EuroSite Power Inc. Reports Second Quarter 2014 Financial Performance Second quarter revenue increases by 118% compared to a year ago period

WALTHAM. Mass., Aug. 14, 2014 /PRNewswire/ -- EuroSite Power Inc. (OTCBB: EUSP), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and fitness facilities, reported total revenues of $416,559 in the second quarter of 2014, compared to $190,754 for the same period in 2013, an increase of 118%. GAAP diluted loss per share (EPS) was $0.01 in the second quarter of 2014, compared with a loss per share of $0.01 for the same period in 2013.

Major Highlights:

Financial

  • Total revenue increased by 118% to $416,559 in the second quarter of 2014, compared to $190,754 for the same period in 2013.  
  • Total gross profit margin excluding depreciation was 22.2% in the second quarter of 2014, versus 7.5% for the same period in 2013.
  • We finished the second quarter of 2014 with approximately $1.9 million in cash.
  • The total revenue value of our On-Site Utility energy agreements since inception is approximately $84 million using various market assumptions and estimates made by the Company.

Operations

  • We currently operate 19 systems with a total contract value of $53 million.
  • Our current backlog is 11 systems for a total contract value of $32 million.
  • We reached agreement for seven hotels owned by Topland Group where we signed a contract worth £13.2 (US $22.09) million to install and own combined heat and power (CHP) systems
  • Total energy production was 4.9 million kWh in the second quarter of 2014. 
  • We began operations at the following properties:
    • 100 kW combined heat and power (CHP) system
    • 200 kW combined heat and power (CHP) system

EuroSite Power Inc. will hold its earnings conference call today, August 14, 2014 at 10:30 a.m. Eastern Time. To listen, call (877) 870‑4263 within the U.S., (855) 669-9657 from Canada, or (412) 317-0790 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 conference call will be recorded and available for playback one hour after the end of the call through Wednesday, August 20, 2014.  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 10046039.

The earnings conference call will also be webcast live.  To register for and listen to the webcast, go to http://investors.americandg.com/webcast.  Following the call, the webcast will be archived for 30 days.

About EuroSite Power

EuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). Both companies supply low-cost energy to their 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 conventional energy suppliers – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions. More information can be found at www.eurositepower.co.uk.

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 BALANCE SHEET

As of June 30, 2014 and December 31, 2013

(unaudited)






June 30,


December 31,

ASSETS

2014


2013

Current assets:




Cash and cash equivalents

$     1,892,186


$       1,519,602

Accounts receivable

105,929


153,514

Value added tax receivable

87,902


3,541

Inventory

18,916


385,660

Other current assets

44,163


52,957

Total current assets

2,149,096


2,115,274

Property, plant and equipment, net

4,974,439


4,030,330

Other assets, long-term

19,644


20,428

TOTAL ASSETS

$     7,143,179


$       6,166,032





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$        319,852


$          202,631

Accrued expenses and other current liabilities

187,552


71,080

Due to related party

18,625


-

Total current liabilities

526,029


273,711

Long-term liabilities:




Convertible debentures

2,312,400


1,800,000

Convertible debentures due to related parties

3,720,712


2,200,000

Total liabilities

6,559,141


4,273,711





Stockholders' equity:




Common stock

56,747


56,747

Additional paid-in capital

6,770,467


6,690,610

Accumulated deficit

(6,243,176)


(4,855,036)

Total stockholders' equity

584,038


1,892,321

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$     7,143,179


$       6,166,032

 

CONSOLIDATED STATEMENT OF OPERATIONS

For three months ending June 30, 2014 and June 30, 2013

(unaudited)


Three Months Ended


June 30,


June 30,


2014


2013

Revenues




Energy revenues

$            409,867


$            190,754

Turnkey & other revenues

6,692


-


416,559


190,754

Cost of sales




Fuel, maintenance and installation

323,886


176,401

Depreciation expense

72,766


17,299


396,652


193,700

Gross profit

19,907


(2,946)

Operating expenses




General and administrative

235,236


371,283

Selling

116,050


128,570

Engineering

29,982


34,502


381,268


534,355

Loss from operations

(361,361)


(537,301)

Other income (expense)




Interest and other income

1,596


568

Interest expense

6,294


(20,492)


7,890


(19,924)

Loss before income taxes

(353,471)


(557,225)

Provision for income taxes

-


-

Net loss

$          (353,471)


$          (557,225)





Net loss per share - basic and diluted

$                (0.01)


$                (0.01)

Weighted-average shares outstanding - basic and diluted

56,747,100


56,747,100





Non-GAAP financial disclosure




Loss from operations

$          (361,361)


$          (537,301)

Depreciation expense

74,517


16,652

Stock based compensation

31,961


27,795

Adjusted EBITDA

$          (254,883)


$          (492,854)

 

CONSOLIDATED STATEMENT OF OPERATIONS

For six months ending June 30, 2014 and June 30, 2013

(unaudited)


Six Months Ended


June 30,


June 30,


2014


2013

Revenues




Energy revenues

$            840,645


$            307,862

Turnkey & other revenues

8,098


-


848,743


307,862

Cost of sales




Fuel, maintenance and installation

652,627


270,871

Depreciation expense

143,462


32,463


796,089


303,334

Gross profit

52,654


4,528

Operating expenses




General and administrative

428,410


566,549

Selling

232,164


309,788

Engineering

53,968


66,211


714,542


942,548

Loss from operations

(661,888)


(938,020)

Other income (expense)




Interest and other income

2,809


1,798

Interest expense

(15,484)


(25,745)

Loss on extinguishment of convertible debt

(713,577)


-


(726,252)


(23,947)

Loss before income taxes

(1,388,140)


(961,967)

Provision for income taxes

-


-

Net loss

$       (1,388,140)


$          (961,967)





Net loss per share - basic and diluted

$                (0.02)


$                (0.02)

Weighted-average shares outstanding - basic and diluted

56,747,100


56,747,100





Non-GAAP financial disclosure




Loss from operations

$          (661,888)


$          (938,020)

Depreciation expense

146,936


35,550

Stock based compensation

79,857


101,365

Adjusted EBITDA

$          (435,095)


$          (801,105)

 

CONSOLIDATED STATEMENT OF CASH FLOWS

For six months ending June 30, 2014 and June 30, 2013

(unaudited)


Six Months Ending


June 30,


June 30,


2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:




Net loss

$  (1,388,140)


$    (961,967)

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




Depreciation and amortization

146,936


32,463

      Loss on extinguishment of debt

713,577


-

      Amortization of convertible debt premium

(72,888)


-

      Amortization of deferred financing

784


-

Stock-based compensation

79,857


101,365

Changes in operating assets and liabilities




(Increase) decrease in:




Accounts receivable

47,585


(10,922)

Value added tax receivable

(84,361)


141,610

Inventory

366,744


338,367

Prepaid and other current assets

(30,864)


(22,960)

Other long term assets

(17,919)


-

Increase (decrease) in:




Accounts payable

117,221


39,710

Due to related party

18,625


(124,206)

Accrued expenses and other current liabilities

116,472


(21,221)

Net cash used in operating activities

13,629


(487,761)





CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of property and equipment

(1,091,045)


(1,409,439)

Net cash used in investing activities

(1,091,045)


(1,409,439)





CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from sale of common stock net of costs

-


(4,558)

Proceeds from parent note

-


1,100,000

Proceeds from convertible debentures

1,450,000


2,874,556

Net cash provided by financing activities

1,450,000


3,969,998





Net increase (decrease) in cash and cash equivalents

372,584


2,072,798

Cash and cash equivalents, beginning of the period

1,519,602


832,511

Cash and cash equivalents, end of the period

$    1,892,186


$   2,905,309

 

SOURCE EuroSite Power Inc.



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