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

Stocks in this article: SWI SWSH

Total costs and expenses for the six months ended June 30, 2013 decreased by 7% to $138.6 million, compared to $148.7 million in the six months ended June 30, 2012. Excluding $7.1 million of impairment, non-routine professional fees and investigation and review-related expenses in the six months ended June 30, 2013 and $11.4 million of investigation and review-related expenses in the six months ended June 30, 2012, total costs and expenses decreased 4% compared to the six months ended June 30, 2012.

For the six months ended June 30, 2013 and 2012, respectively:

  YTD 2013 YTD 2012  
Cost of sales as a % of revenue 43.7% 44.0%
Route expense as a % of revenue 20.3% 17.5%
SG&A expense as a % of revenue 53.1% 55.4%
SG&A expense (excluding unusual expenses) as a % of revenue 48.0% 45.8%

Cost of sales as a percentage of revenue slightly declined from the prior-year period. The increase in route and SG&A expenses (excluding investigation and review-related expenses) as a percentage of revenue primarily reflects the decline in revenue in the six months ended June 30, 2013 as compared to the prior-year period.

Net loss from continuing operations for the six months ended June 30, 2013 was $32.1 million, compared to net loss from continuing operations of $31.3 million in the six months ended June 30, 2012.

Adjusted EBITDA loss for the six months ended June 30, 2013 was $11.0 million, compared to an Adjusted EBITDA loss of $5.4 million in the six months ended June 30, 2012. 

Cash and Capital Resources

As of June 30, 2013, Swisher had $44.6 million of cash on its balance sheet and $10.3 million in outstanding debt, compared to $61.4 million in cash and $14.4 million in outstanding debt as of December 31, 2012.  The $16.8 million decline in cash is primarily attributable to cash used in operating activities of continued operations of $13.8 million (including unusual fees related to the review and investigation of $4.4 million), net debt repayments of $4.1 million and property and equipment purchases of $8.5 million, and partially offset with the $12.5 million receivable collected from the sale of discontinued operations before deducting the cash used in discontinued operations in 2013.

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