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TheStreet Open House

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

For the three months ended June 30, 2013, March 31, 2013 and June 30, 2012, respectively:

  Q2 2013 Q1 2013 Q2 2012
Cost of sales as a % of revenue 44.1% 43.4% 44.6%
Route expense as a % of revenue 20.3% 20.3% 16.9%
SG&A expense as a % of revenue 48.9% 57.6% 59.1%
SG&A expense (excluding unusual expenses) as a % of revenue 46.1% 50.1% 43.3%

Cost of sales as a percentage of revenue slightly declined from the prior-year quarter. The increase in route and SG&A expenses (excluding unusual expenses) as a percentage of revenue from the prior-year period primarily reflects the decline in revenue in the second quarter 2013 as compared to the prior-year period. 

The decrease in SG&A expenses as a percentage of revenue from the first quarter 2013 was primarily due to the winding down of professional fees and investigation and review-related expenses.

Net loss from continuing operations for the three months ended June 30, 2013 was $14.9 million, compared to net loss from continuing operations of $18.0 million in the three months ended June 30, 2012.

Adjusted EBITDA loss for the three months ended June 30, 2013 was $4.7 million, compared to an Adjusted EBITDA loss of $1.5 million in the three months ended June 30, 2012. 

Six Months 2013 Results

For the six months ended June 30, 2013, Swisher reported total revenue from continuing operations of $107.4 million, a 9% decrease from $118.3 million in the six months ended June 30, 2012. 

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