EuroSite Power Inc. Reports 2014 Financial Performance
Total Year Revenue Up 88% Compared To A Year Ago Period
Monday March 30th 2015
WALTHAM. Mass – March 30, 2015 – EuroSite Power Inc. (OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE), is 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 $1,577,873 for 2014, compared to $838,879 for 2013, an increase of 88%. GAAP diluted loss per share (EPS) was $0.04 for 2014, compared with a loss per share of $0.03 for 2013.
- Total revenue increased by 88% to $1,577,873 for 2014, compared to $838,879 for 2013.
- Total gross profit margin excluding depreciation and impairment expenses improved to 18.9% in 2014, versus 16.7% for 2013.
- We finished 2014 with approximately $3.8 million in cash and $4.3 million in working capital.
- We filed for a $648,917 Enhanced Capital Allowance (ECA) with the UK government. ECA is a cash energy tax incentive for energy-saving plant and machinery, which includes combined heat and power systems. We expect to receive this cash rebate in Q2 2015.
- The total revenue value of our On-Site Utility energy agreements since inception is approximately $90,896,600 using various market assumptions and estimates made by the Company.
- We raised $3.0 million from John Hatsopoulos, Chairman of our Board of Directors.
- During October and November 2014 we secured an additional $1.5 million through a commitment and a placement of common stock.
- On October 3, 2014, we closed an arrangement converting $3.1 million of EuroSite Power convertible debt to shares of common stock saving $3.1 million in future principal payments and $122,000 of annual cash outflows for interest.
- During 2014 we reached agreements for:
- 7 systems (879kW) with Topland Group to be installed at various Menzies Hotels throughout the UK; and
- 2 systems (200kW) with FJB Hotels for 2 luxury hotels in Poole
- The total number of system now under contract is 32 totaling 3,215kW
- During 2014 we brought into operation systems at:
- Dunstable Leisure Centre (100kW)
- Bury St Edmunds Leisure Centre (100kW)
- Clifton Hospital (100kW)
- Crow Wood Leisure Club (200kw)
- Menzies Aberdeen (81kW)
- Menzies Derby (164kW)
- In total we currently operate 21 systems totaling 1,981kW of installed capacity with a total contract value of $58 million.
- Our backlog at the end of 2014 was 11 systems totaling 1,234kW with a total contract value of $38.6 million.
- Total energy production increased by 64% to 18,156,355 kWh in 2014 compared to 2013.
- Since January 2015 we have reached agreement for another 125kW system and brought into operation a further three systems adding 300kW to our operating fleet.
EuroSite Power Inc. will hold its earnings conference call today, March 30, 2015 at 10:00 a.m. Eastern Time. To listen, call (866) 364 3819 within the U.S., (855) 669-9657 from Canada, or (412) 902-4209 from other international locations. Participants should reference EuroSite Power 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
Friday, April 17, 2015. To listen to the playback, call (877) 344 7529 within the U.S., (855) 669-9658 from Canada or (412) 317-0088 outside the U.S. and use Conference Number 10062047.
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.