Swisher Hygiene Announces Restated Quarterly Results for First, Second and
Third Quarters of 2011
Thomas C. Byrne Named President and Chief Executive Officer and William T.
Nanovsky Named Senior Vice President and Chief Financial Officer
CHARLOTTE, N.C., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc.
("Swisher Hygiene") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential
hygiene and sanitation products and services, announced today restated first,
second and third quarter results for 2011. All amounts in this news release
are in United States dollars.
Highlights of Restated Quarterly Results
*Aggregate adjustments result in $4.8 million increase in net loss before
*Aggregate adjustments result in $1.9 million increase in net loss.
*Aggregate adjustments result in $0.01 increase in net loss per share.
In addition, Swisher Hygiene announced today that its Board has named Thomas
C. Byrne as President and Chief Executive Officer, and William T. Nanovsky as
Senior Vice President and Chief Financial Officer.Previously, both Messrs.
Byrne and Nanovsky had been appointed to these positions in an interim
"We are pleased to have completed the restatement process and will file our
restated financial results for the first three quarters of 2011 by this
afternoon with NASDAQ and the SEC," said Mr. Byrne."In addition, we continue
to work nonstop toward finalizing our 2011 Annual Report on Form 10-K,
including our audited financial statements, as well as toward filing our
quarterly reports for the first three quarters of 2012 as quickly as possible
in order to regain compliance with our NASDAQ listing requirements.We have
notified NASDAQ of our intention to file our 10-K on Monday, February 25."
"We remain optimistic about Swisher Hygiene's overall operations and will
provide further updates on our plans for 2013 and our long-term business
strategy in due course," continued Mr. Byrne."In the interim, we remain
dedicated to serving our customers nationwide on a day-to-day basis with our
comprehensive core chemical program as well as our complementary hygiene and
sanitation services.We will announce a call forlater today to discuss our
restatements and plan to conduct a follow-up call on Monday, February 25 to
discuss full year 2011 results."
Select restated financials for each of the quarterly periods are summarized in
the table below and include results from Swisher Hygiene's Waste segment,
which was sold on November 15, 2012.The term Restatement Adjustments refers
to adjustments to Swisher Hygiene's prior accounting and an adjustment to
reflect the impact of a change in accounting estimate resulting from Swisher
Hygiene's reassessment of the remaining useful lives of its property and
equipment.Restated results are not necessarily indicative of fourth quarter
and full year 2011 results.For complete restated financial results, please
consult today's SEC filings of Swisher Hygiene's Amended Quarterly Reports on
Form 10-Q/A for the quarterly periods ended March 31, June 30 and September
Fiscal quarter ended
(in millions, except per share amounts)
March 31, 2011 June 30, 2011 September 30, 2011
As Restatement As As Restatement As As Restatement As
Reported Adjustments Restated Reported Adjustments Restated Reported Adjustments Restated
Revenue $27.4 ($0.1) $27.3 $51.7 $0.2 $51.9 $67.2 $0.2 $67.4
before ($7.9) ($4.5) ($12.4) ($10.6) ($1.4) ($12.0) ($3.7) $1.1 ($2.6)
Net ($3.2) ($2.8) ($6.0) ($7.1) ($1.0) ($8.1) ($3.8) $1.9 ($1.9)
diluted ($0.03) ($0.02) ($0.05) ($0.04) ($0.01) ($0.05) ($0.02) $0.01 ($0.01)
Cautionary Statement on Forward-Looking Information
All statements other than statements of historical fact contained in this
press release constitute "forward-looking information" or "forward-looking
statements" within the meaning of the U.S. federal securities laws and the
Securities Act (Ontario) and are based on the expectations, estimates and
projections of management as of the date of this press release, unless
otherwise stated. All statements other than historical facts are, or may be,
deemed to be forward-looking statements. The words "plans," "expects," "is
expected," "scheduled," "estimates," or "believes," or similar words or
variations of such words and phrases or statements that certain actions,
events or results "may," "could," "would," "might," or "will be taken,"
"occur," and similar expressions identify forward-looking statements.
Certain information in this press release is forward-looking information,
including the select restated financials for the quarters ended June 30, 2011
and September 30, 2011, which are subject to Swisher Hygiene's final review
and the filing of the Form 10-Q/As for these periods.Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by Swisher Hygiene as of the date of such
statements, are inherently subject to significant business, economic and
competitive uncertainties and contingencies.All of these assumptions have
been derived from information currently available to Swisher Hygiene including
information obtained by Swisher Hygiene from third-party sources. These
assumptions may prove to be incorrect in whole or in part. All of the
forward-looking statements made in this press release are qualified by the
above cautionary statements and those made in the "Risk Factors" section of
Swisher Hygiene's Annual Report on Form 10-K for the year ended December31,
2010, its Quarterly Report on Form 10-Q/A for the quarter ended March 31,
2011, and its Quarterly Report on Form 10-Q for the quarter ended June30,
2011,filed with the Securities and Exchange Commission, available on
www.sec.gov, and with Canadian securities regulators available on Swisher
Hygiene's SEDAR profile at www.sedar.com, and Swisher Hygiene's other filings
with the Securities and Exchange Commission and with Canadian securities
regulators available on Swisher Hygiene's SEDAR profile at www.sedar.com. The
forward-looking information set forth in this press release is subject to
various assumptions, risks, uncertainties and other factors that are difficult
to predict and which could cause actual results to differ materially from
those expressed or implied in the forward-looking information.Swisher Hygiene
disclaims any intention or obligation to update or revise any forward-looking
statements to reflect subsequent events and circumstances, except to the
extent required by applicable law.
About Swisher Hygiene Inc.
Swisher Hygiene Inc. is a NASDAQ and TSX listed company that provides
essential hygiene and sanitation solutions to customers throughout much of
North America and internationally through its global network of company-owned
operations, franchises and master licensees operating in countries across
Europe and Asia. These essential solutions include cleaning and sanitizing
chemicals, foodservice and laundry products, restroom hygiene programs and a
full range of related products and services.This broad set of offerings is
designed to promote superior cleanliness and sanitation in all commercial
environments, enhancing the safety, satisfaction and well-being of employees
and patrons. Swisher Hygiene's customers include a wide range of commercial
enterprises, with a particular emphasis on the foodservice, hospitality,
retail, industrial and healthcare industries.
CONTACT: Swisher Hygiene Inc.
Phone: (704) 602-7116
Garrett Edson, ICR
Phone: (203) 682-8331
Alecia Pulman, ICR
Phone: (203) 682-8224
Press spacebar to pause and continue. Press esc to stop.