WALTHAM, Mass., May 7, 2015 /PRNewswire/ -- Tecogen®
Inc. (NASDAQ: TGEN), a manufacturer and installer of high
efficiency, Ultra clean combined heat and power
products including natural gas engine-driven cogeneration, air
conditioning systems, and high-efficiency water heaters for
industrial and commercial use, reported revenues of $6,103,434 for the quarter ended March 31, 2015 compared to $4,215,757 for the same period in 2014, an
increase of 45%. Gross profit increased to $2,224,975 for the quarter ended March 31, 2015 compared to $1,426,226, an increase of 56%.
Major Highlights:
Financial
- Gross margin in the first quarter 2015 increased by 8.0% to
36.5% compared to 33.8% in 2014.
- Keeping pace with growing revenues, sales backlog of equipment
and installations continues at $10.9
million.
- Gross profit for the first quarter of 2015 was $2,224,975 compared to $1,426,226, for the same period in 2014.
- Consolidated net loss for the three months ended March 31,
2015 was $617,464 compared to
$1,020,045 for the same period in
2014.
- Net loss per share was $0.04 and
$0.07 for the three months ended
March 31, 2015 and 2014, respectively.
Sales & Operations
- The Company shipped 15 InVerde modules in the quarter, the
largest first quarter of the 100kW Cogeneration units since its
introduction.
- Despite the unusual winter weather in our largest market,
installation and service revenue in the first quarter 2015 grew by
13% to $2,565,559 compared to
2014.
- Ultra Emissions programs continued to expand:
- Previously announced large bio-fuel engine was completed and
shipped in the quarter.
- Standardized production design for standby generator
completed.
- Patent portfolio of emission technology continued to expand
with additional US patents allowed and multiple new countries
allowed core emissions patent.
- Ilios orders continue to grow internationally with 2 units in
the Caribbean and an additional
order in the United Kingdom.
- Current Ilios orders and backlog for 2015 stands at 14 units,
more than double any previous year and are on track to surpass
$1.0 million dollars in revenue.
Conference Call Scheduled for Today at 10:30 am ET
Tecogen will host a conference call today to discuss the first
quarter results beginning at 10:30 am
ET. To listen to the call dial (888) 349-0103 within
the U.S., (855) 669-9657 from Canada, or (412) 902-0129 from other
international locations. Participants should ask to be joined
to the Tecogen Inc. call. Please begin dialing at least 10
minutes before the scheduled starting time. The earnings press
release will be available on the Company website at www.Tecogen.com
in the "News and Events" section under "About Us." The
conference call will be recorded and available for playback one
hour after the end of the call. The earnings conference call
will also be webcast live. To register for and listen to the
webcast, go to http://investors.tecogen.com/webcast. Following the
call, the webcast will be archived for 30 days.
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
2,000 units, supported by an established network of engineering,
sales, and service personnel across the
United States. For more information, please visit
www.tecogen.com.
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. 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.
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
TECOGEN
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
As of March 31, 2015
and December 31, 2014
(unaudited)
|
|
|
|
|
|
March 31,
2015
|
|
December
31,
2014
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,983,983
|
|
|
$
|
1,186,033
|
|
Short-term
investments, restricted
|
586,055
|
|
|
585,702
|
|
Accounts receivable,
net
|
5,410,044
|
|
|
4,750,437
|
|
Unbilled
revenue
|
850,817
|
|
|
696,912
|
|
Inventory,
net
|
3,756,152
|
|
|
4,090,221
|
|
Due from related
party
|
272,408
|
|
|
600,251
|
|
Deferred financing
costs
|
50,201
|
|
|
50,201
|
|
Prepaid and other
current assets
|
402,031
|
|
|
348,868
|
|
Total current
assets
|
13,311,691
|
|
|
12,308,625
|
|
Property, plant and
equipment, net
|
627,400
|
|
|
658,421
|
|
Intangible assets,
net
|
1,035,254
|
|
|
1,011,300
|
|
Goodwill
|
40,870
|
|
|
40,870
|
|
Deferred financing
costs, net of current portion
|
36,607
|
|
|
48,990
|
|
Other
assets
|
53,325
|
|
|
53,325
|
|
TOTAL
ASSETS
|
$
|
15,105,147
|
|
|
$
|
14,121,531
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
3,097,473
|
|
|
$
|
2,416,313
|
|
Accrued
expenses
|
1,278,327
|
|
|
1,008,153
|
|
Deferred
revenue
|
743,472
|
|
|
1,666,576
|
|
Total current
liabilities
|
5,119,272
|
|
|
5,091,042
|
|
Long-term
liabilities:
|
|
|
|
Deferred revenue, net
of current portion
|
365,133
|
|
|
207,153
|
|
Senior convertible
promissory note, related party
|
3,000,000
|
|
|
3,000,000
|
|
Total
liabilities
|
8,484,405
|
|
|
8,298,195
|
|
Commitments and
contingencies (Note 5)
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
Tecogen Inc.
stockholders' equity:
|
|
|
|
Common stock, $0.001
par value; 100,000,000 shares authorized;
16,338,782 and
15,905,881 issued and outstanding at March 31, 2015
and December 31,
2014, respectively
|
16,339
|
|
|
15,906
|
|
Additional paid-in
capital
|
26,536,965
|
|
|
25,088,213
|
|
Accumulated
deficit
|
(19,572,488)
|
|
|
(18,955,023)
|
|
Total Tecogen Inc.
stockholders' equity
|
6,980,816
|
|
|
6,149,096
|
|
Noncontrolling
interest
|
(360,074)
|
|
|
(325,760)
|
|
Total stockholders'
equity
|
6,620,742
|
|
|
5,823,336
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
15,105,147
|
|
|
$
|
14,121,531
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of these consolidated financial
statements.
|
TECOGEN
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months
ended March 31, 2015 and 2014
(unaudited)
|
|
|
|
Three months ended
March 31,
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
Products
|
$
|
3,537,875
|
|
|
$
|
1,944,776
|
|
Services
|
2,565,559
|
|
|
2,270,981
|
|
Total
revenues
|
6,103,434
|
|
|
4,215,757
|
|
|
|
|
|
Cost of
sales
|
|
|
|
Products
|
2,553,638
|
|
|
1,404,439
|
|
Services
|
1,324,821
|
|
|
1,385,092
|
|
Total cost of
sales
|
3,878,459
|
|
|
2,789,531
|
|
|
|
|
|
|
|
Gross
profit
|
2,224,975
|
|
|
1,426,226
|
|
|
|
|
|
Operating
expenses
|
|
|
|
General and
administrative
|
2,187,129
|
|
|
1,743,992
|
|
Selling
|
493,674
|
|
|
421,620
|
|
Research and
development
|
176,163
|
|
|
308,134
|
|
Total operating
expenses
|
2,856,966
|
|
|
2,473,746
|
|
|
|
|
|
|
|
Loss from
operations
|
(631,991)
|
|
|
(1,047,520)
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
Interest and other
income
|
9,103
|
|
|
3,085
|
|
Interest
expense
|
(30,059)
|
|
|
(34,770)
|
|
Total other expense,
net
|
(20,956)
|
|
|
(31,685)
|
|
Consolidated net
loss
|
(652,947)
|
|
|
(1,079,205)
|
|
Less: Loss
attributable to the non-controlling interest
|
35,483
|
|
|
59,160
|
|
Net loss attributable
to Tecogen Inc.
|
$
|
(617,464)
|
|
|
$
|
(1,020,045)
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted
|
$
|
(0.04)
|
|
|
$
|
(0.07)
|
|
Weighted average
shares outstanding - basic and diluted
|
16,224,642
|
|
|
14,796,413
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of these consolidated financial
statements.
|
TECOGEN
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months
ended March 31, 2015 and 2014
(unaudited)
|
|
|
|
March 30,
|
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Consolidated net
loss
|
$
|
(652,947)
|
|
|
$
|
(1,079,205)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
67,239
|
|
|
72,258
|
|
Change in provision
for allowance on accounts receivable
|
—
|
|
|
50,600
|
|
Recovery for
inventory reserve
|
(40,000)
|
|
|
—
|
|
Stock-based
compensation
|
93,254
|
|
|
32,491
|
|
Non-cash interest
expense
|
12,383
|
|
|
13,343
|
|
Gain on sale of
assets
|
(5,569)
|
|
|
—
|
|
Changes in
operating assets and liabilities
|
|
|
|
(Increase) decrease
in:
|
|
|
|
Short term
investments
|
(353)
|
|
|
(647)
|
|
Accounts
receivable
|
(659,607)
|
|
|
(559,604)
|
|
Unbilled
revenue
|
(153,905)
|
|
|
(71,710)
|
|
Inventory,
net
|
374,069
|
|
|
(129,464)
|
|
Due from related
party
|
327,843
|
|
|
(306,305)
|
|
Prepaid expenses and
other current assets
|
(53,163)
|
|
|
(135,875)
|
|
Other non-current
assets
|
—
|
|
|
32,000
|
|
Increase (decrease)
in:
|
|
|
|
Accounts
payable
|
681,160
|
|
|
(474,002)
|
|
Accrued
expenses
|
270,174
|
|
|
267,898
|
|
Deferred
revenue
|
(765,124)
|
|
|
452,490
|
|
Due to related
party
|
—
|
|
|
(119,667)
|
|
Interest payable,
related party
|
—
|
|
|
(198,450)
|
|
Net cash used in
operating activities
|
(504,546)
|
|
|
(2,153,849)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Purchases of property
and equipment
|
(12,935)
|
|
|
(55,964)
|
|
Proceeds from sale of
assets
|
5,569
|
|
|
—
|
|
Purchases of
intangible assets
|
(47,237)
|
|
|
(36,422)
|
|
Purchases of
short-term investments, restricted
|
—
|
|
|
(583,073)
|
|
Net cash used in
investing activities
|
(54,603)
|
|
|
(675,459)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds (payments)
on demand notes payable and line of credit to related
party
|
—
|
|
|
(2,950,000)
|
|
Proceeds from sale of
restricted common stock, net
|
996,874
|
|
|
6,300
|
|
Proceeds from the
exercise of stock options
|
360,225
|
|
|
6,000
|
|
Net cash provided by
(used in) financing activities
|
1,357,099
|
|
|
(2,937,700)
|
|
Net increase
(decrease) in cash and cash equivalents
|
797,950
|
|
|
(5,767,008)
|
|
Cash and cash
equivalents, beginning of the period
|
1,186,033
|
|
|
7,713,899
|
|
Cash and cash
equivalents, end of the period
|
$
|
1,983,983
|
|
|
$
|
1,946,891
|
|
Supplemental
disclosures of cash flows information:
|
|
|
|
Cash paid for
interest
|
$
|
30,059
|
|
|
$
|
233,220
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of these consolidated financial
statements.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tecogen-announces-first-quarter-earnings-300079519.html
SOURCE Tecogen Inc.