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American DG Energy Reports 2009 Second Quarter Financial Performance

Posted on: Wednesday, 12 August 2009, 08:45 CDT

WALTHAM, Mass., Aug. 12 /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 $1,079,933 in the second quarter of 2009, compared to revenues of $2,152,219 for the same period in 2008. GAAP diluted earnings per share (EPS) were $(0.02) in the second quarter of 2009, compared to $(0.02) for the same period in 2008, and GAAP operating income was a loss of $(543,127) in the second quarter of 2009, compared to a loss of $(486,357) for the same period in 2008.

Revenues from non-core turn-key installation projects decreased to $30,473 compared to $838,372 for the same period in 2008, and revenues from On-Site Utility energy decreased to $1,049,460 compared to $1,313,847 for the same period in 2008. Gross margins increased to 17.9% compared to 5.2% for the same period in 2008 and On-Site Utility energy margins excluding depreciation increased to 32.6% in the second quarter of 2009 compared to 27.0% for the same period in 2008.

"While lower natural gas prices have affected our revenue, our gross margins excluding depreciation in our On-Site Utility energy business were 32.6% during the quarter," said John N. Hatsopoulos, Chief Executive Officer of American DG Energy. "As our other announcement today indicated, we continue to be very excited about the future prospects of our business due to the significant number of recent orders."

American DG Energy will hold its earnings conference call today, August 12, 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 Wednesday, August 19, 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 432592.

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 June 30, 2009 and June 30, 2008 Three Months Ended ------------------ June 30, June 30, 2009 2008 ---- ---- UNAUDITED UNAUDITED Net Sales $1,079,933 $2,152,219 Cost of sales Fuel, maintenance and installation 698,093 1,907,857 Depreciation expense 188,301 132,300 ------- ------- 886,394 2,040,157 ------- --------- Gross profit 193,539 112,062 ------- ------- Operating expenses General and administrative 356,818 385,063 Selling 245,526 134,242 Engineering 134,322 79,114 ------- ------ 736,666 598,419 ------- ------- Loss from operations (543,127) (486,357) -------- -------- Other income (expense) Interest and other income 19,938 34,876 Interest expense (107,244) (118,897) -------- -------- (87,306) (84,021) ------- ------- Loss from continuing operations, before tax (630,433) (570,378) Provision for state income taxes (1,800) (20,315) ------ ------- Net loss (632,233) (590,693) -------- -------- Less: Income attributable to the noncontrolling interest (52,814) (89,209) ------- ------- Net loss attributable to American DG Energy Inc. (685,047) (679,902) ======== ======== Net loss per share - basic and diluted $(0.02) $(0.02) ====== ====== Weighted average shares outstanding - basic and diluted 34,972,146 32,726,848 ========== ========== Non-GAAP financial disclosure ----------------------------- Loss from operations $(543,127) $(486,357) Depreciation expense 191,685 134,337 Stock based compensation 76,471 78,811 ------ ------ Adjusted (loss) income from operations $(274,971) $(273,209) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS for the Six Months Ended June 30, 2009 and June 30, 2008 Six Months Ended ---------------- June 30, June 30, 2009 2008 ---- ---- UNAUDITED UNAUDITED Net Sales $2,483,462 $3,669,171 Cost of sales Fuel, maintenance and installation 1,752,626 2,984,944 Depreciation expense 386,043 248,001 ------- ------- 2,138,669 3,232,945 --------- --------- Gross profit 344,793 436,226 ------- ------- Operating expenses General and administrative 706,585 733,950 Selling 365,590 249,092 Engineering 253,082 180,961 ------- ------- 1,325,257 1,164,003 --------- --------- Loss from operations (980,464) (727,777) -------- -------- Other income (expense) Interest and other income 43,716 82,782 Interest expense (224,744) (239,397) -------- -------- (181,028) (156,615) -------- -------- Loss from continuing operations, before tax (1,161,492) (884,392) Provision for state income taxes (3,850) (48,928) ------ ------- Net loss (1,165,342) (933,320) ---------- -------- Less: Income attributable to the noncontrolling interest (95,018) (171,344) ------- -------- Net loss attributable to American DG Energy Inc. (1,260,360) (1,104,664) ========== ========== Net loss per share - basic and diluted $(0.04) $(0.03) ====== ====== Weighted average shares outstanding - basic and diluted 34,257,695 32,496,330 ========== ========== Non-GAAP financial disclosure ----------------------------- Loss from operations $(980,464) $(727,777) Depreciation expense 392,761 251,537 Stock based compensation 161,217 174,451 ------- ------- Adjusted (loss) income from operations $(426,486) $(301,789) CONDENSED CONSOLIDATED BALANCE SHEETS as of June 30, 2009 and December 31, 2008 June 30, December 31, 2009 2008 ---- ---- UNAUDITED ASSETS Current assets: Cash and cash equivalents $2,814,292 $1,683,498 Short-term investments 447,240 761,614 Accounts receivable, net 601,467 835,922 Unbilled revenue 119,617 204,750 Due from related party, current 133,965 297,417 Prepaid and other current assets 152,088 163,121 ------- ------- Total current assets 4,268,669 3,946,322 Property, plant and equipment, net 7,334,921 6,983,392 Accounts receivable, long- term - 5,647 ----- ----- TOTAL ASSETS 11,603,590 10,935,361 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 197,834 270,852 Accrued expenses and other current liabilities 501,399 384,340 Due to related party 46,514 166,560 Capital lease obligations 3,365 2,431 ----- ----- Total current liabilities 749,112 824,183 Long-term liabilities: Convertible debentures 5,320,000 5,875,000 Capital lease obligations, long-term 11,778 14,394 ------ ------ Total liabilities 6,080,890 6,713,577 --------- --------- Stockholders' equity: American DG Energy Inc. shareholders' equity: Common stock, $0.001 par value; 50,000,000 shares authorized; 35,771,400 and 34,034,496 issued and outstanding at June 30, 2009 and December 31, 2008, respectively 35,771 34,034 Additional paid- in- capital 15,587,679 12,614,332 Common stock subscription - (35,040) Accumulated deficit (10,968,905) (9,708,545) ----------- ---------- Total American DG Energy Inc. stockholders' equity 4,654,545 2,904,781 Noncontrolling interest 868,155 1,317,003 ------- --------- Total stockholders' equity 5,522,700 4,221,784 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $11,603,590 $10,935,361 =========== ===========

SOURCE American DG Energy Inc.

Source: PR Newswire

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