Titan Energy Worldwide Releases Preliminary 2013 Financials
Company Posts Annual Profit for 2013 on Record Revenues
Titan Energy Worldwide, Inc. (OTCQB: TEWI), a leader in distributed power generation products and intelligent energy management services, today released preliminary financials for 2013. The company reports record revenues of nearly $22 million, an increase of 15% over 2013. The company also reports that the company achieved more than $1 million in EBIDTA, an increase of 300% over 2012, and ended the year profitable. This was the first profitable year in the Company's history.
Stated Jeffrey Flannery, CEO of Titan Energy Worldwide, Inc., "We set a goal at the beginning of 2013 to end the year profitable and I am very proud to say that we accomplished that goal. We did this by focusing on our core business of providing the finest customer-oriented service to our onsite power clients. We now service nearly 5,000 generators across the country, and have successfully responded to hurricanes, floods, blackouts and other disasters. We have also implemented new, industry changing programs for the maintenance of onsite power which have keep our customers operational and saved them money. We have invested in the infrastructure which now makes us a stronger national accounts and critical power services provider and with this we are looking forward to a stronger and even more prosperous 2014.
"While equipment sales decreased slightly from $10 million to $9 million, this was more than compensated for by a 300% increase in service sales from $3 million to $9 million in 2013. This increase is largely due to our national accounts business and more than $2 million of work we did on RICE NESHAP projects. The Company is projecting for the National accounts division to continue to grow significantly in 2014," added Mr. Flannery
Titan also reported that its critical power division, which was newly formed in 2012, expanded from about $90,000 in sales in 2012 to more than $1 million in 2013. The Company believes this division, which services data centers, hospitals and other critical power facilities, is on course to more than double its business in 2014.
The company expects to release its completed 2013 financials in late February 2014.
