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%|
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