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Swisher Hygiene Announces Restated Quarterly Results For First, Second And Third Quarters Of 2011

CHARLOTTE, N.C., Feb. 20, 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 restated first, second and third quarter results for 2011. All amounts in this news release are in United States dollars.

Highlights of Restated Quarterly Results
  • Aggregate adjustments result in $4.8 million increase in net loss before income tax.
  • Aggregate adjustments result in $1.9 million increase in net loss.
  • Aggregate adjustments result in $0.01 increase in net loss per share.

In addition, Swisher Hygiene announced today that its Board has named Thomas C. Byrne as President and Chief Executive Officer, and William T. Nanovsky as Senior Vice President and Chief Financial Officer. Previously, both Messrs. Byrne and Nanovsky had been appointed to these positions in an interim capacity.

"We are pleased to have completed the restatement process and will file our restated financial results for the first three quarters of 2011 by this afternoon with NASDAQ and the SEC," said Mr. Byrne. "In addition, we continue to work nonstop toward finalizing our 2011 Annual Report on Form 10-K, including our audited financial statements, as well as toward filing our quarterly reports for the first three quarters of 2012 as quickly as possible in order to regain compliance with our NASDAQ listing requirements. We have notified NASDAQ of our intention to file our 10-K on Monday, February 25."

"We remain optimistic about Swisher Hygiene's overall operations and will provide further updates on our plans for 2013 and our long-term business strategy in due course," continued Mr. Byrne. "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 sanitation services. We will announce a call for later today to discuss our restatements and plan to conduct a follow-up call on Monday, February 25 to discuss full year 2011 results."

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