EuroSite Power Inc. Reports First Quarter 2015 Financial Performance
Gross Margin Improves Sequentially And Quarter Over Quarter With Revenue Up 27% Compared To A Year Ago
Wednesday May 13th 2015
WALTHAM. Mass – May 13, 2015 – EuroSite Power Inc. (OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE), a leading On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and fitness facilities, reported total revenues of $548,054 for the first quarter of 2015, compared to $432,184 for the first quarter of 2014, an increase of $115,870 or 27%. GAAP diluted loss per share (EPS) was $0.01 for the first quarter of 2015, compared with a loss per share of $0.02 for the first quarter of 2014.
- Total revenue increased by 27% to $548,054 for Q1 2015, compared to $432,184 for Q1 2014.
- As a result of our focus on productivity, total non-GAAP gross profit margin excluding depreciation improved to 24.3% in Q1 2015, versus 18.6% for Q4 2014 and versus 23.9% for the year ago period.
- In April, just after the quarter, we received GBP 411,331 or approximately $625,223, for Enhanced Capital Allowance (ECA) from the UK government. ECA is a cash energy tax incentive for energy-saving plant and machinery, which includes combined heat and power systems.
- The total revenue value of our On-Site Utility energy agreements since inception is approximately $95,536,600 using various market assumptions and estimates made by the Company.
Sales and Operations
- During Q1 2015 we reached agreements for:
o A 125 kW CHP system with Kingfisher Leisure Centre, Sudbury, UK.
o A 125 kW CHP system with Basingstoke Sports Centre, UK.
- During Q1 2015 we brought into operation a total of 4 additional systems:
o 100 kW CHP systems for FJB Hotels installed at both their Haven Hotel and Sandbanks Hotel properties in Poole, UK.
o A second 100 kW CHP system at the Wentworth Golf Club, home of the BMW PGA Championship
o The third CHP system installed as part of our contract with Topland Group for seven systems – 120 kW unit at Menzies Cambridge, UK.
- The total number of system now under contract is 34 totaling 3,460 kW.
- In total we currently operate 25 systems totaling 2,406kW of installed capacity with a total contract value of $69.4 million.
- Our backlog at the end of Q 1 2015 was 9 systems totaling 1,054 kW with a total contract value of $26.1 million.
- Total energy production increased by 47% to 7,114,041 kWh in Q1 2015 compared to Q1 2014.
EuroSite Power Inc. will hold its earnings conference call today, May 13, 2015 at 9:00 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, June 12, 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 10065464.
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.