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

Stocks in this article: SWI SWSH

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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