American DG Energy Reports First Quarter 2016 Financial Performance
Operating expenses decreased by 21.2% compared to the same period in 2015
WALTHAM, Mass. - May 13, 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 $2,201,481 for the first quarter of 2016, compared to $2,507,740 for the same period in 2015. GAAP diluted loss per share (EPS) was $0.02 for the first quarter of 2016 and 2015. Reflecting the Company's ongoing efforts to optimize its On-Site Utility production, gross margin excluding depreciation improved in first quarter of 2016 to 32.7% versus 31.1% for the same period in 2015, representing 5.1% growth in gross margin. In addition, the Company delivered a non-GAAP EBITDA cash flow positive quarter with an inflow of $81,171 for the period ended March 31, 2016 as compared to outflows of $430,535 in the comparable prior year period.
Chief Financial Officer Bonnie Brown observed, “2015 was about stabilizing our installed base of assets and executing on cost saving measures; these efforts continued in the first quarter as we carefully deployed capital in support of our sites Initiative. The strong reduction in operating expense is a compelling demonstration of our commitment to cost-reduction and operating efficiency advancements.”
Speaking about the quarter, co-Chief Executive Officer Benjamin Locke noted, “With the recent decline in utility rates impacting the value of our produced electricity, the fleet improvements delivered by the sites Initiative become even more crucial to the Company’s long term health. Similarly, the recent elimination of a portion of our convertible debt removes a substantial burden from our balance sheet and better positions the company to evaluate future growth opportunities more constructively.”
Consolidated Financial Results
Subsequent to the March quarter end the Company announced a meaningful reduction in outstanding convertible debt. On May 4, 2016 American DG initiated a series of transactions that eliminated $9.3 million in convertible debentures ($8.5 million net of prepaid interest) in exchange for approximately 14.72 million shares in EuroSite Power (OTCQX: EUSP). These transactions significantly improved the Company's balance sheet by cutting outstanding convertible debt in half and substantially eliminated the risk of potential shareholder dilution that may have resulted from a debt to equity conversation of these securities.
The following information was filed by American Dg Energy Inc (ADGE) on Tuesday, May 17, 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.
View differences made from one quarter to another to evaluate American Dg Energy Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by American Dg Energy Inc.
Ticker: ADGE CIK: 1378706 Form Type:10-Q Quarterly Report Accession Number: 0001378706-16-000204 Submitted to the SEC: Thu Aug 11 2016 5:31:20 PM EST Accepted by the SEC: Thu Aug 11 2016 Period: Thursday, June 30, 2016 Industry: Electric And Other Services Combined