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

Stocks in this article: SWI SWSH

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%

Cost of sales as a percentage of revenue was comparable with the prior-year quarter. The increase in route and SG&A expenses as a percentage of revenue primarily reflects the decline in revenue in the first quarter 2013 as compared to the prior-year period.

Net loss from continuing operations before income taxes for the three months ended March 31, 2013 was $16.8 million, compared to net loss from continuing operations before income taxes of $13.2 million in the three months ended March 31, 2012.

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