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Swisher Hygiene Announces Results For The Three Months And Year Ended December 31, 2012

Stocks in this article: SWI SWSH

CHARLOTTE, N.C., May 1, 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 fourth quarter and full year results, as well as the filing of its Form 10-K, for the period ended December 31, 2012. All amounts in this news release are in United States dollars.

Fourth 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 $53.2 million for the fourth quarter of 2012, a 4% decrease compared to the fourth quarter of 2011. Hygiene revenue from company-owned operations for the fourth quarter of 2012, excluding acquisitions, decreased 7% compared to the fourth quarter of 2011.
  • Adjusted EBITDA loss of $5.3 million for the fourth quarter of 2012, based on a net loss from continuing operations before income taxes of $16.6 million, and compared to an Adjusted EBITDA loss of $6.5 million for the fourth quarter of 2011. 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 $0.20 for the fourth quarter of 2012, compared to basic and diluted loss per share from continuing operations of $0.05 in the fourth quarter of 2011.

"With today's release and the filing of our 10-K, we will have completed the restatement process and our 2012 public reporting obligations," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "We again thank our shareholders for their patience and continued support over the past year."

"Our fourth quarter 2012 results were affected by the investigation and review process that was completed in February 2013, which impacted our top line growth and bottom line results," continued Mr. Byrne. "As a result of the overall process, we lost a couple of large accounts, from which we will continue to see effects in the first half of 2013. However, we are encouraged by the renewed interest we have seen in our corporate account and distributor programs during the first quarter of 2013, and we will continue to expand our field cross-selling programs while emphasizing customer service, retention and new customer acquisition. Additionally, we continue to simplify and standardize operations, which is enhancing our customer service and allowing us to further eliminate costs and improve cash flow."

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