Ilios Earns Net Profit in Second Quarter

Aug 06, 2015, 08:00 ET from Ilios Dynamics Inc.

WALTHAM, Mass., Aug. 6, 2015 /PRNewswire/ -- Ilios Dynamics Inc., a majority owned subsidiary of Tecogen® Inc. (NASDAQ: TGEN), a manufacturer and installer of high efficiency water heaters and natural gas heat pumps for industrial and commercial use, reported revenues of $889,894 for the six months ended June 30, 2015.  Although the six months results show a loss, Ilios was profitable in the second quarter with a net income of $88,226.

Major Highlights:

Financial

  • During the second quarter, Ilios had its first positive quarterly net income.
  • Previously announced review and analysis of acquisition of remaining non-controlling interest by Tecogen has begun.

Sales & Operations

  • Nine gas heat pumps were shipped in the quarter, the highest single quarterly shipment total since the Company's establishment.
  • Current orders and backlog for the remainder of 2015 is more than double any previous year, and is on track to surpass $1.2 million dollars in revenue.

About Ilios Ilios Dynamics Inc., a subsidiary of Tecogen Inc., was formed in April 2009 to develop and distribute a line of ultra high-efficiency heating products for commercial and industrial applications utilizing advanced thermodynamic principles. Products incorporate mechanical work to extract heat from the environment to supplement chemical energy available from natural gas or propane. The result is a significant boost in efficiency and reduced carbon emissions relative to conventional heating systems. Please visit www.iliosdynamics.com.

About Tecogen Tecogen manufactures, installs, and maintains high efficiency, ultra-clean combined heat and power products including natural gas engine-driven cogeneration, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company is known for cost efficient, environmentally friendly and reliable products for energy production that, through patented technology, nearly eliminate criteria pollutants and significantly reduce a building's carbon footprint.

In business for over 20 years, Tecogen has shipped more than 2,300 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com.

Tecogen Media Contact Information: David A. Garrison Tecogen Inc. P: 781-466-6403 E: David.Garrison@tecogen.com

Tecogen Investor Contact Information: John N. Hatsopoulos P: 781-622-1120 E: jhatsopoulos@tecogen.com

 

Unaudited Historic Financial Information

 

ILIOS DYNAMICS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31, 2012, 2013, 2014 and June 30, 2015

(unaudited)

June 30,

December 31,

2015

2014

2013

2012

ASSETS

Current assets:

Cash and cash equivalents

$

129,894

$

274,671

$

52,050

$

518,457

Accounts receivable, net

532,416

267,680

Inventory, net

70,254

220,254

130,000

Prepaid and other current assets

6,500

6,220

6,340

Total current assets

739,064

768,825

188,390

518,457

Property, plant and equipment, net

4,302

5,930

22,648

80,115

Intangible assets, net

74,811

76,747

61,153

17,315

TOTAL ASSETS

$

818,177

$

851,502

$

272,191

$

615,887

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

1,668,266

$

1,666,138

$

840,255

$

134,676

Deferred revenue

93,000

24,000

15,000

Customer Deposits

61,430

158,917

Total current liabilities

1,822,696

1,849,055

855,255

134,676

Stockholders' equity:

Common stock, $0.001 par value

14,920

14,920

14,920

15,120

Additional paid-in capital

3,199,213

3,192,957

3,183,159

3,224,470

Accumulated deficit

(4,218,652)

(4,205,430)

(3,781,143)

(2,758,379)

Total stockholders' equity

(1,004,519)

(997,553)

(583,064)

481,211

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

818,177

$

851,502

$

272,191

$

615,887

 

 

ILIOS DYNAMICS INC.

STATEMENTS OF OPERATIONS

For the years ended December 31, 2012, 2013 and 2014, and six months ended June 30, 2015

(unaudited)

(unaudited)

First six months of

December 31,

2015

2014

2013

2012

Revenues

889,894

461,395

259,335

35,000

Cost of goods sold

618,319

367,710

437,361

32,620

Gross profit

271,575

93,685

(178,026)

2,380

Operating expenses

General and administrative

234,450

415,029

737,805

1,007,042

Selling

8,386

36,632

85,035

35,265

Total operating expenses

242,836

451,661

822,840

1,042,307

Loss from operations

28,739

(357,976)

(1,000,866)

(1,039,927)

Other income (expense)

(41,962)

(66,311)

(21,898)

2,593

Consolidated net loss

(13,223)

(424,287)

(1,022,764)

(1,037,334)

 

 

ILIOS DYNAMICS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six months ended June 30, 2015 and year ended December 31, 2014 and 2013.

(unaudited)

June 30,

December 31,

December 31,

2015

2014

2013

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(13,222)

$

(424,287)

$

(1,022,764)

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

Depreciation and amortization

10,615

27,837

62,754

Stock-based compensation

6,256

9,798

(41,511)

Changes in operating assets and liabilities

(Increase) decrease in:

Accounts receivable

(264,736)

(267,680)

Inventory, net

150,000

(90,254)

(130,000)

Prepaid expenses and other current assets

(280)

120

(6,340)

Increase (decrease) in:

Accounts payable

2,128

825,883

705,579

Accrued expenses

(97,487)

158,917

Deferred revenue

69,000

9,000

15,000

Net cash used in operating activities

(137,726)

249,334

(417,282)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment

(2,713)

(1,000)

Purchases of intangible assets

(7,051)

(24,000)

(48,125)

Net cash used in investing activities

(7,051)

(26,713)

(49,125)

Net increase (decrease) in cash and cash equivalents

(144,777)

222,621

(466,407)

Cash and cash equivalents, beginning of the period

274,671

52,050

518,457

Cash and cash equivalents, end of the period

$

129,894

$

274,671

$

52,050

 

 

SOURCE Ilios Dynamics Inc.



RELATED LINKS

http://www.iliosdynamics.com