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

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher Hygiene as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. All of these assumptions have been derived from information currently available to Swisher Hygiene including information obtained by Swisher Hygiene from third-party sources. These assumptions may prove to be incorrect in whole or in part. All of the forward-looking statements made in this press release, on the conference call and in the webcast are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher Hygiene's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission, available on www.sec.gov , and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com , and Swisher Hygiene's other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com . The forward-looking information set forth in this press release, on the conference call and in the webcast is subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking information. Swisher Hygiene disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.

About Swisher Hygiene Inc.

Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides essential hygiene and sanitizing solutions to customers throughout much of North America and internationally through its network of company-owned operations, franchises and master licensees. These solutions include essential products and services that are designed to promote superior cleanliness and sanitation in commercial environments, while enhancing the safety, satisfaction and well-being of employees and patrons. These solutions are typically delivered by employees on a regularly scheduled basis and involve providing Swisher Hygiene's customers with: (i) consumable products such as detergents, cleaning chemicals, soap, paper and supplies, together with the rental and servicing of dish machines and other equipment for the dispensing of those products; (ii) the rental of facility service items requiring regular maintenance and cleaning, such as floor mats, mops, bar towels, and linens; and (iii) manual cleaning of their facilities. Swisher Hygiene serves customers in a wide range of end-markets, with a particular emphasis on the foodservice, hospitality, retail and healthcare industries.

SWISHER HYGIENE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In thousands, except share and per share data)
 
  Three Months Ended March 31,
  2013 2012
Revenue    
Products  $ 46,037  $ 50,849
Services  5,744  7,009
Franchise and other  241  294
Total revenue  52,022  58,152
     
Costs and expenses    
Cost of sales (exclusive of route expenses and related depreciation and amortization)  22,565  25,247
Route expenses  10,571  10,594
Selling, general, and administrative expenses  29,979  29,969
Acquisition and merger expenses  --   120
Depreciation and amortization  5,649  4,976
Total costs and expenses  68,764  70,906
Loss from continuing operations  (16,742)  (12,754)
     
Other expense, net  (71)  (426)
Net loss from continuing operations before income taxes  (16,813)  (13,180)
     
Income tax expense  (427)  (80)
Net loss from continuing operations  (17,240)  (13,260)
Loss from discontinued operations, net of tax  --   (1)
Net loss  (17,240)  (13,261)
Net loss attributable to non-controlling interest  --   -- 
Net loss attributable to Swisher Hygiene Inc.  (17,240)  (13,261)
Comprehensive loss    
Employee benefit plan adjustment, net of tax  --   -- 
Foreign currency translation adjustment  1  (4)
Comprehensive loss  $ (17,239)  $ (13,265)
     
Loss per share    
Basic and diluted (continuing operations)  $ (0.10)  $ (0.08)
Basic and diluted (discontinued operations) $ --   $ (0.00)
     
Weighted-average common shares used in the computation of loss per share    
Basic and diluted  175,157,404  174,832,128
     
SWISHER HYGIENE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
 
  March 31, December 31,
  2013 2012
ASSETS    
Current assets    
Cash and cash equivalents  $ 50,585  $ 61,419
Restricted cash  5,490  5,390
Accounts receivable (net of allowance for doubtful accounts of $2,218 at March 31, 2013 and $2,335 at December 31, 2012)  19,820  21,225
Inventory  15,845  15,327
Receivable due from sale of discontinued operations  12,500  12,500
Deferred income taxes  794  1,995
Other assets  4,361  4,804
Total current assets  109,395  122,660
Property and equipment, net  48,713  48,348
Goodwill  106,358  106,358
Other intangibles, net  45,714  47,821
Deferred income taxes  160  -- 
Other noncurrent assets  2,308  2,498
Total assets  $ 312,648  $ 327,685
     
LIABILITIES AND EQUITY    
Current liabilities    
Accounts payable and accrued expenses  $ 32,610  $ 27,993
Long-term debt and obligations due within one year  8,045  9,145
Total current liabilities  40,655  37,138
Long-term debt and obligations  3,841  5,284
Deferred income taxes  4,058  4,673
Other long-term liabilities  3,436  3,447
Total noncurrent liabilities  11,335  13,404
     
Commitments and contingencies    
     
Equity    
Swisher Hygiene Inc. stockholders' equity    
Preferred stock, par value $0.001, authorized 10,000,000 shares; no shares issued and outstanding at March 31, 2013 and December 31, 2012  --   -- 
Common stock, par value $0.001, authorized 600,000,000 shares; 175,157,404 shares issued and outstanding at March 31, 2013 and December 31, 2012  175  175
Additional paid-in capital  386,206  385,452
Accumulated deficit  (124,747)  (107,507)
Accumulated other comprehensive loss  (998)  (999)
Total Swisher Hygiene Inc. stockholders' equity  260,636  277,121
Non-controlling interest  22  22
Total equity  260,658  277,143
Total liabilities and equity  $ 312,648  $ 327,685
CONTACT: For Further Information, Please Contact:
         
         Swisher Hygiene Inc.
         
         Investor Contact:
         Amy Simpson
         Phone: (704) 602-7116
         
         Garrett Edson, ICR
         Phone: (203) 682-8331
         
         Media Contact:
         Alecia Pulman, ICR
         Phone: (203) 682-8224

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