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Swisher Announces Results For The Three Months And Full Year Ended December 31, 2013

Stocks in this article: SWI SWSH

CHARLOTTE, N.C., March 17, 2014 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing solutions, announced today results for the three-month and full year periods ended December 31, 2013. All amounts in this news release are in United States dollars.

Fourth Quarter 2013 Notable Results

  • Total revenue from continuing operations of $50.4 million for the fourth quarter of 2013, a 5% decrease compared to the fourth quarter of 2012.  
  • During the fourth quarter 2013, Swisher recorded a non-cash goodwill impairment charge of $93.2 million in conjunction with its impairment test.  The goodwill impairment will neither affect Swisher's liquidity or cash flows, nor impact Swisher's future operations.   
  • Swisher collected $5.5 million of cash in the fourth quarter of 2013 from the partial sale of assets held for sale and recorded an additional $3.1 million of impairment on the remaining assets held for sale.  
  • Adjusted EBITDA loss of $6.9 million for the fourth quarter of 2013, based on a net loss from continuing operations of $105.2 million, as compared to an Adjusted EBITDA loss of $4.5 million for the fourth quarter of 2012.  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 $0.60 for the fourth quarter of 2013, compared with basic and diluted loss per share from continuing operations of $0.20 in the fourth quarter of 2012, based on a net loss from continuing operations of $35.2 million. Excluding the impairment charges, basic and diluted loss per share from continuing operations for the fourth quarter of 2013 would have been $0.05.

"We started to see progress from implementing our business plan toward the end of the fourth quarter in terms of the achievement of certain cost efficiencies, which have continued into the first quarter and which we expect to further realize throughout 2014," said William M. Pierce, President and Chief Executive Officer of Swisher. "Our top line results for the fourth quarter were below our expectations and, as a result, growing our revenue off its current base is our primary focus as a company in 2014. We continue to believe there is broad acceptance in the marketplace for our competitive services and product offerings, and we believe that will become increasingly evident on our top line as we proceed throughout the new year. Overall, our focus continues to be squarely on maximizing customer satisfaction through providing best-in-class service, winning new business and further improving our overall cost structure."

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