This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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."

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs