Titan Energy Worldwide Posts Record Monthly Revenues of $2.6 million in April 2013
Last update: 6/6/2013 11:48:00 AM
Company Achieves Profitability for Months of April and May
MINNEAPOLIS, June 6, 2013 /PRNewswire via COMTEX/ -- Titan Energy Worldwide, Inc. (TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has posted record sales of more than $2.6 million for the month of April. These record revenues were due to $1.7 million in equipment sales for the month. The Company expects to exceed the $2 million mark in monthly sales for May and June as well.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "We have progressed well towards our goal of 2nd quarter profitability by posting profits in both April and May. Our record sales in April was primarily due to a large equipment order to a major railroad company. We expect to surpass the $2 million mark for the months of May through August due to significantly increased service revenues. We are anticipating monthly service revenues to average $1.3 million for these months due to our work providing generators modifications to meet RICE NESHAP requirements and increased business from our growing national accounts business.
"At the same time, we have diversified our service offerings beyond preventive maintenance and repair service for generators to include remote monitoring, UPS sales and service, and battery maintenance. We are now beginning to see increased service sales resulting from these offerings and we expect to realize higher profit margins through these recurring revenue contracts," added Mr. 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 applications, Titan Energy is setting a path for the future in energy management. For more information, please visit the company's website at: .
Forward-Looking StatementsInvestors 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 FlanneryTitan Energy Worldwide, Inc.952-960-2381jflannery@titanenergy.com
SOURCE Titan Energy Worldwide, Inc.