email@example.com www.americandg.com FOR IMMEDIATE RELEASE
John N. Hatsopoulos
American DG Energy Inc
American DG Energy Reports 2016 Financial Performance
Site improvements result in increase of Adjusted EBITDA to a positive position for the year
WALTHAM, Mass. - March 21, 2017 - 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 $6,141,749 for 2016, compared to $6,358,196 for 2015. GAAP diluted loss per share (EPS) was $0.01 for 2016, compared with a GAAP diluted loss per share of $0.11 for 2015. Reflecting the Company's ongoing efforts to optimize its On-Site Utility production, gross margin excluding depreciation and site impairments improved in 2016 to 39.9% versus 36.1% in 2015, a 3.8 percentage point increase and a 10.5% improvement in gross margin.
Chief Financial Officer Bonnie Brown observed, "In the past year we worked hard to set American DG on the path toward financial stability. The elimination of our substantial debt and the sale of the majority of our interest in EuroSite Power freed the company to focus resources on improving the core U.S. business. This renewed focus is evident in the substantial improvement in results."
Beginning in 2015 and continuing into 2016, the Company has been 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. The results of this Initiative are producing a foundation of high performing assets that may be used to fund future growth.
Speaking about the company's performance, Co-Chief Executive Officer Benjamin Locke noted, "The Company's improved balance sheet and fleet operating metrics combine to make American DG Energy an attractive asset - the value of which was realized in the proposed acquisition by Tecogen Inc. Pending regulatory and shareholder approval, we look forward to combining forces to create the leading vertically integrated clean energy company in the U.S. later this year."
Consolidated Financial Results
On November 1, 2016, the Company's Board of Directors approved a definitive agreement whereby Tecogen Inc would acquire all of the outstanding shares of American DG in a stock-for-stock merger. Under the agreement, each share of American DG common stock will be exchanged for 0.092 shares of Tecogen common stock, valuing American DG at an approximately 27%
The following information was filed by American Dg Energy Inc (ADGE) on Friday, March 24, 2017 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.
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Ticker: ADGE CIK: 1378706 Form Type:10-Q Quarterly Report Accession Number: 0001378706-17-000027 Submitted to the SEC: Fri May 12 2017 12:37:31 PM EST Accepted by the SEC: Fri May 12 2017 Period: Friday, March 31, 2017 Industry: Electric And Other Services Combined