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Swisher Hygiene Announces Results For The Three And Six-Month Periods Ended June 30, 2012

CHARLOTTE, N.C., March 15, 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 Form 10-Q for the three and six-month periods ended June 30, 2012. All amounts in this news release are in United States dollars.

Second Quarter 2012 Highlights

  • The Waste segment, which was sold on November 15, 2012, is reported as discontinued operations for 2012.  
  • Total revenue from continuing operations of $60.2 million for the second quarter of 2012, a 76% increase compared to the second quarter of 2011. Hygiene revenue from company-owned operations for the second quarter of 2012, excluding acquisitions, increased 9% compared to the second quarter of 2011.  
  • Adjusted EBITDA loss of $1.8 million for the second quarter of 2012 based on a net loss from continuing operations of $18.0 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 $0.10 for the second quarter of 2012, compared to basic and diluted loss per share from continuing operations of $0.05 in the second quarter of 2011.

"Results during the second quarter of 2012 were materially affected by the investigation and review process, impacting our overall operations and contributing to significantly higher SG&A costs in the quarter," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "Despite the ongoing review process, we continued to see improvement in our route expense as a percentage of revenue through our initial route consolidation initiatives and, excluding expenses related to the investigation and review, we reduced our SG&A expense as a percentage of revenue by 740 basis points. 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 sanitizing services."

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