Minneapolis, MN – October 7, 2013 – Titan Energy Worldwide, Inc. (OTCQB:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has released preliminary financials for the 3rd quarter 2013. Operating Income increased by $850,000 in 2013 compared to the first nine months of 2012. The Company reports a profit of $305,000 for the first 9 months of 2013, compared to a loss of nearly $1.2 million for the same period in 2012. The Company plans to release its unaudited financial statements in the next few weeks.
Total sales revenues are up 13% for the first nine months in 2013 compared to 2012. Sales revenues of $5.3 million for the 3rd quarter were 9% lower than the same quarter in 2012 due to the decision to close down the Florida equipment sales division which had been unprofitable. Service revenues increased by 71% over the same quarter in 2012, and are up 76% in the first nine months of 2013 compared to 2012.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., “Titan Energy continues to grow its revenues and achieve profits in 2013. This is due in large part to the success of our national accounts service business which has nearly doubled our sales revenues and pushed us into profitability. We believe we can achieve profitability for the year 2013, the first profitable year in the Company’s history. This goal will be supported by continuing to build the Titan brand as a company that offers the highest level of service to onsite power generation systems throughout the nation.”
“The Company has shown strong growth in our Uninterruptible Power Supply (UPS) division, having signed approximately $500,000 in new service contracts in 2013. As one of the few onsite power service companies that support both power generation and UPS, we have now successfully extended our service offerings to customers in the critical power industry, including data centers, health care facilities and financial institutions. We believe these are multi-billion dollar markets in need of an integrated service offering which Titan can now provide,” 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: 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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Source: Titan Energy Worldwide