Titan Energy Worldwide Releases Preliminary 2013 Financials
February 14 2014 - 11:40AM
Marketwired
Titan Energy Worldwide Releases Preliminary 2013 Financials
Company Posts Annual Profit for 2013 on Record Revenues
MINNEAPOLIS, MN--(Marketwired - Feb 14, 2014) - Titan
Energy Worldwide, Inc. (OTCQB: TEWI), a leader in distributed power
generation products and intelligent energy management services,
today released preliminary financials for 2013. The company
reports record revenues of nearly $22 million, an increase of 15%
over 2013. The company also reports that the company achieved
more than $1 million in EBIDTA, an increase of 300% over 2012, and
ended the year profitable. This was the first profitable year
in the Company's history.
Stated Jeffrey Flannery, CEO of Titan Energy Worldwide, Inc.,
"We set a goal at the beginning of 2013 to end the year profitable
and I am very proud to say that we accomplished that goal. We
did this by focusing on our core business of providing the finest
customer-oriented service to our onsite power clients. We now
service nearly 5,000 generators across the country, and have
successfully responded to hurricanes, floods, blackouts and other
disasters. We have also implemented new, industry changing
programs for the maintenance of onsite power which have keep our
customers operational and saved them money. We have invested in the
infrastructure which now makes us a stronger national accounts and
critical power services provider and with this we are looking
forward to a stronger and even more prosperous 2014.
"While equipment sales decreased slightly from $10 million to $9
million, this was more than compensated for by a 300% increase in
service sales from $3 million to $9 million in 2013. This
increase is largely due to our national accounts business and more
than $2 million of work we did on RICE NESHAP projects. The
Company is projecting for the National accounts division to
continue to grow significantly in 2014," added Mr. Flannery
Titan also reported that its critical power division, which was
newly formed in 2012, expanded from about $90,000 in sales in 2012
to more than $1 million in 2013. The Company believes this
division, which services data centers, hospitals and other critical
power facilities, is on course to more than double its business in
2014.
The company expects to release its completed 2013 financials in
late February 2014.
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.
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