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Swisher Hygiene Announces Results For The Three And Nine-Month Periods Ended September 30, 2012

Stock quotes in this article: SWI, SWSH

CHARLOTTE, N.C., March 18, 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 nine-month periods ended September 30, 2012. All amounts in this news release are in United States dollars.

Third 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 $59.0 million for the third quarter of 2012, a 20% increase compared to the third quarter of 2011. Hygiene revenue from company-owned operations for the third quarter of 2012, excluding acquisitions, increased 3% compared to the third quarter of 2011.  
  • Adjusted EBITDA loss of $2.3 million for the third quarter of 2012 based on a net loss from continuing operations of $14.3 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 for the third quarter of 2012, compared to basic and diluted loss per share from continuing operations of $0.01 in the third quarter of 2011.

"We have now filed our outstanding quarterly reports for 2012," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "We are working to file our 2012 Form 10-K as soon as possible, and once again thank our shareholders for their patience and continued support during this process."

"Our results in the third quarter of 2012 were significantly affected by the investigation and review process, impacting our top line and cost structure," continued Mr. Byrne. "With the review now in the past, we look forward throughout 2013 to serving our customers nationwide on a day-to-day basis, expanding our cross-selling opportunities, and emphasizing customer retention and new customer acquisition. Further, we will continue to eliminate costs and create additional efficiencies throughout the business; this will remain a priority throughout 2013."

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