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American DG Energy Reports 2009 First Quarter Financial Performance

Posted on: Thursday, 14 May 2009, 09:00 CDT

Core 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.

Source: PR Newswire

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