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Swisher Announces Results For The Three And Nine Months Ended September 30, 2013

Stocks in this article: SWI SWSH

CHARLOTTE, N.C., Nov. 12, 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 nine-month periods ended September 30, 2013. All amounts in this news release are in United States dollars.

Third Quarter 2013 Highlights

  • Total revenue from continuing operations of $55.9 million for the third quarter of 2013, a 5% decrease compared to the third quarter of 2012 and a 1% increase compared to the second quarter of 2013.  
  • Adjusted EBITDA loss of $3.3 million for the third quarter of 2013, based on a net loss from continuing operations of $13.2 million, as compared to an Adjusted EBITDA loss of $2.3 million for the third quarter of 2012 and an Adjusted EBITDA loss of $4.7 million for the second 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 $0.07 for the third quarter of 2013, compared with basic and diluted loss per share from continuing operations of $0.08 in the third quarter of 2012 and second quarter of 2013.

"Our third quarter 2013 results show that while we are moving in the right direction, we still have a significant task ahead of us to accelerate our growth and further improve our overall operations," said William M. Pierce, President and Chief Executive Officer of Swisher. "Our aim to achieve $15 million in annualized expense savings remains intact, but we expect it will take additional time to realize that goal. Our immediate focus must be on improving and optimizing operations across the board, winning new business, further strengthening our customer service and completing the simplification of our business model."

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