American DG Energy Inc.
45 First Avenue, Waltham, MA 02451
t: +1 781.522.6000 f: +1 781.522.6050
firstname.lastname@example.org www.americandg.com FOR IMMEDIATE RELEASE
Investor Contact: Media Contact:
John N. Hatsopoulos Bonnie Brown
American DG Energy Inc American DG Energy Inc
American DG Energy Reports 2015 Financial Performance
Site improvements result in increase of 16% in total kW production
WALTHAM, Mass. - March 29, 2016 - 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 $8,556,917 for 2015, compared to $8,567,553 for 2014. GAAP diluted loss per share (EPS) was $0.11 for 2015, compared with a GAAP diluted loss per share of $0.12 for 2014. Reflecting the Company's ongoing efforts to optimize its On-Site Utility production, gross margin excluding depreciation and site impairments improved in 2015 to 33.1% versus 31.0% in 2014, a 2.1% increase and a 6.8% improvement in gross margin.
Chief Financial Officer Bonnie Brown observed, "2015 was about stabilizing our installed base of assets and executing on cost saving initiatives. Delivering stable revenue year-on-year while generating over 200 basis points of adjusted gross margin improvement despite the loss of eleven sites is a validation of both our expense reduction efforts and careful investment of shareholder capital."
In 2015, the Company began executing an initiative (the "Initiative") to more effectively invest its capital behind improving the performance of its existing installed base of assets. The goal of the Initiative is to make strategic capital improvements aimed at increasing productivity of the existing portfolio while optimizing the Company’s margins and increasing cash flow; this should produce a foundation of high performing assets that may be used to fund future growth.
Speaking about the Initiative, co-Chief Executive Officer Benjamin Locke noted, "To date, approximately half of the installed base has been addressed and we expect to complete assessment and improvement initiatives at other select installations this year. We are already seeing significant progress in operating results and profitability from sites subjected to our Initiative and are hopeful we will continue to see strong returns on invested capital as other sites are upgraded."
Consolidated Financial Results
As a result of our focused efforts to improve fleet operations consolidated EBITDA cash outflows improved by $865,148, reaching $1,148,077 in 2015, versus outflows of $2,013,225 for 2014.
As a result of our efforts to improve operations and efficiencies, general and administrative expenses have decreased to $2,821,321 for 2015 versus $3,238,141 for 2014, a 12.9%
The following information was filed by American Dg Energy Inc (ADGE) on Friday, April 1, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.