MINNEAPOLIS, April 4, 2013 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has posted its financial statements for 2012. The annual report and financial statements can be accessed at www.sec.gov. Please note that the financial statements have not been audited by a registered independent auditing firm.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "2012 was a strong, solid year of growth for Titan Energy. We achieved a record $19 million in sales, an increase of 31% over 2011. We finished the year with a positive adjusted EBITDA of $350,000. This represents a turnaround of nearly $2 million from 2011.
"Equipment sales increased 36% year over year while service sales increased 51%. We experienced a large gain in our national accounts business which grew from $400,000 in 2011 to more than $3 million in sales in 2012. This growth in national accounts was led primarily by our account with one of the nation's largest retailers," added Flannery.
"Based on our current backlog of more than $6 million, and a first quarter of 2013 that outperformed the same quarter in 2012 by more than 40%, we believe we are in a strong position to see continued growth this year and be profitable," further added Flannery.For the year 2012, the Company posted $19,151,874 in revenues, compared to $14,056,035 in 2011. Equipment sales were $11,598,000, up 36% from 2011, while 2012 service sales increased by 51% from $5,009,945 in 2011 to $7,553,874 in 2012. The increase in service revenues is attributable to a significant increase in the Company's national accounts business which provides services to national retail and data center customers throughout the United States. The Company reported net operating loss of $1,430,961 compared to a net loss of $3,435,009 for 2011. More than $800,000 of this 2012 net loss is noncash expenses required by GAAP. Management believes that a more effective measure of the Company's performance is the nonGAAP "Adjusted EBITDA." The Adjusted EBITDA is defined as net income (loss), excluding depreciation, amortization, stock based compensation, interest, income taxes (benefit) and other income and expenses. The Company's Adjusted EBITDA was a positive $350,000 in 2012 compared to a negative $1,577,130 for 2011. More details and discussion of the Company's financial statements for 2012 can be obtained at www.sec.gov or on the Company's web site, www.titanenergy.com About Titan Energy Worldwide, Inc.Since its founding, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. From emergency and backup power technologies, to demand response programs and Smart Grid applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com. Forward-Looking StatementsInvestors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements. For more information about Titan Energy Worldwide please contact: Jeffrey FlanneryTitan Energy Worldwide, Inc.952-960-2381 firstname.lastname@example.org SOURCE Titan Energy Worldwide, Inc.