American DG Energy, Inc.

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American DG Energy Reports First Quarter 2013 Financial Performance

WALTHAM, Mass., May 1, 2013 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported revenues of $2,059,312 in the first quarter of 2013, compared to $1,502,402 for the same period in 2012, an increase of 37%. GAAP diluted loss per share (EPS) was $(0.02) in the first quarter of 2013, compared with $(0.04) for the same period in 2012.

Major Highlights:

Financial

  • Energy revenue increased by 39% to $2,014,437 in the first quarter of 2013, compared to $1,451,569 for the same period in 2012.
  • Total energy production increased by 37% to 26.4 million kWh in the first quarter of 2013 compared to the same period in 2012.
  • Utility rates for natural gas decreased approximately 4% in the first quarter of 2013 compared to the same period in 2012, which lowered our energy revenue for the period.
  • EBITDA cash inflows for American DG Energy in North America were a positive $48,469 in the first quarter of 2013. The EuroSite Power cash outflows were $357,760. Therefore, our consolidated EBITDA cash outflow was $309,291 in the first quarter of 2013.
  • Energy gross profit margin without depreciation remained unchanged at almost 32% in the first quarter of 2013 compared to the same period in 2012.
  • We have received a total of $146,318 in rebates and incentives in the first quarter of 2013.
  • We finished the first quarter of 2013 with approximately $9.5 million in cash.

Operations

  • We currently operate 102 energy systems producing a total of 26.4 million kWh.
  • Our current backlog consists of 34 energy systems.
  • The total revenue value of our On-Site Utility energy agreements since inception is approximately $270 million using various market assumptions and estimates made by the Company.
  • We reached an agreement with DoubleTree Hotel in Tarrytown, New York, to provide chilled water with a 30-ton chiller in addition to a 100 kW combined heat and power (CHP) system already operating at the property.
  • We started operating two 75 kW CHP systems to produce space heat, hot water and electricity at the Cumberland County Jail in Portland, Maine.
  • We started operating a 100 kW CHP system with convenience back-up power at Prospect Park Residencies in Brooklyn, New York.
  • We started operating a 75 kW CHP system at West Village, an affordable housing complex in New Haven, Connecticut.
  • We started operating two 450-ton chillers at Doral Arrowwood Hotel and Conference Center in Rye, New York, in addition to the 375 kW CHP systems already operating at the property since 2011.
  • We started operating a 100 kW system at London Syon Park, a Waldorf Astoria Hotel for the hotel's guest rooms, public areas and back-of-house.
  • We started operating a 100 kW CHP system at Roko Health Club in Portsmouth, United Kingdom (UK).
  • We started operating a 100 kW CHP system at the world famous Wentworth Club a privately owned golf and country club in Virginia Water, Surrey, UK.
  • We started operating a 100 kW CHP system at the Cedar Court Hotel Huddersfield/Halifax, West Yorkshire, UK.
  • We started operating a 100 kW CHP system at Roko Health Club in GiIlingham, UK.
  • We started operating a 100 kW CHP system at DoubleTree by Hilton in Cambridge, UK.

American DG Energy will hold its earnings conference call today, May 1, 2013 at 10:00 a.m. Eastern Time. To listen, call (800) 860-2442 within the U.S, (866) 605-3852 from Canada or (412) 858-4600 from other international locations. Participants should reference American DG Energy to access the call. Please begin dialing at least 10 minutes before the scheduled starting time. The earnings press release will be available on our web site at www.americandg.com in the "Investors" section under "News Releases."

The earnings conference call will be recorded and available for playback one hour after the end of the call through Friday, May 31, 2013. To listen to the playback, call (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and use Conference Number 10028239.

The earnings conference call will be webcast live. To register for and listen to the webcast, go to www.americandg.com/webcast. 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.

 

 

CONSOLIDATED STATEMENT OF OPERATIONS

For the Three Months Ended March 31, 2013 and March 31, 2012

(unaudited)

 



Three Months Ended


March 31,


March 31,


2013


2012

 

Revenues




Energy revenues

$          2,014,437


$          1,451,569

Turnkey & other revenues

44,875


50,833


2,059,312


1,502,402

Cost of sales




Fuel, maintenance and installation

1,383,783


1,002,812

Depreciation expense

327,688


294,696


1,711,471


1,297,508

Gross profit

347,841


204,894

Operating expenses




General and administrative

638,425


830,869

Selling

412,798


294,952

Engineering

288,568


279,812


1,339,791


1,405,633

Loss from operations

(991,950)


(1,200,739)

Other income (expense), net




Interest and other income

24,144


12,758

Interest expense

(298,809)


(293,556)

Change in fair value of warrant liability

110,819


(216,734)


(163,846)


(497,532)

Loss before provision for state income taxes

(1,155,796)


(1,698,271)

Provision for state income taxes

(34,584)


(19,102)

Consolidated net loss

(1,190,380)


(1,717,373)

(Income) loss attributable to the noncontrolling interest

21,329


9,987

Net loss attributable to American DG Energy Inc.

$        (1,169,051)


$        (1,707,386)





Net loss per share - basic and diluted

$                 (0.02)


$                 (0.04)

Weighted average shares outstanding - basic and diluted

48,490,733


45,744,794





Non-GAAP financial disclosure




Loss from operations

$           (991,950)


$        (1,200,739)

Depreciation & other non-cash expense

399,653


308,551

Stock based compensation

136,688


190,727

Adjusted EBITDA

(455,609)


(701,461)

Grants from rebates and incentives

(reduction in basis of property)

146,318


-

Total EBITDA cash outflows

$           (309,291)


$           (701,461)



 

 

 

 

CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended March 31, 2013

(unaudited)

 



Three Months Ended March 31, 2013


American DG


EuroSite






Energy*


Power


Eliminations


Total

Revenues








Energy revenues

$         1,897,329


$         117,108


$               -


$         2,014,437

Turnkey & other revenues

44,875


-


-


44,875


1,942,204


117,108


-


2,059,312

Cost of sales








Fuel, maintenance and installation

1,289,313


94,470


-


1,383,783

Depreciation expense

312,524


15,164


-


327,688


1,601,837


109,634


-


1,711,471

Gross profit (loss)

340,367


7,474


-


347,841

Operating expenses








General and administrative

443,159


195,266


-


638,425

Selling

231,580


181,218


-


412,798

Engineering

256,859


31,709


-


288,568


931,598


408,193


-


1,339,791

Loss from operations

(591,231)


(400,719)


-


(991,950)

Other income (expense), net








Interest and other income

22,914


1,230


-


24,144

Interest expense

(293,556)


(5,253)


-


(298,809)

Change in fair value of warrant liability

110,819


-


-


110,819


(159,823)


(4,023)


-


(163,846)

Loss before provision for state income taxes

(751,054)


(404,742)


-


(1,155,796)

Provision for state income taxes

(34,584)


-


-


(34,584)

Consolidated net loss

(785,638)


(404,742)


-


(1,190,380)

(Income) loss attributable to the

noncontrolling interest

(62,453)


-


83,782


21,329

Net loss attributable to

American DG Energy Inc.

$          (848,091)


$       (404,742)


$       83,782


$       (1,169,051)









Net loss per share - basic and diluted

$                (0.02)






$                (0.02)

Weighted average shares outstanding - basic and diluted

48,490,733






48,490,733









Non-GAAP financial disclosure








Loss from operations

$          (591,231)


$       (400,719)


$               -


$          (991,950)

Depreciation & other non-cash expense

384,489


15,164


-


399,653

Stock based compensation

108,893


27,795


-


136,688

Adjusted EBITDA

(97,849)


(357,760)


-


(455,609)

Grants from rebates and incentives

(reduction in basis of property)

146,318


-


-


146,318

Total EBITDA cash inflows (outflows)

$              48,469


$       (357,760)


$               -


$          (309,291)


*American DG Energy includes related LLC.

 

 

 

 

CONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended March 31, 2012

(unaudited)

 



Three Months Ended March 31, 2012


American DG


EuroSite






Energy*


Power


Eliminations


Total

Revenues








Energy revenues

$        1,451,569


$                 -


$               -


$        1,451,569

Turnkey & other revenues

50,833


-


-


50,833


1,502,402


-


-


1,502,402

Cost of sales








Fuel, maintenance and installation

1,002,812


-


-


1,002,812

Depreciation expense

294,696


-


-


294,696


1,297,508


-


-


1,297,508

Gross profit (loss)

204,894


-


-


204,894

Operating expenses








General and administrative

451,707


379,162


-


830,869

Selling

282,402


12,550


-


294,952

Engineering

279,812


-


-


279,812


1,013,921


391,712


-


1,405,633

Loss from operations

(809,027)


(391,712)


-


(1,200,739)

Other income (expense), net








Interest and other income

7,790


4,968


-


12,758

Interest expense

(293,556)


-


-


(293,556)

Change in fair value of warrant liability

(216,734)


-


-


(216,734)


(502,500)


4,968


-


(497,532)

Loss before provision for state income taxes

(1,311,527)


(386,744)


-


(1,698,271)

Provision for state income taxes

(19,102)


-


-


(19,102)

Consolidated net loss

(1,330,629)


(386,744)


-


(1,717,373)

(Income) loss attributable to the

noncontrolling interest

(56,617)


-


66,604


9,987

Net loss attributable to

American DG Energy Inc.

$      (1,387,246)


$      (386,744)


$       66,604


$      (1,707,386)









Net loss per share - basic and diluted

$               (0.03)






$               (0.04)

Weighted average shares outstanding - basic and diluted

45,744,794






45,744,794









Non-GAAP financial disclosure








Loss from operations

$         (809,027)


$      (391,712)


$               -


$      (1,200,739)

Depreciation & other non-cash expense

308,551


-


-


308,551

Stock based compensation

60,757


129,970


-


190,727

Adjusted EBITDA

(439,719)


(261,742)


-


(701,461)

Grants from rebates and incentives

(reduction in basis of property)

-


-


-


-

Total EBITDA cash outflows

$         (439,719)


$      (261,742)


$               -


$         (701,461)


*American DG Energy includes related LLC.

 

 

 


 

CONSOLIDATED BALANCE SHEETS

As of March 31, 2013 and December 31, 2012
(unaudited)

 


March 31,


December 31,


2013


2012

ASSETS




Current assets:




Cash and cash equivalents

$          9,540,582


$       13,362,919

Accounts receivable, net

1,137,996


761,678

Unbilled revenue

25,192


19,492

Due from related party

843,983


18,372

Inventory

3,049,375


2,920,444

Prepaid and other current assets

736,287


308,164

Total current assets

15,333,415


17,391,069

Property, plant and equipment, net

19,028,782


17,253,648

Accounts receivable, long-term

41,400


46,800

Other assets, long-term

44,660


47,216

TOTAL ASSETS

$        34,448,257


$       34,738,733





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$          1,502,914


$            765,618

Accrued expenses and other current liabilities

716,617


532,420

Due to related party

72,313


41,812

Capital lease obligations

2,524


3,365

Total current liabilities

2,294,368


1,343,215

Long-term liabilities:




Convertible debentures

19,400,000


19,400,000

Warrant liability

278,635


389,454

Other long-term liabilities

26,042


29,444

Total liabilities

21,999,045


21,162,113





Stockholders' equity:




American DG Energy Inc. stockholders' equity:




Common stock, $0.001 par value; 100,000,000 shares authorized; 48,490,733                   

issued and outstanding at March 31, 2013 and December 31, 2012, respectively

48,491


48,491

Additional paid-in capital

37,127,815


37,001,439

Accumulated deficit

(25,625,896)


(24,456,845)

Total American DG Energy Inc. stockholders' equity

11,550,410


12,593,085

Noncontrolling interest

898,802


983,535

Total stockholders' equity

12,449,212


13,576,620

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$        34,448,257


$       34,738,733

 

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

For the Three Months Ended March 31, 2013 and March 31, 2012
(unaudited)

 





Three Months Ended




March 31,


March 31,




2013


2012

CASH FLOWS FROM OPERATING ACTIVITIES:




Net loss

$      (1,169,051)


$      (1,707,386)



Income (loss) attributable to noncontrolling interest

(21,329)


(9,987)

Adjustments to reconcile net loss to net cash used in operating activities:






Depreciation and amortization

339,653


308,551



Provision for losses on accounts receivable

60,101


-



Amortization of deferred financing costs

2,556


-



Increase (decrease) in fair value of warrant liability

(110,819)


216,734



Stock-based compensation

136,688


190,727

Changes in operating assets and liabilities





(Increase) decrease in:






Accounts receivable and unbilled revenue

(436,719)


(83,893)



Due from related party

(825,611)


(88,220)



Inventory

(128,931)


(191,179)



Prepaid and other current assets

(428,123)


(105,393)


Increase (decrease) in:






Accounts payable

737,296


(25,130)



Accrued expenses and other current liabilities

184,197


208,588



Due to related party

30,501


70,529



Other long-term liabilities

(3,402)


(3,402)

Net cash used in operating activities

(1,632,993)


(1,219,461)

 

CASH FLOWS FROM INVESTING ACTIVITIES:






Purchases of property and equipment

(2,114,787)


(244,801)

Net cash used in investing activities

(2,114,787)


(244,801)

 

CASH FLOWS FROM FINANCING ACTIVITIES:






Proceeds from issuance of common stock warrants

-


7,500



Proceeds from sale of common stock, net of costs

-


1,600,000



Proceeds from sale of subsidiary common stock, net of costs

(4,558)


-



Proceeds from exercise of stock options

-


70,000



Purchases of common stock, net of costs

-


(750,000)



Convertible debenture transaction costs

-


2,556



Principal payments on capital lease obligations

(841)


(841)



Distributions to noncontrolling interest

(69,158)


(63,417)

Net cash (used in) provided by financing activities

(74,557)


865,798

Net (decrease) increase in cash and cash equivalents

(3,822,337)


(598,464)

Cash and cash equivalents, beginning of the period

13,362,919


17,801,025

Cash and cash equivalents, end of the period

$        9,540,582


$      17,202,561

 

 

SOURCE American DG Energy Inc.

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