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Swisher Hygiene Announces Results For The Three Months Ended March 31, 2013

Stocks in this article: SWI SWSH

CHARLOTTE, N.C., May 28, 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 first quarter results for the period ended March 31, 2013. All amounts in this news release are in United States dollars.

First Quarter 2013 Highlights

  • Total revenue from continuing operations of $52.0 million for the first quarter of 2013, an 11% decrease compared to the first quarter of 2012.  
  • Adjusted EBITDA loss of $6.3 million for the first quarter of 2013, based on a net loss from continuing operations before income taxes of $16.8 million, as compared to an Adjusted EBITDA loss of $4.3 million for the first quarter of 2012. 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 first quarter of 2013, compared to basic and diluted loss per share from continuing operations of $0.08 in the first quarter of 2012.

"While our first quarter 2013 results were affected by the review and restatement process, which remains ongoing until we regain compliance with NASDAQ rules following our Annual Meeting on June 5, we saw improved performance as the quarter progressed," said Thomas Byrne, President and Chief Executive Officer of Swisher Hygiene. "The renewed interest in our corporate account and distributor programs has continued into the second quarter of 2013, and we believe we will be able to considerably improve on our disappointing first quarter performance in the months ahead."

"During the quarter, we were able to execute on several initiatives designed to benefit future quarters," continued Mr. Byrne. "We commenced the expansion of our Southeast chemical manufacturing facility while eliminating a second facility in the region, which will reduce costs beginning in June. We also completed the selection and enhancement of our standard product formulas, which is intended to ensure that we provide the best available products to our customers and forms the basis for our SKU rationalization program. We have also commenced our enhanced route consolidation program. These are just a few examples of our continued efforts to simplify and standardize operations, further eliminate costs and improve cash flow."

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