Investor Relations
News Releases
Get News Alerts by Email
Corporate Governance
SEC Filings
Investor FAQs
Investor Contacts
Stock Information
Webcasts
Investors on Twitter

News Releases

 
Tecogen Announces First Quarter Earnings

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.

 

SOURCE Tecogen Inc.

Follow Tecogen_Inc on Twitter Follow Tecogen on LinkedIn Find us on Facebook