EuroSite Power Inc. Reports Second Quarter 2015 Financial Performance
Wednesday August 12th 2015
Company achieves milestones; Non-GAAP cash flow positive from operations and collection of UK energy tax incentives, gross margin improvement and revenue up 30% compared to the same period a year ago
LONDON, UK – August 12, 2015 – EuroSite Power Inc. (OTCQB: EUSP), a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE), 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 $542,973 for the second quarter of 2015, compared to $416,559 for the second quarter of 2014, an increase of 30%. Earnings per share (EPS) was $0.00 for the second quarter of 2015, compared with a loss per share of $0.01 for the second quarter of 2014.
- Total revenue increased by 30% to $542,973 for Q2 2015, compared to $416,559 for Q2 2014.
- Total operating expenses reduced by 26% to $280,865, compared to $381,268 for Q2 2014.
- Loss per share reaches $0.00 for Q2 2015 compared to a loss of $0.01 for the same period in 2014.
- We achieved Non-GAAP cash inflows of $512,466 for Q2 2015 and $213,479 for the first six months of 2015. This is a first and includes the collection of UK energy tax incentives.
- The total revenue value of our On-Site Utility™ energy agreements since inception is approximately
- $101,120,600 using various market assumptions and estimates made by the Company.
Sales and Operations
- During Q2 2015 we reached agreements for:
- A 200 kW CHP system with BH Live for The Littledown Centre, Bournemouth UK.
- A 100 kW CHP system with Stevenage Leisure for the new Flitwick Leisure Centre, Flitwick UK.
- During Q2 2015 we brought into operation 2 additional systems:
- The fourth and fifth CHP systems installed as part of our contract with Topland Group for seven systems – 81 kW unit at Menzies Bournemouth and 164 kW unit at Menzies Welcombe Hotel, Golf Course & Spa, Stratford upon Avon.
- The total number of systems now under contract is 36 totaling 3,760 kW.
- In total we currently operate 27 systems totaling 2,705kW of installed capacity with a total contract value of $76 million.
- Our backlog at the end of Q2 2015 was nine systems totaling 909 kW with a total contract value of
- $25.1 million.
- Total energy production increased by 44% to 7,022,032 kWh in Q2 2015 compared to Q2 2014.
EuroSite Power Inc. will hold its earnings conference call today, August 12, 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
Thursday, August 20, 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 10070270.
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.