SOURCE: Titan Energy Worldwide

April 13, 2009 11:28 ET

Titan Energy Worldwide Releases 2008 Year End Financials, Reports Record Sales for 2008

Company Gross Profits in 2008 Also a Record High

MINNEAPOLIS, MN--(Marketwire - April 13, 2009) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in the manufacturing, marketing and servicing of energy generation products and services, announced financial results for the year ending December 31, 2008. Management reported that the Company achieved record high sales revenues and gross profits for 2008. For more detailed information, please access the Company's 2008 Form 10K SB Annual Report at www.sec.gov.

"Throughout 2008 we met the challenge of an uncertain and slowing economy by increasing our sales and posting the largest revenues to date for the company, $9.25 million, an increase of 5% compared to 2007. Even more significantly, we realized record gross profits of $1.57 million, a 39% increase over the prior year," said John Tastad, Titan's Chief Executive Officer. "We also improved the bottom line of the company by nearly 50% compared to 2007. This is a result of trimming our overhead expenses, staying focused on our business plan, and providing the best possible service to our customers," added Tastad.

"Finally, strategic acquisitions remain an important component of our growth strategy and we are pursuing a number of exciting prospects. The economic situation has made these kinds of transactions more difficult to pursue at this time. But the demand for standby power continues to grow and we intend to capture these and other alternative energy opportunities, as we execute our growth strategy," concluded Tastad.

Year End 2008 Results

Revenue for 2008 was $9.2 million compared to $8.8 million in 2007. The improvement in revenue reflects an increase in emergency equipment sales. Gross margin in 2008 was 17% up from 13% in 2007. This improvement is attributable to selling higher margin products and improved efficiencies on service contracts and pricing policies. Total general and administrative expenses decreased slightly from 2007 to 2008, although without certain one-time legal and acquisition expenses our administrative expenses would have been decreased by $375,000 compared to 2007, a decrease of 11%.

During the year ended Dec 31, 2008 we incurred a net loss of $1,724,104 which includes $246,156 of noncash charges. Our losses in 2008 were reduced by 49% compared to losses in 2007.

At December 31, 2008 we had $327,166 in cash and short-term investment. We are in the process of increasing our credit facility from $750,000 to $1.0 million. The interest rate on this line will be 7.25%. We believe that with the increase in this facility, combined with our effort to control expenses, we will have adequate cash flow to operate our business.

About Titan Energy Worldwide, Inc.

Titan Energy is a leader in the manufacturing, marketing and servicing of energy generation products and services, including development and support for new energy-related technology. Founded in 2005, Titan combines engineering expertise, established sales and distributorships, service operations and unique strategic partnerships to meet the growing global demand for clean, efficient, energy solutions. Titan serves disaster recovery first responders, relief agencies, homeland security, the department of defense and municipalities. For more information, 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