First Quarter 2013 Results
For the three months ended March 31, 2013, Swisher Hygiene reported total revenue from continuing operations of $52.0 million, an 11% decrease from $58.2 million in the three months ended March 31, 2012. The revenue decline was primarily due to the loss of two large accounts in a previous quarter, along with customer turnover as Swisher Hygiene integrated smaller acquired operations into its systems and changed their product lines and brands.
Total costs and expenses for the three months ended March 31, 2013 decreased 3% to $68.8 million, compared to $70.9 million in the three months ended March 31, 2012. Excluding $3.9 million and $1.9 million of investigation and review-related expenses in the three months ended March 31, 2013 and 2012, respectively, total costs and expenses decreased 6% compared to the three months ended March 31, 2012.
For the three months ended March 31, 2013 and 2012, respectively:
|Q1 2013||Q1 2012|
|Cost of sales as a % of revenue||43.4%||43.4%|
|Route expense as a % of revenue||20.3%||18.2%|
|SG&A expense as a % of revenue||57.6%||51.5%|
|SG&A expense (excluding investigation and review-related expenses) as a % of revenue||50.1%||48.3%|
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