MINNEAPOLIS, Aug. 14, 2012 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has released its 2nd quarter financial statements for 2012. According to the statements, the Company reported sales of $5.3 million, an increase of 34% over the same quarter in 2011. Equipment sales were $3.6 million, up 36% from the same quarter in 2011 and service revenues were $1.7 million, up 30% from 2011.
The Company reported a positive operating income of $118,060 and a net loss of only $70,137 compared to an operating income loss of $529,225 and a net loss of $900,876 in the 2nd quarter of 2011. These financial statements were published with the Securities Exchange Commission (SEC), but the statements have not yet been reviewed by a registered independent auditing firm.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "We posted record equipment and service revenues this quarter and came very close to posting a profitable quarter for the first time in the Company's history. We increased our gross margins to 28%, up from 25% in 2011, and decreased our corporate overhead by more than 50%. All of these are indications that we are taking the right steps to grow the business aggressively while maintaining our goal to be profitable, a goal that is clearly within our reach.
"We have maintained our course to develop what we believe is one of the most advanced and cost effective onsite power service programs in the industry. Our growth is led by our increasing ability to land national accounts with some of the largest corporations in the United States. We now service more than 5,000 generators in all fifty states and are doing so in ways no other company can match when it comes to automation, response and reliability.
"The next several months will be exciting as we are launching a number of new products and service initiatives which we hope will increase our market share and further elevate the Titan Energy brand as a leader in on site power management. Our Smart Power program was developed to service the tens of thousands of companies who enroll their onsite power in demand response programs. Many of these companies need specialized maintenance programs and equipment modifications due to changes in the EPA regulations on diesel engines. We are also planning to roll out our asset management program which includes specially programmed iPads and the most advanced remote monitoring program on the market. Finally, we have recently added Uninterruptible Power Supply (UPS) sales and service thereby making us a more complete onsite power company. We believe these programs will strengthen our ability to better serve our customers and improve our position in the market place."
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: www.titanenergy.com.
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.
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