EXHIBIT 99.1
| press release |
|
For further information contact: |
John Hatsopoulos, American DG Energy |
Telephone: 781.522.6020 |
American DG Energy Reports 2008 First Quarter Financial Performance
WALTHAM, MA – May 14, 2008 – American DG Energy Inc. (OTC.BB:ADGE), a leading On-Site Utility offering electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported that revenues increased by 23% to $1,516,952 in the first quarter of 2008, over revenues of $1,230,043 in the first quarter of 2007. GAAP diluted earnings per share (EPS) were $(0.01) in the first quarter of 2008 compared to $(0.01) for the same period in 2007, and GAAP operating income was a loss of $(241,420) in the first quarter of 2008, compared to a loss of $(271,510) for the same period in 2007.
Highlights:
· Revenues increased 23.3%
· Gross margins expanded to 21.4% from 15.6%
“We are excited to report a significant improvement in our gross margins in the first quarter of 2008, together with revenue growth of 23%, said John N. Hatsopoulos, Chief Executive Officer of American DG Energy. Our operating income also improved even though we increased both our engineering and sales staff. During the quarter, we focused on installing new energy systems that will help us achieve our goals for growth for the rest of the year. We are currently operating 52 energy systems at 28 locations in the Northeast, which represent 3,945 kW of installed electricity plus thermal energy.”
American DG Energy will hold its earnings conference call today, May 14, at 9:00 a.m. Eastern time. To listen, dial (800) 860-2442 within the U.S. or (412) 858-4600 outside the U.S. Participants should reference American DG Energy to access the call. The earnings press release will be available on the company web site at www.americandg.com in the “Investors” section under “News Releases”. The call will be available for playback through Tuesday, May 20, 2008. To listen to the playback, call (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and use Playback Code 419207.
About American DG Energy
American DG Energy (OTC.BB: ADGE) supplies low-cost energy to its customers through distributed power generating systems. The company is committed to providing institutional, commercial, and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.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 Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the company, its subsidiaries or any associated party and is meant purely for informational purposes. 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 web site 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.
45 First Avenue · Waltham, MA 02451
phone: 781.522.6000 · fax: 781.522.6050
www.americandg.com
