American DG Energy Inc. (American DG), a US based provider of clean electricity, heat, hot water and cooling solutions, has reported net sales of $6.6 million for the full year of 2008, up 13%, compared with net sales of $5.8 million in the previous year-end. It has also reported a net loss of $2.3 million, or $0.07 loss per diluted share, for the full year of 2008, compared with the net loss of $1.5 million, or $0.05 loss per diluted share, in the previous year-end.
The core On-Site Utility energy revenues increased by 57% to $5,140,503 in 2008, over revenues of $3,266,915 in 2007. GAAP operating income was a loss of $1,593,941 in 2008, compared to a loss of $905,007 in 2007.
We are pleased to report revenue growth in 2008, especially in our core On-Site Utility energy business that grew 57%, said John N. Hatsopoulos, chief executive officer of American DG. The challenges facing the overall economy made our value proposition for customers even more attractive. In addition, our efficient energy systems continue to gain recognition as an important technology that reduces the country’s need for foreign energy and lowers carbon emissions.