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

Stocks in this article: SWI SWSH

First Quarter 2012 Results

For the three months ended March 31, 2012, Swisher Hygiene reported total revenue from continuing operations of $58.2 million, a 171% increase from $21.5 million in the prior-year period. Hygiene revenue from company-owned operations, excluding acquisitions, increased 19% from the prior-year period.

Total costs and expenses for the three months ended March 31, 2012 increased by 134% to $70.9 million, compared to $30.3 million in the prior-year period. Excluding the impact of acquisition and merger expenses in both periods, and $1.9 million of investigation and review-related expenses in the three months ended March 31, 2012, total costs and expenses increased 61% from the prior-year period.

For the three months ended March 31, 2012 and 2011, respectively:

  Q1 2012 Q1 2011
Cost of sales as a % of revenue  43.4% 38.4%
Route expense as a % of revenue 18.2% 24.0%
SG&A expense as a % of revenue 51.5% 63.0%

The increase in cost of sales as a percentage of revenue primarily reflects a change in sales mix towards the chemical product line and entering the wholesale chemical business through Swisher Hygiene's acquisition of Daley International, Cavalier and Kitter in the third quarter of 2011, while the favorable change in route expense as a percentage of revenue reflects the economies of scale realized through route consolidation initiatives. 

Net loss from continuing operations for the three months ended March 31, 2012 was $13.3 million, compared to net loss from continuing operations of $5.4 million in the prior-year period.

Adjusted EBITDA loss for the three months ended March 31, 2012 was $4.1 million, compared to an Adjusted EBITDA loss of $3.9 million in the prior-year period. 

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