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Tecogen Announces Fourth Quarter and Year End Earnings

WALTHAM, Mass., March 24, 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 $19,342,664 for the year ended December 2014 compared to $15,849,869 for the same period in 2013, an increase of 22%.  Gross profit increased to $6,399,064 for 2014 compared to $5,030,128, an increase of 27%.

Major Highlights:

Financial

  • Tecogen Inc. turned a net profit of $40,000 in the fourth quarter when excluding the $71,000 loss in our subsidiary Ilios.
  • Gross margin in the fourth quarter of 2014 rose to 40% from 26% in the third quarter of 2014.  Gross margin also increased from 33% in the fourth quarter in 2013.
  • Sales backlog of equipment and installations was $12.2 million as of March 21, 2015, compared to $9.9 million at the end of the fourth quarter of 2014.
  • Gross profit for the fourth quarter of 2014 was $2,534,694 compared to $2,011,659, for the same period in 2013.
  • Consolidated net loss for the three months ended December 31, 2014 was $30,263 compared to $110,937 for the same period in 2013.
  • Net loss per share was $0.00 and $0.01 for the three months ended December 31, 2014 and 2013, respectively.

Sales & Operations

  • Tecogen shipped 7 chillers in the fourth quarter.  Chiller sales for the year increased by 184% to $3,260,000.
  • Installation revenues for 2014 increased by 35% to $3,280,000.
  • Sold Ultra emissions retrofit kits for new applications.
    • First biofuel application of an emission retrofit kit as a replacement to a decommissioned fuel cell.
    • Gage Canal Company, Riverside, California purchased a retrofit to their natural gas water pumping facility.
    • Successful demonstration of retrofit to commercial 130kW standby natural gas generator.
  • Established a sales office in Florida to serve the southeastern United States and the Caribbean. 
  • Large Ilios order of 7 water source units to a biotechnology laboratory in Florida in early 2015.

Conference Call Scheduled for Today at 10:00 am ET
Tecogen will host a conference call today to discuss the fourth quarter and year end results beginning at 10:00 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.

CONSOLIDATED BALANCE SHEETS

As of December 31, 2014 and 2013






2014


2013

ASSETS




Current assets:




Cash and cash equivalents

$

1,186,033



$

7,713,899


Short-term investments, restricted

585,702




Accounts receivable, net

4,750,437



3,740,885


Unbilled revenue

696,912



646,398


Inventory, net

4,090,221



3,343,793


Due from related party

600,251




Deferred financing costs

50,201



140,433


Prepaid and other current assets

348,868



340,013


Total current assets

12,308,625



15,925,421






Property, plant and equipment, net

658,421



638,026


Deferred financing costs, net of current portion

48,990




Intangible assets, net

1,011,300



953,327


Goodwill

40,870



40,870


Other assets

53,325



72,425


TOTAL ASSETS

$

14,121,531



$

17,630,069






LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Demand notes payable and line of credit, related party

$



$

2,950,000


Senior convertible promissory note, related party



3,000,000


Accounts payable

2,416,313



2,338,046


Accrued expenses

1,008,153



1,139,554


Deferred revenue

1,666,576



613,915


Due to related party



119,667


Interest payable, related party



198,450


Total current liabilities

5,091,042



10,359,632






Long-term liabilities:




Deferred revenue, net of current portion

207,153



204,544


Senior convertible promissory note, related party

3,000,000




Total liabilities

8,298,195



10,564,176






Commitments and contingencies (Note 8)








Stockholders' equity:




Tecogen Inc. stockholders' equity:




Common stock, $0.001 par value; 100,000,000 shares authorized; 15,905,881 and 15,155,200 issued and outstanding at December 31, 2014 and 2013, respectively

15,906



15,155


Additional paid-in capital

25,088,213



22,463,996


Accumulated deficit

(18,955,023)



(15,209,212)


Total Tecogen Inc. stockholders' equity

6,149,096



7,269,939


Noncontrolling interest

(325,760)



(204,046)


Total stockholders' equity

5,823,336



7,065,893






TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

14,121,531



$

17,630,069


 

 

TECOGEN INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For The Three Months Ended

(Unaudited)










December 31,

2014


September 30,

2014


June 30, 2014


March 31,

2014

Revenues








Products

$

3,577,803



$

1,094,529



$

2,007,926



$

1,944,776


Services

2,833,384



3,081,334



2,531,931



2,270,981


Total revenues

6,411,187



4,175,863



4,539,857



4,215,757










Cost of sales








Products

2,303,800



1,052,199



1,587,145



1,404,439


Services

1,572,693



2,034,193



1,604,039



1,385,092


Total cost of sales

3,876,493



3,086,392



3,191,184



2,789,531










Gross profit

2,534,694



1,089,471



1,348,673



1,426,226










Operating expenses








General and administrative

1,840,487



1,751,080



1,929,071



1,743,992


Selling

492,939



476,601



405,108



421,620


Research and development

152,243



329,524



251,582



308,134


Total operating expenses

2,485,669



2,557,205



2,585,761



2,473,746










Loss from operations

49,025



(1,467,734)



(1,237,088)



(1,047,520)










Other income (expense)








Interest and other income

831



17,763



15,079



3,085


Interest expense

(81,576)



(30,666)



(57,382)



(34,770)


Total other expense, net

(80,745)



(12,903)



(42,303)



(31,685)










Loss before income taxes

(31,720)



(1,480,637)



(1,279,391)



(1,079,205)


Consolidated net loss

(31,720)



(1,480,637)



(1,279,391)



(1,079,205)










Less: Loss attributable to the noncontrolling interest

1,457



32,839



31,684



59,160


Net loss attributable to Tecogen Inc.

$

(30,263)



$

(1,447,798)



$

(1,247,707)



$

(1,020,045)










Net loss per share - basic and diluted

$



$

(0.09)



$

(0.08)



$

(0.07)










Weighted average shares outstanding - basic and diluted

15,863,915



15,447,726



15,227,079



14,796,413


 

 

TECOGEN INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Years Ended December 31, 2014 and 2013






2014


2013

Revenues




Products

$

8,625,034



$

6,346,050


Services

10,717,630



9,503,819


Total revenues

19,342,664



15,849,869






Cost of sales




Products

6,347,583



4,709,767


Services

6,596,017



6,109,974


Total cost of sales

12,943,600



10,819,741






Gross profit

6,399,064



5,030,128






Operating expenses




General and administrative

7,264,630



5,931,144


Selling

1,796,268



1,423,587


Research and development

1,041,483



1,086,989


Aborted public offering costs



258,512


Total operating expenses

10,102,381



8,700,232






Loss from operations

(3,703,317)



(3,670,104)






Other income (expense)




Interest and other income

9,710



3,958


Interest expense

(177,345)



(141,065)


Total other expense, net

(167,635)



(137,107)






Loss before income taxes

(3,870,952)



(3,807,211)


Consolidated net loss

(3,870,952)



(3,807,211)






Less: Loss attributable to the noncontrolling interest

125,140



357,722


Net loss attributable to Tecogen Inc.

$

(3,745,812)



$

(3,449,489)






Net loss per share - basic and diluted

$

(0.24)



$

(0.26)






Weighted average shares outstanding - basic and diluted

15,607,897



13,385,155


 

 

TECOGEN INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2014 and 2013






2014


2013

CASH FLOWS FROM OPERATING ACTIVITIES:




Net loss

$

(3,870,952)



$

(3,807,211)


Adjustments to reconcile net loss to net cash provided by (used in) operating activities:




Depreciation and amortization

278,865




256,459


Loss on Disposal of Asset

1,209




Provision for losses on accounts receivable

53,800



50,600


Provision (recovery) for inventory reserve



(32,000)


Stock-based compensation

126,936



18,367


Non-cash interest expense

50,910




Changes in operating assets (increase) decrease in:




Short-term investments, restricted

(1,303)



(202)


Accounts receivable

(1,063,352)



(1,091,242)


Inventory

(746,428)



62,229


Unbilled revenue

(50,514)



(646,398)


Due from related party

(600,251)



55,837


Prepaid expenses and other current assets

(8,855)



62,833


Other assets

19,100



(33,000)


Changes in operating liabilities increase (decrease) in:




Accounts payable

78,267



1,187,036


Accrued expenses

(131,401)



331,632


Deferred revenue

1,055,270



(2,186)


Interest payable, related party

(198,450)



83,560


Due to related party

(119,667)



119,667


Net cash used in operating activities

(5,126,816)



(3,384,019)


CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of property and equipment

(223,574)



(202,700)


Disposal of property and equipment

7,092




Purchases of intangible assets

(141,959)



(397,950)


Cash paid for asset acquisition



(497,800)


Purchases of short-term investments

(584,400)




Maturities of short-term investments



182,061


Net cash used in investing activities

(942,841)



(916,389)


CASH FLOWS FROM FINANCING ACTIVITIES:




Payments made on demand notes payable, related party

(2,950,000)



(37,500)


Proceeds from issuance of demand notes payable and line of credit, related party



1,650,000


Proceeds from sale of common stock, net of costs

2,340,194



5,966,805


Proceeds from exercise of stock options

161,265



3,000


Proceeds from issuance of senior convertible promissory note



3,000,000


Payments for debt issuance costs

(9,668)



(140,433)


Purchase of restricted stock



(350)


Net cash (used in) provided by financing activities

(458,209)



10,441,522


Net increase (decrease) in cash and cash equivalents

(6,527,866)



6,141,114


Cash and cash equivalents, beginning of the year

7,713,899



1,572,785


Cash and cash equivalents, end of the year

$

1,186,033



$

7,713,899











To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tecogen-announces-fourth-quarter-and-year-end-earnings-300055035.html

SOURCE Tecogen Inc.

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