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Swisher Hygiene Announces Results For The Three-Month Period Ended March 31, 2012

CHARLOTTE, N.C., March 11, 2013 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today that it has filed its 10-Q for the three-month period ended March 31, 2012. All amounts in this news release are in United States dollars.

First Quarter 2012 Highlights
  • The Waste segment, which was sold on November 15, 2012, is reported as discontinued operations beginning in the first quarter of 2012.  
  • Total revenue from continuing operations of $58.2 million, a 171% increase compared to the prior-year period. Hygiene revenue from company-owned operations, excluding acquisitions, increased 19% from the prior-year period.  
  • Adjusted EBITDA loss of $4.1 million based on a net loss from continuing operations of $13.3 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 from continuing operations of $0.08, compared to basic and diluted loss per share from continuing operations of $0.04 in the prior-year period.

"Our progress in filing our outstanding financials continues with today's filing of our first quarter 2012 Form 10-Q and our plan to complete the filings of our second and third quarter 2012 Form 10-Qs as soon as possible," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "As we review our financial results, it is important to keep in mind that we have reported our Waste segment as discontinued operations and these reported results reflect only our continuing Hygiene operations, which we believe provides more meaningful information to our shareholders."

"In terms of our first quarter 2012 results, we achieved 19% revenue growth from hygiene company-owned operations when excluding acquisitions," continued Mr. Byrne. "While our cost of sales increased as a percentage of our revenue due primarily to entering the wholesale chemical sales business in the latter half of 2011 through our acquisitions of Daley, Cavalier and Kitter, we saw considerable improvement in our route expense as a percentage of revenue through our initial route consolidation initiatives. 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, and we look forward to providing additional 2012 results in the near future."

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