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Swisher Announces Results For The Three And Six Months Ended June 30, 2013

CHARLOTTE, N.C., Aug. 9, 2013 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today results for the three-month and six-month periods ended June 30, 2013. All amounts in this news release are in United States dollars.

Second Quarter 2013 Highlights

  • Total revenue from continuing operations of $55.4 million for the second quarter of 2013, an 8% decrease compared to the second quarter of 2012 and a 6% increase compared to the first quarter of 2013.  
  • Adjusted EBITDA loss of $4.7 million for the second quarter of 2013, based on a net loss from continuing operations of $14.9 million, as compared to an Adjusted EBITDA loss of $1.5 million for the second quarter of 2012 and an Adjusted EBITDA loss of $6.3 million for the first quarter of 2013. 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 $0.08 for the second quarter of 2013, compared to basic and diluted loss per share from continuing operations of $0.10 in the second quarter of 2012 and the first quarter of 2013.

"Our second quarter 2013 results saw us moving our top line back in the right direction, as we generated a 6% sequential revenue improvement from the first quarter," said Thomas Byrne, President and Chief Executive Officer of Swisher. "We continue to see renewed interest in our corporate account and distributor programs. In the first half of the year, Swisher added nine new service distributors, 2,000 net new customers through its existing service distributors and won several new corporate accounts with over 700 locations as well as renewing several existing corporate accounts to new contracts. Our adjusted EBITDA improved from the first quarter of 2013 as expected, as several cost initiatives were being put into place in the second quarter. In addition, costs related to the review and restatement process wound down throughout the quarter." 

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