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

Stocks in this article: SWI SWSH

Fourth Quarter 2013 Results

For the three months ended December 31, 2013, Swisher reported total revenue from continuing operations of $50.4 million, a 5% decrease from $53.2 million in the three months ended December 31, 2012.  The year-over-year revenue decline included the sale of a non-core route business early in the fourth quarter of 2013 and both the loss of three significant customers and the sale of a non-core business during the prior-year period.

Total costs and expenses for the three months ended December 31, 2013 increased 134% to $158.9 million, compared to $67.9 million in the three months ended December 31, 2012. Excluding $96.3 million of impairment expense in the three months ended December 31, 2013 and $2.5 million of investigation and review-related expenses in the three months ended December 31, 2012, total costs and expenses decreased 4% compared to the three months ended December 31, 2012.

For the three months ended December 31, 2013, September 30, 2013 and December 31, 2012, respectively:

  Q4 2013 Q3 2013 Q4 2012
Cost of sales as a % of revenue 46.4% 45.1% 44.7%
Route expense as a % of revenue 19.0% 19.6% 20.3%
SG&A expense as a % of revenue 48.1% 45.2% 52.4%
SG&A expense (excluding unusual expenses) as a % of revenue 47.3% 45.2% 47.6%

Cost of sales declined $0.4 million, or 2%, from the prior-year period. Route expense declined $1.2 million, or 11%, from the prior-year period. SG&A expense (excluding unusual expenses) declined $1.5 million, or 6%, from the prior-year period. 

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