The core on-site utility energy revenues increased by 13% to $1,394,521 in 2009, compared to revenues of $1,234,909 in 2008. GAAP operating income was a loss of $(437,337) in the first quarter of 2009, compared to a loss of $(241,420) for the same period in 2008.
We are pleased to report revenue growth of 13% in the first quarter of 2009 in our core On-Site Utility energy business, stated John N. Hatsopoulos, chief executive officer of American DG. Our On-Site Utility energy business continued to grow even though our revenues and margins were affected by lower energy prices (electricity, natural gas and oil) in the greater New York metropolitan area. We believe this is a temporary situation.
