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Tecogen Inc. (TGEN)
Q1 2017 Earnings Conference Call
May 11, 2017, 11:00 AM ET
David Garrison – Chief Financial Officer, Treasurer and Secretary
John Hatsopoulos – Co-Chief Executive Officer
Ben Locke – Co-Chief Executive Officer
Robert Panora – Chief Operations Officer
Michael Zuk – Oppenheimer & Co.
Ralph Wanger – RW Investments
Alex Blanton – Clear Harbor Asset Management
Sameer Joshi – Rodman & Renshaw
Previous Statements by TGEN
» Tecogen's (TGEN) CEO John Hatsopoulos on Q4 2016 Results - Earnings Call Transcript
» Tecogen's (TGEN) CEO John Hatsopoulos on Q3 2016 Results - Earnings Call Transcript
» Tecogen Inc's (TGEN) CEO John Hatsopoulos on Q2 2016 Results - Earnings Call Transcript
» Tecogen (TGEN) Q1 2016 Results - Earnings Call Transcript
A recording of this conference call will be available for playback approximately one hour after the end of the call and will remain available until Thursday, November 17. Individuals may access the recording by dialing 877-344-7529 from inside the United States and 855-669-9658 from Canada or 412-317-0088 from outside the U.S. Enter the replay conference number 10105269, followed by the pound sign.
Now, I would like to introduce Mr. David Garrison, Tecogen’s Chief Financial Officer. Please go ahead.
Thank you first I’d like to start off by reading the Safe Harbor statement. This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include declarations regarding the intent, belief or current expectations of the company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance. And involve a number of risks and uncertainties that can materially and adversely affect actual results as identified from time-to-time in the company's SEC filings. Forward-looking statements provided herein as of a specified date and are not hereby reaffirmed or updated.
I now hand the call over to John Hatsopoulos, co-CEO.
Good morning ladies and gentlemen. I would like to mention to you that Bob Panora who usually gives us an update of the technology is not going to be with us today. And the reason is quite simple he was in Asia past few days and he arrived from Asia late last night. And as you know some of you that have travelled at different time zones. It's pretty exhausting, so Bob is still in bed. Trying to catch up with his sleep and you’re going to see or hear from him hopefully on the next conference call.
Now, there is another thing I wanted to mention to you, which is not surprising, but it confirms an article that was written yesterday. It was printed yesterday in Wall Street Journal by one of our friends and shareholders. Two or three weeks ago, I was approached by one of our shareholders actually, a couple of our shareholders. And said that it's been 10 years, since your bond Tecogen, and how come you haven’t achieved it in what you were supposed to do. Well, whoever it is people were and I'm not going to mention any names for obvious reasons, but they were very generous because in reality. It’s been 30 years since Thermo Electron started Tecogen.
And Tecogen for 30 years got no place. As a matter of fact, we had offered on some subsidies for the gas industry, from the parent company and so forth. But Tecogen basically stayed flat, with a small loss or small profit or whatever. Then we were who had bought the majority shares, my brother and I bought the company. We along with a couple of other shareholders and we joined our management with two spectacular people, one was in the company already and one then joined us actually his father was my colleague and helper when I did road shows and that is Ben Locke. Ben Locke has done a spectacular job in managing the company. And managing the space. And the second one is Bob Panora who was a junior when he joined Tecogen in Thermo Electron in the late 70s, early 80s and he’s in-charge of technology and innovation. Between these two, they managed to turn the company around and you saw the results today.
The technology and innovation that was created and the sales have been dramatically. As you hear from Ben, our operating profit was up something like almost 35% since last year, the same quarter last year and the combined gross margin was up 25%, 26%. All of it is because of sales, technology and innovation and by coincidence one of our very good friends and actually a shareholder had an article in the Wall Street Journal yesterday under opinion with a headline prepare for a new super cycle of innovation. Well, that's where we and Ben will tell you about what's happening with the company. I think this is the beginning of dramatic improvement of Tecogen.
With that I'd like to ask Ben to give you an update.
Thank you John. So, I’d like to start off the call by reminding those who may be new to our company about Tecogen’s core business model shown on Slide 4. Heat and power and cooling that is cheaper, cleaner and more reliable. Our proprietary technology for improving efficiency, operations and good resiliency is truly disruptive to the traditional methods heating, cooling and powering buildings and infrastructure. And as I’ve said in previous calls, this is an exciting time for Tecogen and our shareholders.