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

Stocks in this article: SWISWSH

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Swisher 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 including information obtained by Swisher 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 and on the conference call are qualified by the above cautionary statements and those made in the "Risk Factors" section of Swisher'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's SEDAR profile at www.sedar.com, and Swisher's other filings with the Securities and Exchange Commission and with Canadian securities regulators available on Swisher's SEDAR profile at www.sedar.com. The forward-looking information set forth in this press release and on the conference call 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 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'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 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 June 30, Six Months Ended June 30,
   2013 2012 2013 2012
Revenue        
Products $ 48,996 $ 53,169 $ 95,033 $ 104,019
Services 5,909 6,744 11,653 13,753
Franchise and other 481 269 723 563
Total revenue 55,386 60,182 107,409 118,335
         
Costs and expenses        
Cost of sales (exclusive of route expenses and related depreciation and amortization) 24,399 26,832 46,965 52,079
Route expenses 11,236 10,171 21,807 20,766
Selling, general, and administrative expenses 27,066 35,597 57,045 65,566
Acquisition and merger expenses -- 42 -- 162
Depreciation and amortization 5,503 5,188 11,152 10,165
Impairment related to assets held for sale 1,638 -- 1,638 --
Total costs and expenses 69,842 77,830 138,607 148,738
Loss from continuing operations (14,456) (17,648) (31,198) (30,403)
         
Other expense, net (88) (373) (159) (799)
Net loss from continuing operations before income taxes (14,544) (18,021) (31,357) (31,202)
Income tax expense (341) (8) (767) (87)
Net loss from continuing operations (14,885) (18,029) (32,124) (31,289)
Loss from discontinued operations, net of tax (499) (882) (499) (883)
Net loss  (15,384)  (18,911)  (32,623)  (32,172)
         
Comprehensive loss        
Employee benefit plan adjustment, net of tax 3 -- 3 --
Foreign currency translation adjustment (55) (13) (53) (17)
Comprehensive loss $ (15,436) $ (18,924) $ (32,673) $ (32,189)
         
Loss per share        
Basic and diluted (continuing operations) $ (0.08) $ (0.10) $ (0.18) $ (0.18)
Basic and diluted (discontinued operations) (0.00) (0.01) (0.00) (0.01)
         
Weighted-average common shares used in the computation of loss per share        
Basic and diluted 175,288,859 174,996,323 175,223,495 174,913,264
 
 
SWISHER HYGIENE INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
 
  June 30, December 31,
  2013 2012
Current assets    
Cash and cash equivalents $ 44,595 $ 61,419
Restricted cash 5,675 5,390
Accounts receivable (net of allowance for doubtful accounts of $2,034 at June 30, 2013 and $2,335 at December 31, 2012) 21,412 21,225
Inventory 15,841 15,327
Receivable due from sale of discontinued operations -- 12,500
Deferred income taxes 1,800 1,995
Assets held for sale 9,411 --
Other assets 3,145 4,804
Total current assets 101,879 122,660
Property and equipment, net 44,707 48,348
Goodwill 101,853 106,358
Other intangibles, net 9,614 11,051
Customer relationships and contracts, net 32,422 36,770
Other noncurrent assets 2,527 2,498
Total assets $ 293,002 $ 327,685
     
Current liabilities    
Accounts payable and accrued expenses $ 28,084 $ 27,993
Long-term debt and obligations due within one year 6,463 9,145
Total current liabilities 34,547 37,138
Long-term debt and obligations 3,858 5,284
Deferred income taxes 5,244 4,673
Other long-term liabilities 3,393 3,447
Total noncurrent liabilities 12,495 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 June 30, 2013 and December 31, 2012 -- --
Common stock, par value $0.001, authorized 600,000,000 shares; 175,635,902 and 175,157,404 shares issued and outstanding at June 30, 2013 and December 31, 2012 176 175
Additional paid-in capital 386,963 385,452
Accumulated deficit (140,130) (107,507)
Accumulated other comprehensive loss (1,049) (999)
Total Swisher Hygiene Inc. stockholders' equity 245,960 277,121
Non-controlling interest -- 22
Total equity 245,960 277,143
Total liabilities and equity $ 293,002 $ 327,685
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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