MINNEAPOLIS, March 4, 2013 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that it has released preliminary financial information for the year 2012. The Company's 2012 annual financial statements will be available in March and posted at www.sec.gov.
"2012 was the year that Titan Energy emerged as a significant national participant in the growing emergency and backup power industry," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide. "We are stronger financially having posted a number of profitable months in 2012 and a positive EBITDA for the year. Equipment sales are at an all-time high. We have greatly increased our national service business with major retail and data center companies. Our advanced monitoring and asset management technologies, which are now being deployed, will be a market differentiator for our Company in the near future."
The Company reports that total revenues grew 36% in 2012 to more than $19 million compared to $14 million in 2011. Equipment sales grew 28% and service sales grew 51%. Total operating expenses decreased by 11% in 2012 as compared to 2011, while corporate expenses were reduced by 60% and general and administrative expenses were decreased by 12%. Overall, the company posted a positive adjusted EBITDA for 2012 of approximately $350,000 compared to a negative EBITDA of approximately $1.5 million for 2011.
"Titan is now a formidable national service company with offices and staff covering 12 states. Partnerships with service providers expand our coverage across the entire United States including Hawaii and Alaska. Our ability to respond during times of need was tested this year by Hurricane Sandy and winter storms. Our success in keeping clients operational during these catastrophic events has strengthened the Titan brand and greatly enhanced our business opportunities. We fully expect the company to be profitable in 2013 and achieve solid continued growth in all areas of our business," added Mr. Flannery.
Management uses adjusted EBITDA as measure of operating performance and for internal planning and forecasting. Management believes that such measures help to indicate underlying trends in our business, are important in comparing our current results with prior period results and our useful to investors and financial analysts in assessing our operating performance. Management defines adjusted EBITDA as net income (loss), excluding depreciation, amortization, stock based compensation and payments, interest (including factoring fees), income taxes (benefit) and other income and expenses.
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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