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

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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