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Quarterly & annual reports are being filed again. Hopefully something is coming soon.
Me too! Wish I knew what was up
Pioneer Power Solutions, Inc. Completes the Acquisition of Titan Energy Worldwide, Inc.
FORT LEE, N.J., Jan. 2, 2015 /PRNewswire/ -- On December 31, 2014, Pioneer Power Solutions, Inc. (PPSI) ("Pioneer" or the "Company") completed the purchase of 100% of the preferred stock of Titan Energy Worldwide, Inc. (TEWI) ("Titan") from 24 individual stockholders, and a short-form merger between Titan and a wholly-owned subsidiary of Pioneer. As a result of the merger, each outstanding share of Titan common stock was cancelled and converted into the right to receive $0.0007 per share of Titan common stock. Furthermore, as a result of the merger, Titan ceased to be a public reporting company and its common stock will no longer be quoted for trading.
Prior to the completion of the transactions above, on December 2, 2014, Pioneer announced its intention to acquire all the outstanding stock of Titan that it did not already own through a series of privately-negotiated transactions and the merger. In addition, at the time, Pioneer announced its intention to purchase all of Titan's convertible and non-convertible notes, and warrants accompanying such notes, from existing holders. As of December 31, 2014, Pioneer had purchased $2.8 million of original principal amount of such notes from 23 individual holders, representing 95% percent of Titan's convertible and non-convertible notes outstanding.
Titan stockholders of record as of December 31, 2014 may receive the merger consideration by completing a letter of transmittal that will be mailed to them by a paying agent that has been appointed by Pioneer. Stockholders of record may seek additional information by calling the paying agent at the phone number listed in the shareholder materials that will be sent to each shareholder.
Titan Energy Worldwide Releases Preliminary 2nd and 3rd Quarter 2014 Financials
MINNEAPOLIS, MN / ACCESSWIRE / November 11, 2014 / Titan Energy Worldwide, Inc. (OTC Pink:TEWI) (TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that it has released preliminary financial statements for the quarters ended June 30, 2014 and September 30, 2014.
The company delayed the filing of financial statements due to an audit that is currently in process with the Company's independent accountants for the years 2011, 2012 and 2013. Preliminary information related to the audit was released in a Form 8K/A on November 3, 2014.
Until the audit is complete, investors should not rely on the Forms 10K for 2011, 2012 and 2013 or the Forms 10Q for 2012 and 2013 as previously filed. Amended Forms 10K and 10Q will be completed and filed as soon as practical. When that audit is complete, the Company will then proceed to file its completed and reviewed Forms 10Q for the periods ended June 30, 2014 and September 30, 2014 as soon as practical.
Preliminary financial information for the quarter ending September 30, 2014:
For the quarter ended September 30, 2014, the Company reports revenues of approximately $4.2 million compared to $5.3 million for the same quarter in 2013, a decrease of 21%. Service revenues were $2.3 million for the quarter compared to $3.2 million for 2013, a decrease of 28%. Equipment sales were $1.9 million in 2014 compared to $2.1 million in 2013, a decrease of 10%.
For the first nine months of 2014, revenues were approximately $13 million, down approximately 20% from 2013. Service sales were approximately $6.1 million, down 24%, while equipment sales were approximately $7 million, down 15% from the same period in 2013.
Gross profit margins were 34% for the quarter ended September 30, 2014, and 28% for the nine months ended September 30, 2014, compared to 31% and 29% for the same periods in 2013. EBITDA was approximately $72K for the 3rd quarter of 2014 and approximately -$376K for the nine months ended September 30, 2014, compared to EBITDA of $313K and $970K for the same periods in 2013.
A large portion of the decrease in service sales in the third quarter was due to the winding down of the Company's RICE NESHAP program. Most of these contracts, which provide EPA-mandated modifications on existing emergency generators, were due and completed in 2013. The work the Company has done in 2014 was primarily for customers which delayed their modifications beyond the EPA deadlines. The Company recorded approximately $2.2 million of RICE NESHAP work in 2013, while it expects to do less than $500 million in RICE NESHAP related revenue in 2014.
Equipment sales were up slightly compared to the same quarter in 2013, but at this time Management feels this is as much due to the cyclical nature of the equipment side of the business as any other factor, and the Company can experience large swings in sales revenue from equipment quarter by quarter.
Management has identified three trends that could indicate potentially higher future sales revenues and improved profitability:
1) Service sales in the Midwest region, where the Company has its largest base of business, increased 70% for the quarter ended Sept 30, 2014 compared to the quarter ended March 31, 2014. Midwest service sales for the 3rd quarter 2014 are up 15% compared to the same quarter in 2013. Based on new service contracts, management expects improved service sales to continue into 2015.
2) The Company has a backlog of more than $1.5 million in equipment projects that could be released between now and the end of the year. The release of these jobs, however, depends on a number of factors, including factory schedules, weather conditions and construction schedules – all of which could delay these jobs until 2015.
3) New equipment sales are at an all–time high for our Northeast operations. More than $4 million of new projects are booked and expected to roll out in 2015.
Preliminary financial information for the 2nd quarter 2014:
For the quarter ended June 30, 2014, the Company reported revenues of $4,061,377 compared to $6,434,283 for the same quarter in 2013. Service revenues were $1.8 million for the quarter compared to $3.2 million for 2013, a decrease of 43%. Equipment sales were $2.2 million in 2014 compared to $3.2 million in 2013, a decrease of 31%.
For the six months ending June 30, 2014, sales were $9,045,363 compared to $11,088,364 in 2013, a decrease of 18%. Equipment sales and service sales were $5.2 million and $3.8 million respectively for the first half of 2014, compared to $6.0 million and $5.1 million in 2013.
Gross profit margins for the quarter ended June 30, 2014 was 30% and for the six months was 27%, compared to 28% and 27% for the same periods in 2013. EBITDA was approximately -$100K for the quarter ended June 30, 2014 and -$440K for the first six months of 2014, compared to $577K and $654K for the same periods in 2013.
During the first three months of the year, service work was severely limited by the extreme cold and weather the Midwest experienced. This led to decreased service sales and an increase in unbillable technicians' time in the quarter ended March 31, 2014 and the first six months of 2014, which significantly impacted the Company's overall sales revenues, operating income and EBITDA. A large portion of the decrease in service sales was due to the delay in implementing a major service contract with one of the Company's retail customers. Normally, this customer initiates its contracted service work in March of each year, but the 2014 work schedule was delayed until July. Management believes this delay lowered service revenues for the quarter ended June 30, 2014 by $700K to as much as $900K.
Equipment sales decreased significantly in the 2nd quarter and first half of 2014 as compared to the same periods in 2013, but, as stated above, management feels this is as much due to the cyclical nature of the equipment side of the business as any other factor, and the Company can experience large swings in sales revenue from equipment quarter by quarter.
8-K out explaining audits of previous & current 10-Q financial statements by an independent accounting firm.
It states they were unable to do these because of "financial hardship". I would take it as agood sign that they are now able to do this. IMO
Link to SEC & this 8-k in Ibox
Now October & nothing from Titan
September & still no 2nd quarter results.
August & we still haven't heard anything about 2nd quarter results. No 10Q yet.
I guess there wasn't any improvement over the 1st quarter.
I hope I'm wrong.
O/S still at 71,308,641 according to latest 10Q.
Been the same for over a year now
No volume yet today. Very low volume past few days
Hopefully they will be up from the first quarter.
Last year Titan reported their preliminary financials for the 2nd quarter on July 9. Hopefully we will see this years soon
This was posted on the Yahoo Finance message board this morning:
Per an E-Mail from Jeff Flannery....Titan is in an audit which is being done to bring them back into compliance with the Sec. The quarterly report will not be out until that audit is complete and certain paperwork is filed.....the mimimun time line of about 3 or 4 weeks. Thank you Jeff for responding to my E-Mail!
I saw that too. I hope we get it by the end of the week.
They've been really quiet. We need to get some kind of news soon.
Looking really good today to try & break that 52 week high.
This has been holding really strong & moving up nice & steady the past 2 weeks.
Hope they put the financials out soon.
Looking really good Odi!
Broke through .05 easily & holding well. Going for .06 now.
Really good week for Titan. I hope it continues next week.
Great News!
22 million revenue & Service sales triple from 3 million to 9 million
Now maybe we can break .04 today
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.
It would be nice if we got some News soon. It's been a while.
I knew about Target too. Didn't know of the others.
You found that on their website?
Looks like they are starting to get some big accounts.
I'm really hoping for some news soon.
Yes it does.
Now would be a good time for some news.
Hoping for .04 by the end of the day.
It keeps trying to move up.
If we had some more volume it just might get going.
Really would like to see it break .05
.035 - Moving up on low volume.
Nice
I just found this -
Titan Energy Worldwide, Inc. : BatteryDAQ Monitoring Solutions Links with Titan Energy Worldwide
12/30/2013
BatteryDAQ, provider of battery monitoring solutions to clients worldwide, announced it has entered an agreement with Titan Energy Worldwide, a global provider of power generation equipment.
According to a release, BatteryDAQ will supply its Sentry products, designed for the UPS marketplace, as well as access to its MyBattery cloud-based data platform, to Titan for distribution across the United States. The addition of BatteryDAQ's solutions will help to support Titan's remote monitoring and asset management services. BatteryDAQ's UL-certified Sentry products and secure web solution will complement Titan's existing technologies.
"BatteryDAQ is extremely proud to partner with Titan Energy, a fast growing company well-known for its commitment to providing its customers with the very best. And that's just what we offer: our Sentry product is like no other in the industry; and, coupled with our proprietary MyBattery platform, it is the best choice for anyone tasked with ensuring uninterrupted power. Whether you're responsible for maintaining or monitoring the power supply, BatteryDAQ offers a solution to fit your need. Our recent certification by Underwriters Laboratory and our unparalleled configuration flexibility distinguish our product in the market place," stated Tom Shannon, Director of Business Development for BatteryDAQ.
Oh well, maybe next time.
I was kind of hoping for an end of the year run.
Nice to see this finally start moving again.
moving up nice on low volume
Back under .02 again
From the 10-Q:
The Company has achieved positive EBITDA for several past quarters and has a positive Net Income for the 2 nd and 3rd quarters of 2013 and the entire first 9 months of 2013. The Company expects to continue to operate in both a positive EBITDA and Net Income manner for the foreseeable future and this should have a beneficial impact on the Company’s ability to continue its operations.
i know Odi. You've been around here for a long time too.
I can't believe there are almost 1200 posts. Back then we had about 5 a month.
It's been holding around .03 for a while now. Hopefully we start moving up from there soon.
I don't know why this isn't getting more attention.
They don't put out news very often. But when they do it's pretty good.
Titan Energy Reports Profitable 3rd Q, Operating Income Up $850,000 Over 2012
2013 Service Revenues Increase More Than 75%
MINNEAPOLIS, MN--(Marketwired - Oct 7, 2013) - Titan Energy Worldwide, Inc. (OTCQB: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has released preliminary financials for the 3rd quarter 2013. Operating Income increased by $850,000 in 2013 compared to the first nine months of 2012. The Company reports a profit of $305,000 for the first 9 months of 2013, compared to a loss of nearly $1.2 million for the same period in 2012. The Company plans to release its unaudited financial statements in the next few weeks.
Total sales revenues are up 13% for the first nine months in 2013 compared to 2012. Sales revenues of $5.3 million for the 3rd quarter were 9% lower than the same quarter in 2012 due to the decision to close down the Florida equipment sales division which had been unprofitable. Service revenues increased by 71% over the same quarter in 2012, and are up 76% in the first nine months of 2013 compared to 2012.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "Titan Energy continues to grow its revenues and achieve profits in 2013. This is due in large part to the success of our national accounts service business which has nearly doubled our sales revenues and pushed us into profitability. We believe we can achieve profitability for the year 2013, the first profitable year in the Company's history. This goal will be supported by continuing to build the Titan brand as a company that offers the highest level of service to onsite power generation systems throughout the nation."
"The Company has shown strong growth in our Uninterruptible Power Supply (UPS) division, having signed approximately $500,000 in new service contracts in 2013. As one of the few onsite power service companies that support both power generation and UPS, we have now successfully extended our service offerings to customers in the critical power industry, including data centers, health care facilities and financial institutions. We believe these are multi-billion dollar markets in need of an integrated service offering which Titan can now provide," added Mr. Flannery
More great news from Titan
Maybe today will be the turning point for this stock.
It's about time the share price starts reflecting how much the company is growing.
Titan Energy Receives Multi-Million Dollar Order from Major Retailer to Replace Aging Backup Generators
Titan Energy Worldwide, Inc. (TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has received an order to begin replacing aging backup power generators at store locations for a major national retailer. Titan will replace the old generators with new systems manufactured by Generac Power Systems. Titan will also provide installation on approximately one-third of the sites. The contract is expected to be worth nearly $1,000,000 in 2013 and perhaps as high as $2 million in 2014 and 2105. Titan currently services the retailer's onsite power systems at more than 1800 stores nationwide.
Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide stated, "We are pleased that our retail customer is taking proactive steps to ensure that their stores, which house millions of dollars in merchandise nationwide, will be better protected from losses due to storms and outages through this generator replacement program."
"We have developed many new solutions to improve the management of these national accounts with multiple locations," added Dave Hawkins, Titan Energy Director of National Accounts. "For example, many of these new generators will come equipped with Titan's proprietary remote monitoring and asset management software. With this industry leading technology, Titan will have real-time information about all aspects of the backup power system's condition and functioning. These steps will help ensure this retailer will be able to retain operations during times of need as well as identify and prevent problems before they occur."
Great News today!
First profitable quarter & big jump in revenue
Titan Energy Reports 2nd Quarter Profits of $245,000 on $6 Million in Revenue
Company Reports 30% Increase in Sales Revenues for First Six Months of the Year Compared to 2012
Minneapolis, MN – July 9, 2013 (eTeligis via ACCESSWIRE)– Titan Energy Worldwide, Inc. (TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has released preliminary financials for the second quarter of 2013. For this period, the Company reports profits of approximately $245,000, the first profitable quarter in the Company’s history. The 2013 2nd Q revenues of $6.3 million were 18% higher than the same quarter in 2012; while for the first 6 months of 2013, the Company posted a 30% increase in revenues compared to the same period in the prior year. The Company plans to release its unaudited financial statements in the next few weeks.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., “Titan Energy has achieved profitability for the first quarter in our Company’s history. We have also achieved record revenues in the first six months of this year, putting us on course to achieve our growth projections for 2013. Our continued focus on growing our higher margin service business and expanding our national accounts has helped us to achieve these all-important goals.”
“Orders for RICE NESHAP modifications on generators enrolled in utility demand response programs also added significantly to our 2nd quarter performance. We expect work in this area to continue and are now projecting installations far into September of this year. At the same time, Titan’s remote monitoring system for EPA sanctioned emissions readings has been installed in several generators and is working very well. These programs are an ideal way to showcase our new technology solutions as I believe Titan is the only company with a proprietary monitoring program that services both generator functions and EPA emission requirements,” added Mr. Flannery.
They took that down fast on low volume
Very nice close.
Lets hope it keeps going from here.
I've been watching & accumulating for some time now.
I think this will go much higher than .10 in time IMO
Heading back towards .04
Ending the day nicely going for the high