SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

February 04, 2010 09:31 ET

Titan Energy Worldwide Releases Preliminary 2009 Financial Results -- Company Achieves Record Revenues of $10.6 Million, an Increase of 35% From 2008

Titan Management Anticipates Sales Revenues to Double in 2010 and the Company to Be Cash Flow Positive by 2nd Quarter 2010

MINNEAPOLIS, MN--(Marketwire - February 4, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today preliminary unaudited year end financial results for 2009. Management reported a company record $10.6 million in annual sales for 2009, an increase of more than 35% compared to 2008. Equipment sales in 2009 increased by approximately 33% over 2008, while sales of service contracts increased 40% in 2009. The Company also reported a decrease in operational expenses resulting in lower operational losses in 2009. The final audited financial statements will be published in the Company's 2009 10K Annual Report on or before March 31, 2010. Copies of this report will be available on the Company's web site at www.titanenergy.com and at www.sec.gov.

"Titan Energy performed very strongly in all areas in 2009. We were able to post record sales, show a significant increase in our service contracts, improve our gross margins, and make significant cuts in our operating expenditures. The entire Titan Energy team is to be congratulated on contributing to a record year. This performance has set the foundation for even stronger growth in 2010," said Jeffrey Flannery, Titan Energy's Chief Executive Officer.

"I believe 2010 will be another landmark year for Titan Energy as we double our sales revenues and become cash flow positive by the second quarter. Based on the current financial data and management's current plans and assumptions, the Company expects fiscal 2010 revenue to be in the range of $17 million to $25 million. Our growth strategy includes bringing on as many as six new subdealers into our Midwest territories, an effort which could double our equipment sales in this region alone. We will be expanding our operations in Florida to take advantage of that large market including the Caribbean, and the tremendous need for reliable back-up power in the region. We are rolling out aggressive sales programs in the New York/New Jersey region which will include industrial and commercial solar power installations," added Mr. Flannery.

"We are also launching new programs that will greatly expand our capabilities in the energy management and efficiency industries. Billions of dollars are being committed by government and regulatory entities to enable companies and institutions to meet new energy efficiency standards. With our expertise in energy management technologies, our growing geographical footprint, our strong relationships with equipment manufacturers and long standing relationships with major utilities, Titan Energy is uniquely positioned to benefit from these national and regional initiatives. In fact we have already begun to provide energy audits for utility customers in the Midwest and are rolling out new energy efficiency programs designed to help utilities reduce energy usage and customers reduce their energy bills.

"The result is that 2010 will be a very exciting year for Titan Energy. We have grown to 7 offices covering 12 states, servicing a growing base of more than 1,000 customers across the United States. The opportunities for growth in the energy management industry are tremendous, and I know of few companies positioned as well as Titan to be a leader in this industry," concluded 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 back-up 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.

Contact Information

  • For more information about Titan Energy Worldwide please contact:
    Jeffrey Flannery
    Titan Energy Worldwide, Inc.
    619-988-5869
    Email Contact