MINNEAPOLIS, March 26, 2013 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that it has released the following letter to its shareholders.
Dear Shareholder of Titan Energy:
The need for backup power is as strong as it has ever been. Our national power grid is being overtaxed, natural disasters seem to be striking with ever increasing frequency and unrelenting devastation. Titan Energy is poised in the center of this opportunity. With our ability to respond quickly in times of emergency, to find the right solution and to be an effective power partner to our customers, we have established a solid reputation for excellence and a growing national brand that is beginning to rival companies many times our size.
Titan Energy began as a small regional distributor of generators in the Midwest. Along the way we have leveraged our technological expertise and our industry relationships to build a highly skilled network that now allows us to operate on a national scale. And today we have an opportunity to become a true national player in the ever-growing energy marketplace.2012 was a strong turnaround year for Titan Energy. Overall sales increased 36% year over year. Growth in our service business was more than 50%. We advanced from a negative $1.4 million in adjusted EBITDA in 2011 to a positive $350,000 in adjusted EBITDA in 2012. Based on our current backlog, we are on course to do $25 million in overall sales in 2013, an increase of more than 25% over the $19 million we achieved in 2012. We expect to surpass this current projection as new potential opportunities are realized. I believe we have a very good shot at ending the year profitable, and as a company we are committed to that goal. Market Outlook. Several factors point in Titan Energy's favor as we head into 2013.
- The number of storms that have hit the country in the past few years is exposing the weakness in our aging grid and highlighting the need for companies to deploy their own onsite power resources. Titan's ability to responds to the needs not only of our customers but to other companies in the areas hit by Hurricane Sally for example, have created many new opportunities for us in the Northeast and other regions.
- We are beginning to see clear signs that new construction is on the rise. With new business centers, hotels and healthcare facilities, there will be the need for new onsite power systems.
- The power equipment we sell is better and more sophisticated. Generac Power Systems ( www.generac.com), our generator manufacturer in the Midwest, has shown significant improvements in the capabilities, reliability and over all acceptance of its brand among customers for industrial and commercial onsite power generators.
- C&I generators are becoming more technically advanced while being deployed in more demanding situations than in years past. These onsite power systems require a highly skilled service provider such as Titan Energy to best maintain and operate them. Titan has led the industry in developing the latest monitoring, auditing and other automated solutions which greatly improve our ability to manage and maintain these power systems, lower costs for our customers, improve our profitability and create greater customer retention.
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