$ (1,034,669)
|
|
Net loss per share -
basic and diluted
|
$
(0.01)
|
|
$
(0.02)
|
|
Weighted-average
shares outstanding - basic and diluted
|
65,747,100
|
|
56,747,100
|
|
|
|
|
|
Non-GAAP financial
disclosure
|
|
|
|
|
Loss from
operations
|
$
(420,817)
|
|
$
(300,527)
|
|
Depreciation
expense
|
90,987
|
|
72,419
|
|
Stock based
compensation
|
30,863
|
|
47,896
|
|
Adjusted
EBITDA
|
(298,967)
|
|
(180,212)
|
|
Grants, tax rebates
and incentives
|
-
|
|
-
|
|
Total cash
outflows
|
$
(298,967)
|
|
$
(180,212)
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
Three Months
Ended
|
|
March 31, 2015
|
|
March 31, 2014
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net loss
|
$ (430,397)
|
|
$ (1,034,669)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
90,987
|
|
72,419
|
|
Loss on extinguishment
of debt
|
-
|
|
713,577
|
|
Amortization of
convertible debt premium
|
(24,072)
|
|
(18,222)
|
|
Amortization of
deferred financing
|
-
|
|
2,509
|
|
Stock-based
compensation
|
30,863
|
|
47,896
|
|
Changes in
operating assets and liabilities
|
|
|
|
|
(Increase) decrease
in:
|
|
|
|
|
Accounts
receivable
|
(35,022)
|
|
36,670
|
|
Value added tax
receivable
|
80,547
|
|
(23,615)
|
|
Inventory
|
(4,131)
|
|
371,545
|
|
Prepaid and other
current assets
|
(1,832)
|
|
(27,505)
|
|
Other long term
assets
|
1,440
|
|
-
|
|
Increase (decrease)
in:
|
|
|
|
|
Accounts
payable
|
87,727
|
|
93,757
|
|
Due to related
party
|
12,963
|
|
15,633
|
|
Accrued expenses and
other current liabilities
|
(17,871)
|
|
28,709
|
|
Net cash (used in)
provided operating activities
|
(208,798)
|
|
278,704
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Purchases of property
and equipment
|
(547,171)
|
|
(595,270)
|
|
Net cash used in
investing activities
|
(547,171)
|
|
(595,270)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Payment on related
party loan
|
(1,000,000)
|
|
-
|
|
Net cash used in
financing activities
|
(1,000,000)
|
|
-
|
|
|
|
|
|
Net decrease in cash
and cash equivalents
|
(1,755,969)
|
|
(316,566)
|
|
Cash and cash
equivalents, beginning of the period
|
3,776,852
|
|
1,519,602
|
|
Cash and cash
equivalents, end of the period
|
$ 2,020,883
|
|
$ 1,203,036
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/eurosite-power-inc-reports-first-quarter-2015-financial-performance-300081835.html
SOURCE EuroSite Power Inc.