CHARLOTTE, N.C., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitation products and services, announced today that it was providing certain preliminary financial figures ahead of its plans to file its restated financials for 2011 and the filing of its financials for 2012.
As of November 30, 2012, which includes the divestiture of its waste division, Swisher Hygiene had run-rate revenue, defined as annualized third quarter 2012 revenue, of $225 million. Approximately 65% of its run-rate revenue is currently generated from its core chemical operation.
In addition, as of December 31, 2012, Swisher Hygiene had approximately $70 million in cash and cash equivalents, as well as $12.5 million currently being held back from the sale of Choice Environmental Services pending the delivery of audited financial statements, and total debt outstanding of approximately $13 million."As we continue to work toward filing our financial statements, we are pleased to begin reporting some operating statistics to our shareholders," said Thomas Byrne, Interim President and Chief Executive Officer of Swisher Hygiene. "We believe that through our focus on our core operations during the past year, and ongoing initiatives, that we will achieve positive operating cash flow with our current operations by the third quarter of 2013." "While we are unable to provide additional figures until our financial statements have been finalized, our financial reporting team continues to work diligently to meet the timelines set by NASDAQ and aid us in regaining full compliance," continued Mr. Byrne. "We remain optimistic about Swisher Hygiene's overall operations and plan to provide further updates on our 2013 and long-term strategies in the upcoming months. In the interim, we remain dedicated to serving our customers nationwide on a day-to-day basis with our comprehensive core chemical program as well as our complementary hygiene and linen services."