|By PR Newswire||
|November 19, 2012 11:05 AM EST||
MINNEAPOLIS, Nov. 19, 2012 /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 unaudited financial statements for the 3rd quarter of 2012. The Company's financial statements are available at www.sec.gov.
"Throughout 2012, Titan Energy has demonstrated strong, significant growth and improved financial performance in all areas of its onsite power business. Supported by rapid sales growth in our service offerings, we have ended the first nine months of the year with a positive EBITDA, a turnaround of more than $1 million from 2011," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.
"Titan is quickly building a nationwide brand that represents excellence in onsite power management, while our new technology offerings demonstrate Titan's leadership in designing innovative and cost effective new solutions for onsite power management. We believe a number of market and business factors will support Titan's continued growth and development. In the wake of natural disasters and utility failures, many businesses are realizing the need to invest more in the proper management of their backup power programs. The result is that our national accounts business continues to grow as major corporations look to Titan to provide the finest in onsite power management for their facilities," added Flannery.
The financial statements released by Titan Energy Worldwide reported that overall sales revenues for the 3rd quarter of 2012 were $5.8 million, a 61% increase over the same quarter in 2011. Sales revenues for the first nine months of 2012 were $14 million compared to $10 million in 2011, an increase of 40% overall. Equipment sales increased 71% for the 3rd quarter of 2012 compared to the same quarter in 2011; while service revenues increased 40% quarter over quarter.
The Adjusted EBITDA for the 3rd quarter 2012 was $15,502 compared to ($1,009,851) in 2011. This is the second consecutive quarter that the Company has reported a positive Adjusted EBITDA. The Adjusted EBITDA for the nine months ended September 30, 2012 was $223,464. The Adjusted EBITDA, a nonGAAP financial measure, is explained in detail below.
The total operating loss for the 3rd quarter 2012 was $140,500, the lowest in the Company's history, compared to a loss of $371,136 for the same period in 2011. The total operating loss for the nine months ending 2012 was $256,552 compared to a loss of $1,647,295 in 2011. More significantly, operating expenses were 23% of revenue for the 3rd quarter of 2012 compared to 40% of revenue for the same quarter in 2011.
"Titan Energy will end 2012 with a positive EBITDA for the year, the result of strong growth in higher margin service revenues. We have made a number of changes that should continue to improve future cash flow. The equipment sales division in Miami Florida was closed due to its continuing losses over the last two years. We have maintained the service business which is now profitable and is providing vital support for the Company's national accounts business in the South Florida region. We are looking to reorganize our financial lending arrangement before year end which could end up saving the company as much as $200,000 a year in interest and finance fees. We are also now seeing the full impact of the cost cutting measures we put into place months ago, and as a result our cash flow has improved significantly.
"Hurricane Sandy not only produced some immediate emergency and disaster recovery business for our New Jersey office, but has already resulted in a significant number of new long term service contracts as businesses in the areas are seeking better support after being impacted by major storms three times in the last 14 months. We believe that businesses across the country are now more aware of the need to invest in the maintenance and monitoring of their critical emergency power systems. Titan offers not only the most advanced solutions but the most cost effective programs that help ensure these business operations stay online during times of emergency," added 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. Adjusted EBITDA also eliminates items that do not require cash outlays, such as warrants and beneficial conversion features from issuing convertible securities which are treated as debt discounts and amortized to expenses; fair value adjustment for warrants and embedded conversion features, which is dependent on current stock price, volatility, term and interest rate which are factors that are not easily controlled; and amortization expense related to acquisition-related assets, which is based on our estimate of the useful life of tangible and intangible assets. These estimates could vary from the actual performance of the asset, are based on the value determined on acquisition date and may not be indicative of current or future capital expenditures. We also will eliminate from our net loss from the lease obligation as this is a settlement of a lawsuit which is not consider part of our continuing operations.
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.
For more information about Titan Energy Worldwide please contact:
Titan Energy Worldwide, Inc.
SOURCE Titan Energy Worldwide
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Oct. 20, 2016 08:00 PM EDT Reads: 8,870
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
Oct. 20, 2016 08:00 PM EDT Reads: 1,622
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Oct. 20, 2016 06:45 PM EDT Reads: 7,927
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 20, 2016 06:15 PM EDT Reads: 1,775
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 20, 2016 06:00 PM EDT Reads: 825
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
Oct. 20, 2016 05:30 PM EDT Reads: 837
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, discussed how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technologi...
Oct. 20, 2016 05:30 PM EDT Reads: 2,772
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Oct. 20, 2016 05:15 PM EDT Reads: 11,008
Established in 1998, Calsoft is a leading software product engineering Services Company specializing in Storage, Networking, Virtualization and Cloud business verticals. Calsoft provides End-to-End Product Development, Quality Assurance Sustenance, Solution Engineering and Professional Services expertise to assist customers in achieving their product development and business goals. The company's deep domain knowledge of Storage, Virtualization, Networking and Cloud verticals helps in delivering ...
Oct. 20, 2016 03:45 PM EDT Reads: 883
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Oct. 20, 2016 03:00 PM EDT Reads: 5,884
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Oct. 20, 2016 02:15 PM EDT Reads: 9,563
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Oct. 20, 2016 02:15 PM EDT Reads: 2,649
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service.
Oct. 20, 2016 02:15 PM EDT Reads: 842
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
Oct. 20, 2016 01:45 PM EDT Reads: 2,152
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Oct. 20, 2016 01:30 PM EDT Reads: 722
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Oct. 20, 2016 01:30 PM EDT Reads: 5,063
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 20, 2016 01:15 PM EDT Reads: 1,387
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 20, 2016 01:00 PM EDT Reads: 6,743
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 20, 2016 12:30 PM EDT Reads: 1,432
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
Oct. 20, 2016 12:00 PM EDT Reads: 832