News: Titan Energy Worldwide Reports $280,000 in Profits for 2nd Quarter on $6.4 Million in Revenues
Total Revenues for First 6 Months of 2013 Increase 29% Over 2012; Service Revenues Increase 77%
MINNEAPOLIS, MN, August 1, 2013 - (eTeligis via ACCESSWIRE) - Titan Energy Worldwide, Inc. (TEWI) (www.titanenergy.com), a leader in distributed power generation products and intelligent energy management services, today announced that it has released its financial statements for the 2nd quarter of 2013. The Company reported a profit of $281,267 on revenues of $6,434,283, compared to a loss of $70,137 on revenues of $5,342,261 for the same quarter in 2012. Service revenues were a record $3.2 million for the quarter, an increase of nearly 100% over 2012. Equipment sales were down 12% compared to the same period in 2012. The Company reported that it was profitable for the first six months of 2013, while revenues for the first six months were 31% greater than the same period in 2012. Service revenues for the first six months were 77% over the same period in 2012.
The Company also reported that it was successful in extending $2.4 million of $2.7 million in Notes that were previously in default. These notes are now due and payable July 2014. The Company's complete financial statements will be available at its website, www.titanenergy.com, and at www.sec.gov.
"Titan Energy reached an important milestone this quarter by posting strong profits for the first time in the Company's history. A large factor in our ability to achieve profitability came from a 100% increase in service revenues when compared to the same quarter in 2012. More than $1 million in service revenue was due to modification work we did for peak-shaving generator customers to meet new EPA emission standards for diesel generators. This work, which is required by the EPA's RICE NESHAP ruling, is a unique skillset that we have developed at Titan, and is an area that we plan to continue into 2014," stated Jeffrey Flannery, Chief Executive Office of Titan Energy Worldwide, Inc.
"We ended the first six months of 2013 with nearly $400,000 in positive operating income, compared to a negative $120,000 in 2012. We also had a slight profit for the first six months of 2013 compared to a loss of more than $687,000 in 2012. Again, profitability was achieved through increased service revenues, up 77% from 2012," added Flannery.
"We were also able to defer more than 90% of our convertible notes until July 2014, which we believe will be enough time for us to restructure our balance sheet and recapitalize the Company. Looking ahead, we are expecting to continue to realize strong service revenues in the third quarter of 2013 and maintain our profitability. We are taking measures to further expand our service offerings in our regional territories, and are beginning to deploy our monitoring technology in more target markets as we hope to begin the commercial deployment of that service later this year. We have created, I believe, a solid foundation on which Titan Energy can now begin to grow at an even greater rate in the future," further added Flannery.
About Titan Energy Worldwide, Inc.
Since its founding, Titan Energy Worldwide has been dedicated to helping companies meet their power generation and energy management needs. To date we have focused on providing thousands of customers with the most advanced power generation equipment to enable their operations to continue uninterrupted during times of power failures or disasters. We have also established a professional service team that helps customers to maintain and manage their power generations assets. From emergency and backup power technologies, to demand response programs and Smart Grid (www.oe.energy.gov/smartgrid.htm) applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: www.titanenergy.com.
Forward-Looking Statements
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.
For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
952-960-2371
jflannery@titanenergy.com
