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Swisher Hygiene Announces Results For Full Year 2011

CHARLOTTE, N.C., Feb. 26, 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 has filed its 10-K for the year ended December 31, 2011. All amounts in this news release are in United States dollars.

Select results for the year ended December 31, 2011:

  • Total revenue of $220.0 million, including Waste segment revenue of $59.4 million.  
  • Total hygiene revenue of $160.6 million, a 152% increase compared to the prior year. Hygiene revenue from company-owned operations, excluding acquisitions, increased 28% from the prior year.  
  • Total adjusted EBITDA loss of $3.6 million based off a net loss of $25.3 million. For a reconciliation of non-GAAP to GAAP measures, please review the disclosures and table included with this release.  
  • Basic and diluted loss per share of $0.16.

"We are pleased to report results for the full year 2011 and officially put the year behind us as we continue to make progress in filing our outstanding financials," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "We intend to file our quarterly reports for the first three quarters of 2012 shortly in order to regain compliance."

"In terms of our 2011 results, we achieved 28% revenue growth from hygiene company-owned operations when excluding acquisitions," continued Mr. Byrne. "Our costs were significant in 2011 as we completed a large number of acquisitions and had material initial public company costs; however, we started to institute cost initiatives in the latter part of 2011 that ultimately led to the implementation of over $10 million in cost reductions during 2012, and we are looking to achieve corresponding efficiencies during the current year. 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."

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