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American DG Energy Inc. (NYSEMKT:ADGE)

Q1 2013 Earnings Conference Call

May 1, 2013 10:00 ET

Executives

Anthony Loumidis - Chief Financial Officer and Treasurer

John Hatsopoulos - Chief Executive Officer

Charlie Maxwell - Chairman

Barry Sanders - President and Chief Operating Officer

Analysts

Michael Carston - Private Investor

Michael Epstein - Northeast Securities

Michael Zuk - Oppenheimer & Company

Operator

Good morning, and welcome to the American DG Energy First Quarter 2013 Earnings Conference Call. All participants will be in listen-only mode. There will be an opportunity for you to ask questions at the end of today’s presentation. (Operator Instructions) For your information, this conference is being recorded. As a reminder, a recording of this conference call will be available approximately one hour after the conference call by phone until Friday, May 31, 2013. Individuals can access the recording by dialing 1-877-344-7529 toll-free, or 1-412-317-0088 and entering the replay conference number 10028239 followed by the pound sign.

Now, I would like to introduce Anthony Loumidis, Chief Financial Officer and Treasurer. Please go ahead.

Anthony Loumidis - Chief Financial Officer and Treasurer

Yes, good morning everybody and welcome to our first quarter earnings conference call. On the call today, we have Charlie Maxwell, our Chairman; John Hatsopoulos, our Chief Executive Officer; and Barry Sanders, our President and Chief Operating Officer.

After my introductory comments, John and Barry will give their perspectives on the quarter and the business environment. We will then open the lines to take your questions. Please be aware that a copy of the press release with our financial results is available on our website at www.americandg.com in the Investors section under the heading News Releases.

As usual, we need to briefly cover our Safe Harbor statement whereby various remarks that we may make about our future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

I would like to remind you that we may make forward-looking statements about our future financial performance that involve risks and uncertainties. These risks and uncertainties could cause our results to differ materially from our current expectations. We encourage you to look at the company’s filings with the SEC to get a more complete picture of our business, including the risks and uncertainties just mentioned.

While we remain, I’d like to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our estimates change. Therefore, you should not rely on these forward-looking statements as we are presenting our views as of any date subsequent to today. Also during this call, we will be referring to certain financial measures not prepared in accordance with Generally Accepted Accounting Principles or GAAP. A reconciliation of the non-GAAP financial measures used on this call to the most likely comparable GAAP measures is available in the press release announcing the Investors section of our website under the heading News Releases.

So, with that, I will now turn the call over to John.

John Hatsopoulos - Chief Executive Officer

Good morning ladies and gentlemen. I think somebody was talking, but anyway. This is a very exciting period for us, because it looks like we are going to have a very good year and our prospects are getting better everyday. You will notice that quarter-to-quarter and year-to-quarter that meaning the first quarter of 2012 versus the first quarter of 2013 and the fourth quarter of 2012 versus 2013 were dramatically improved. As a matter of fact, year-to-year, we were up some 39% in energy revenue and 37% in energy production.

The interesting thing is and the pleasing thing is that we had a positive cash flow in our North American operations of about $50,000 and our goal is to – and my stress the word goal not that projection. That (Technical Difficulty)

Operator

Excuse me this is the operator there seems to be an interruption just one moment please. Mr. Hatsopoulos, please continue sir.

John Hatsopoulos - Chief Executive Officer

At that point, you stopped hearing me?

Operator

May about two sentences ago.

John Hatsopoulos - Chief Executive Officer

Okay. Again, I want to repeat that our best quarter for the year has always been the third quarter, where we had air-conditioning to our revenues. And this is usually quite substantial and that makes the third quarter the best quarter of a year. Again, I don’t if I have been heard we were net cash flow positive for the first quarter in North America. And as you noticed from the press release we made a profit of about – net cash flow of about $50,000. It might not be huge, but it’s a way to the right direction. Then I wanted to mention that our European operations are well on their way. We expect that we will have additional orders we’ve had and Barry will give the details. We’ve had quite a few orders already in our European operations and Barry will give you this specific details. Now after Barry we will have question-and-answer period and after that our Chairman, Mr. Maxwell would like to share a few words in summary. With that I would like to ask Barry Sanders to get – to give you details of what I just said. Barry? Barry can you hear me. There is something going wrong with this call.

Operator

Just one moment sir.

Barry Sanders - President and Chief Operating Officer

Operator?

Operator

Excuse me this is the operator up. Mr. Hatsopoulos has rejoined.

Barry Sanders - President and Chief Operating Officer

Yes, can you hear Barry Sanders, operator as law.

Operator

Yes, please go ahead.

Barry Sanders - President and Chief Operating Officer

Again, I apologize to all our listeners today. And again thank you for being the part of the call. I really would like to open with the statement as you all know we are basing outside the Boston area, and Boston experienced a terrible event around two weeks ago. It began with the senseless bombing during the marathon and then continued during the manhunt, it was actually in our backyard. First, our hearts go out to all the victims who are suffering this. For those interested in helping, we fully support the efforts of One Fund Boston. Second, we are very grateful to all the first responders (Technical Difficulty)

Operator

Excuse me, this is the operator, there seems to have been another interruption, just one moment please. Excuse me, this is the operator, we are working to reestablish the connection to one of the locations. Thank you for your patience. Excuse me this is the operator, thank you for your patience. We are still trying to reestablish the connection to the speaker locations. Thank you. Please continue to hold. Excuse me, this is the operator, you may please resume. Please go ahead.

Barry Sanders - President and Chief Operating Officer

Again, I apologize to all our listeners. This is Barry Sanders again. Apparently, we have Verizon in our building we just learned and they had cutoff our line. We are most embarrassed by that. And let me get into the details and I apologize for any delays for any of you folks listening. With that news as we get right back into our production, in the first quarter, we produced 26.4 million kilowatt hours of energy. It’s by far the largest amount we produced in the history of the company. That’s a 37% increase from a year ago and a 38% increase from the fourth quarter to finish. This is primarily from running the systems better and some of the systems that we started to install mostly in 2012, though we have installed a number of systems as we all know this year. The effect of that revenue will be found going forward.

On the revenue side, we produced $8 million with the revenue in the quarter, that’s a 37% increase from a year ago and a 33% increase from last quarter. On the energy side only, we actually produced a little over $2 million worth of energy, a 39% increase than a year ago. And this was despite the fact that natural gas prices for our customers continue to go down an additional 4%. And we can see the fact for those of you who maybe new to the company, we price our energy primarily electricity, tea, hot water, and cooling based on utility rates of electricity and typically natural gas. And so with slow effect of natural gas rising begins to hit the retail level, we should see our really robust additional increase on revenue as time goes forward if those projections continue to hold. So, this increase in revenue occurred despite the fact that our natural gas prices continue to drop. Our margins without depreciation was 33% for the period and that’s 32% to 34% is the typical margin for us. So, we are right where we need to be.

As John shared with us, our overall outflows of cash was around, the entire business was around $309,000. This is basically a cash-on-cash kind of calculation. It includes removing non-cash items on our income statement such as stock options, depreciation, and other items. If you focus only on North America and remove the EuroSite Power, our subsidiary in Europe, North America only actually had a positive $48,000 and again it does have the very exciting point. Again as John mentioned later this year is where we wanted to be positive going forward and we’ll see how it go the rest of the quarters, but we are in a good position as we speak.

We also received about $146,000 of incentives, primarily from federal and state organizations. And our cash at the end of the first quarter was $9.5 million or thereabout. So, that’s also a strong position for us. I know many of you keep a close count of our systems running and operating. In North America and UK combined, we are operating 102 systems. We also have an additional 34 systems in our backlog for a total number of systems of 136 systems. The team obviously installed a fair amount of systems during the quarter though we have a lot more systems to install. We continue to be hampered somewhat, primarily in the New York City marketplace with regulations in billing departments post Sandy. It’s frustrating for us. It’s frustrating for the team. We are plugging through all that. We are working closely with these billing departments. And we do see hopefully making headway in the coming weeks, but again it’s the best we can do post-Sandy and it’s the changing environment in New York primarily.

On the sales side, we continue to focus in both North America and in Europe on our usual suspects. There is a lot of work being done with larger organizations from hotels, property management, healthcare, and athletic type facilities, and we see progress from those areas going forward. In the last as I always like to share with some of you is some of the marketing and events that occur during the quarter, if you are not able to follow it. We are very active and getting more and more active on areas such as social media. For example, on YouTube, we have placed a video of a customer testimonial. And so those viewers can lookup American DG Energy and certainly find that. We will be adding more and we have an active program to put on tape some of the good words that our customers are telling us. We have also been very active in publications ranging from the American Gas had the very intriguing title, three hots, a cot, and a CHP.

Jailers warm up to combining power. It’s actually a story about our prison up in Maine. In Europe, publications ranging from golf club management, power systems, hotel business, measure design and build magazine, health business magazine, all the stories on our various businesses. We also had a live case study last month in April at one of our customers, our major hotel at Syon Park, it’s a Hilton property, where we had a large group attended primarily customers, but some engineers and some actually investors to hear basically the good work it’s being done at that host customer. The customer actually spoke and was quite generous in their comments. And last but not least, we continue to be active in places like Facebook and Twitter.

And I heard all of you who have the ability or interest to follow us I know some investors already signed up. To follow us add American DG. We are trying to tweet once a week of some news. We don’t put material news out. So, those of you don’t worry, we are still going to use a traditional e-mail and other versions to get anything that’s material, but little side bars of certain events that we think might be interesting to investors are pictures of some customers. It’s a nice vehicle to get out. So, I urge all of you to learn what Twitter is and participate. And with that, again, I apologize for our technical difficulties, but John, I am going to hand it back to you.

John Hatsopoulos - Chief Executive Officer

Barry, before we open it to questions, did hear my complete outline of our business?

Barry Sanders - President and Chief Operating Officer

John, I apologize to you and our listeners, but – I apologize to you and our listeners, but unfortunately, Verizon cut our phone off, and we were in the dark. So, again, we didn’t hear anything as well. We had technical difficulties.

John Hatsopoulos - Chief Executive Officer

Well, anyway, let’s open it to questions and if I have to repeat any of you, I will be glad to do.

Question-and-Answer Session

Operator

Yes, sir. (Operator Instructions) The first question comes from (indiscernible). Please go ahead.

Unidentified Analyst

Hey, good morning guys.

John Hatsopoulos

Good morning, Tom.

Unidentified Analyst

Hey, John very good morning. Couple of questions less to focus on the rated system installation, but I am looking at the cash burn for the quarter, which was pretty considerable. I see there was quite a purchase of property and equipment was very high, but from $13.4 million down to $9.5 million, almost $3.9 million, almost $4 million cash burn quarter-over-quarter, which is pretty high. How many systems have been expensed and paid for, but not installed yet

John Hatsopoulos

I am John. Tom, we talked about this before is we have actually bought and that’s why you know that you are get on. We bought all the systems. So, all our systems, the entire backlog has been purchased and significant amount of parts and components and that is all either onsite, its various customers and in inventory about to be shipped to a side. So, the material for almost all of our backlog has been purchased not all, but almost all. So, almost the entire 34, so 25 to 30 systems then roughly have been financed, expensed, and all system, again, let me the year. So, again, I just want to be open, all systems. So, all chillers, co-generations, heat pumps, boilers, whatever we needed to buy, systems have been bought. We have bought all our meters, primarily all our pumps, valves. There maybe a handful of piping here or there or secondary type items we may have bought, but all systems and the bulk of materials have all been purchased, and then again are either onsite or an inventory about to be shipped to a site depending on the timing of the project.

Unidentified Analyst

Alright, got it. So, then I would expect to see then the cash burn or the amount spent for cash flows from investing activities to return, probably to a more normalized number. I guess, I looked at that cash number and thought are the financing requirements of the company, do they look a little different now with an accelerated cash burn. What do you guys anticipate, what do you see as the next point where you will have a financing requirement? Would you say you are financed into well into 2014? I mean, how many more quarters before you probably have to bought money would you say?

Barry Sanders

And John, we give you the opportunity to answer that one first. John, you want to take that one, are you…

John Hatsopoulos

Well, I will handle it. We have well into 2014 enough cash to operate, because that’s why Barry bought all the equipment for the backlog on the fourth quarter and first quarter. So, we are in very good shape well into 2014.

Unidentified Analyst

Okay. One more question, it’s probably one that you won’t – you wouldn’t acknowledge necessarily or I might be completely offline here, but does the – it almost feels to me like the sales cycle, I know you are not going to confirm this to some degree has been slowed or put on hold a little bit to try to kind of catch up on all these installations. I know you are not going to say that’s accurate, but some degree has the amount of attention that’s been necessary to kind of pickup the pace of installation, commit a little bit of the expense of possibly booking new orders, or is there almost a sense of gee, we got to get these things installed, and let’s not – let’s put all our effort into that first. Has there been some of that? Well, you can see that there has been some of that here? Am I just off pace with that question?

John Hatsopoulos

No, I think you are off pace, Tom. I think it’s a fair question. But I think if you look at it, this is a direct result of our strategy going after larger players. And the complexity of selling to those kind of organizations as the example and I won’t mention the name, I was in a meeting yesterday with a major residential developer throughout North America and actually has a little spillover into Europe. For them, it’s a very complex kind of decision-making process. We are still sourced today. And so I don’t want to mention the name, but it doesn’t mean we are going to get the order, it doesn’t mean they are going to work with us, they are looking for more of a partnership then for say just hey, buy two or three systems. That’s the nature. And frankly even in EuroSite Power some of the deals we are working on are at a broader nature. And so I would argue from a time sink perspective, our current sales effort is taking a larger sales effort and a bigger chunk of my personal time because of the nature of these kind of deals. And so again until that we bear a fruit, we can’t talk about it, and it’s frankly – it’s almost meaningless until they sign up, but frankly that is the kind of group we are talking to. We want that’s where we are going to get the leverage in this business as we have talked for a number of periods, and that’s where we are focusing the bulk of our efforts.

Unidentified Analyst

Okay, alright thank you. Thanks very much.

Operator

The next question comes from Michael Carston, Private Investor. Please go ahead.

Michael Carston - Private Investor

Yes, hi Barry, John. Could you just breakdown n terms of 102 systems and the 34 that you have up for installation, how are those divided as between ADGE and EuroSite?

John Hatsopoulos

Sure, I’ll take that one. North America is 91 operating, Europe has 11, so that’s 102. In our backlog, North America has 27 and Europe has 7, which is a backlog of 34.

Michael Carston - Private Investor

Okay, that’s great. Yes, thank you very much. And I guess the implication of what you are talking, you are really telling us that you have been going through a transition in terms of your sales from Mondays and Tuesdays to the systems out there that the market has finally developed and that’s then made things a little bit slow for some of us over the last year or so. But on the other hand as you get to the end of getting this whole thing going, I guess, this would imply that there would be a pretty sizable acceleration here in your numbers, systems out, and other numbers as well?

John Hatsopoulos

That’s absolutely the strategy, yes.

Michael Carston - Private Investor

Okay.

Operator

The next question comes from Michael Epstein of Northeast Securities. Please go ahead.

Michael Epstein - Northeast Securities

Good morning, gentlemen.

John Hatsopoulos

How are you Mike?

Michael Epstein - Northeast Securities

It looks to me you are doing great. I was just curious what Mr. Maxwell had to say and maybe give us a perception of what the Street thinks of American DG Energy?

Charlie Maxwell

Michael, I am on.

John Hatsopoulos

Well, at the end of the questions, as I mentioned I don’t know if you heard me, Mr. Maxwell will be taking a few minutes to give you an update of where as Chairman he stands and what he sees in our company, and frankly, the prices of natural gas to the best of his knowledge.

Michael Epstein - Northeast Securities

Okay. Could you just…

John Hatsopoulos

Well, for the Mike, I don’t know if we have any more questions.

Michael Epstein - Northeast Securities

Just mentioned the annual meeting maybe people who are interested if they know about it.

John Hatsopoulos

I am sorry.

Michael Epstein - Northeast Securities

The annual meeting maybe you had mentioned it on the call.

John Hatsopoulos

Yeah, and let me and why don't you talk about the annual meeting?

Michael Epstein - Northeast Securities

The annual meeting is scheduled to be in your office in Waltham on May 29th at 1 o’clock in the afternoon, May 29th at 1 o’clock in the afternoon.

John Hatsopoulos

And every body is invited. Shareholders are all invited.

Michael Epstein - Northeast Securities

Yes, okay. Thank you.

John Hatsopoulos

(indiscernible) would you like it?

Operator

Okay. The next question comes from Michael Zuk of Oppenheimer & Company. Please go ahead.

Michael Zuk - Oppenheimer & Company

Good morning every body.

John Hatsopoulos

Good morning Mike.

Michael Zuk - Oppenheimer & Company

On page seven, there were two line items that I haven't seen before. One of them is a provision for losses on accounts receivable. Is this – it looks like it’s about a 5% provision related to the amount of accounts receivable, will this be an ongoing line item, do we have some doubtful accounts and will we be continuing to have an allowance for losses going forward.

Anthony Loumidis

Yeah, Mike this is Anthony. This is a reserve that we took for some accounts receivable that are a little bit late, that’s all. I don’t think this is going to be a recurring event.

Michael Zuk - Oppenheimer & Company

Okay and farther down the page there is item that says proceeds from sale of subsidiary common stock net of cost and it looks like it was at loss, why did we sell stock at a loss?

Anthony Loumidis

No, Mike what this was basically the offerings we did for EuroSite in the fourth quarter, what happened it’s some of the build that we get from attorneys or auditors come to us later. They don’t come by December 31st, so we got some late bills and this is $4,500 worth of no budget is legal or accounting fees that we had to pay. It’s directly related with the offering that we have in November for EuroSite. But since we consolidated, it shows in the American DG books and on EuroSite books.

Michael Zuk - Oppenheimer & Company

And then my final question is we have an item $800,000 and up above $825,611 due from a related party, what’s that all about?

Anthony Loumidis

This is some a prepaid we did with Tecogen whereby we as you know we’re buying systems and equipment from Tecogen. And this is basically a prepayment that we gave them. This amount will come down as the quarters go by.

Michael Zuk - Oppenheimer & Company

So, is this amount reflected in the inventory or is this inventory to be delivered on a future date?

Anthony Loumidis

It’s in the future date, also with this just as you know there is a 6% discount that we get.

Michael Zuk - Oppenheimer & Company

Okay. So that’s the number will…

Anthony Loumidis

This is basically the – this is the interest that we get.

Michael Zuk - Oppenheimer & Company

Okay, so this number could rise and fall depending on the order flow to Tecogen for us to buy units to install, correct?

Anthony Loumidis

I think that this amount will fall Mike, it won’t rise.

Michael Zuk - Oppenheimer & Company

Okay. Otherwise, it looks like a pretty good quarter?

Anthony Loumidis

Mike, you should understand (indiscernible) up on this.

Michael Zuk - Oppenheimer & Company

Right.

Anthony Loumidis

You should understand that we had as part of our public deal particularly influenced at a certain volume, we will get a discount for as a dealer and which by the way we extend to all dealers at a certain size they will get a certain discount. And that’s what it’s all about. Buyer tries to get especially since we gets no interest on this cash you can get some returns from prepaying units. Right now, our money (indiscernible) 99% with is not much of the returns. So, she will be wondering to get a couple of bucks of return on this money.

Michael Zuk - Oppenheimer & Company

Well, that’s good discounts are good.

Operator

It was your follow-up Mr. Zuk.

John Hatsopoulos

Anything else?

Michael Zuk - Oppenheimer & Company

No. I am satisfied. Thanks.

Operator

And currently there are no further questions.

John Hatsopoulos - Chief Executive Officer

Thank you, Mike. If we don’t have no – further questions ready, we could ask Mr. Maxwell to share a few words about how he sees our company and our prospects, energy prospects. Charlie?

Charlie Maxwell - Chairman

I would be delighted. I think it’s something that all of you realized that the majority of business that we’ve had in North America derives from five states; Massachusetts, which course is the home state of the company and Connecticut, New york, New jersey and California. Those are five very interesting states they are big, they are important, but they are united by something else. In this case, as to why they are the five largest sales states and that is their relatively high rates of cost for electricity. And this is works in the way that when you come in and make a proposal to generate electricity onsite it is in most cases cheaper than the local grids availability of gas at – electricity in this case. And so the average electric cost around the country in the U.S. is some thing on the order of $0.12 per kilowatt. But when you go higher than that that as you do in these states, it becomes an even better proposition to generate that electricity onsite. But we are giving a discount to our customers from the cost of the grid and that discount is at its greatest extent in these five states.

It’s important to see this because the cost of electricity has been going down over the last three years in terms of utilities availability of it in price that they are charging for it. And this has resulted in some changes in revenue growth for ADGE as Barry carefully pointed out there was a 4% drop in utility cost this last quarter and that will turnaround because most of us believe that electricity and natural gas of course both are headed in the longer term upwards.

And we’ve already seen the turn in gas, which reached the bottom of the $1.91 to $1,000 on April 19, 2012. And the bottom on the smooth basis would be then in the spring and the summer of 2012. We are now on an upswing and that will soon generate back into our business and into higher utility rates and so on. This is important because in places like Illinois they have had subsidies to their electricity rates for sometime and now they are running out of abilities to provide those subsidies and them and many other states will be forced to rethink to charge, allow higher charges for electricity and that will again make our business more attractive. But when you look abroad it’s even more substantial. Most of Europe is even though gas rates of course are higher in Europe. Electricity rates are much higher and there is a margin there that’s even greater in say England than there is in the United States. And now can do electricity we are competing against electricity than sort of low to mid-20s per kilowatt and this will be the same in most the European states. I am thinking particularly of Spain, Italy, Germany, and so on that as we move into Europe which we will certainly intend to do we are competing on onsite – our onsite work versus the grid on a basis it’s very favorable. And I just wanted to point out that ht favorability factor is greater in Europe than it is even in those high electricity cost rates in the United States for say New York, Connecticut, New Jersey, California and so on.

So, anywhere in the world where local rates are very higher for electricity become at least a consideration for us in the longer term to move into that market and charge our lower rates for on-premise generation making the advantage to the client a good deal of hire. I do see higher gas rates and just for your purposes then your view with a pencil. You might notice that I can give you a little diagram that I think would be interesting to you on that because it is on our future. In 2008 it reached – again natural gas costs average for the year at Henry Hub averaged $8.86 and I am using this 2008 because in 2009 it hit what we thought was a local bottom of $3.94. Then it began to comeback a little bit and in 2010 it averaged $4.37, but in 2011 it surprised just by coming down not as much as 2009, but it did come down in 2011 to $4.

And then came what I conceive to be the actual bottom of this cycle of natural gas prices in the USA and we hit $2.79 in conjunction with the lower price that we mentioned on April 19th, the lowest price of the year and of a number of years $1.91 is that reached on April 19, 2012. So, for the year 2012 it was $2.79. Now, we are in $2.13 and we’re using we are now of actual facts and we’re projecting forward 2013 we’re assuming a price of $3.90 which is a very attractive price percentage wise of the $2.79 that we actually had 2012, for 2014 we’re using $4.50, for 2015 $5 and then will jump to a notional figure by 2020 of $7.

Two points about that, number one, it’s a gradual increase over the next three or four years that I doubt will be afforded, because of all the factors there are bearing in on a fewer rigs that are drilling some political consternation arising from fracking and so on. It’s going to limit it’s growth the way in which very strong production occurs in these shale wells at the very beginning but – and the depletion is very fast and that depletion will be setting in at a number of wells over the next three and four years. And of course the amount of drilling that has been dedicated which is now substantially less for now about 430 wells dedicated in drilling natural gas in the United States when three years ago there was probably 1500. So, the course, upwards course of natural gas seems quite natural gas, quite strong, but on the other hand we do have these new shale supplies and it we’ll keep if we only reach $7 by 2020, it will keep gases with favored fuel among the large fossil fuels, oil, gas, coal and certainly equal to nuclear. So, that it will be – continued to be a very important growth area natural gas in particular. Oil has problems with its issues of peak oil and getting a smaller and smaller growth out of a depleting resource, coal has problems with pollutions, nuclear has problems with sizing and long-term caution about accidents and gas seems to now have the open track both from industry and government to be the main growth fuel that they have in this country and around the world too. And that’s all I had. Thank you.

John Hatsopoulos - Chief Executive Officer

Charlie I wanted to add something to what you just said. So we don’t mislead our investors. Some of our customers shared when the natural gas price has went dramatically down good by some hedges for a year or two. And so it will take a little while for these hedges to unwind because they are paying obviously a little less than they would be paying right now.

Charlie Maxwell - Chairman

Alright. Good point John.

John Hatsopoulos - Chief Executive Officer

Thank you. Anthony and Barry do we have any more comments one way or the other.

Barry Sanders - President and Chief Operating Officer

I think we are done John.

John Hatsopoulos - Chief Executive Officer

Okay. Well, ladies and gentlemen thank you very much for your calls and your interest. And we look forward to a very, very good year for us, and finally, a growth that we have been hoping and expecting (indiscernible). Thank you very much.

Barry Sanders - President and Chief Operating Officer

Bye-bye everybody. This concludes today’s call.

Operator

Thank you. The conference has ended. You may disconnect your lines.

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