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
