SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

May 18, 2010 10:48 ET

Titan Energy Worldwide Releases 1st Quarter 2010 Financial Statements

Record Revenues of $3 Million, Increase of 88% Over 2009

MINNEAPOLIS, MN--(Marketwire - May 18, 2010) -  Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today that it has filed its financial results for the first quarter of 2010. The Company reported more than $3 million in gross sales, an increase of 88% compared to the 1st Q 2009. This increase was due to a strong increase in sales at its Midwestern subsidiary, up 37% over last year, as well as sales results from its Florida operation which was acquired in June of 2009. Gross margins on equipment sales in 2010 were up 7% from 2009, while the overall gross margin of 31% of sales was the highest gross margin percentage for any quarter in the Company's history. 

The Company reported that it is continuing to approach positive cash flow as the Company's EBITDA for the quarter, excluding share based compensation and payments, was -- $97,865, an improvement of 55% over the same quarter last year and lower than the fourth quarter of 2009 by more than 37%. The Company's complete quarterly financial statements can be found on the Company's web site, www.titanenergy.com, or at www.sec.gov

"After a stellar year in 2009, Titan Energy is continuing to make strong, significant progress. In addition to strong revenue growth, we are ever closer to our goal of being cash flow positive in 2010. We have continued to increase our sales at our main operations as well as successfully integrate our newly acquired sales operations in Florida and New York. Bringing on new operations in two of the most demanding and productive areas of the country offers exciting growth prospects for our company. We expect to see significant results from these acquisitions as we expand our sales and marketing into these regions. Overall, we believe we are clearly on course to double our revenues in 2010 as we build a company that now services twelve states across the nation," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide. 

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide a provider of onsite power generation, energy management and energy efficiency products and services that help support and improve the performance of our nation's electrical utility grid. We operate in an area of the overall electrical utility infrastructure called Distributed Generation, whereby we specialize in the deployment of power generation equipment at the consumer's facility and the integration of that equipment through monitoring and communication systems with the needs of the utility's electrical grid. These onsite power generation systems support a customer's critical operations during times of power failure and serve as demand response systems that work to reduce energy usage and decrease demand on the electrical grid during peak periods. When managed with the proper intelligent monitoring systems and controls, Distributed Generation offers a vital and significant contribution to the development of the nation's Smart Grid. We contribute the tools and resources to produce immediate and long term improvements in the performance and stability in the energy production and transmission segments of the electrical grid and reduce the need for new power plants. 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

    Stan Altschuler
    Strategic Growth Int'l
    212-838-1444
    Email Contact