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 income tax.
- 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 capacity.
"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 for later 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 30, 2011.
| Fiscal quarter ended | |||||||||
| (in millions, except per share amounts) | |||||||||
| March 31, 2011 | June 30, 2011 | September 30, 2011 | |||||||
| As Reported | Restatement Adjustments | As Restated | As Reported | Restatement Adjustments | As Restated | As Reported | Restatement Adjustments | As Restated | |
| Revenue | $27.4 | ($0.1) | $27.3 | $51.7 | $0.2 | $51.9 | $67.2 | $0.2 | $67.4 |
| Net loss before income taxes | ($7.9) | ($4.5) | ($12.4) | ($10.6) | ($1.4) | ($12.0) | ($3.7) | $1.1 | ($2.6) |
| Net loss | ($3.2) | ($2.8) | ($6.0) | ($7.1) | ($1.0) | ($8.1) | ($3.8) | $1.9 | ($1.9) |
| Basic and diluted loss per share | ($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 December 31, 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 June 30, 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.