MINNEAPOLIS, MN--(Marketwired - Mar 21, 2014) - Titan Energy Worldwide, Inc. (OTCQB: TEWI), a leader in distributed power generation products and intelligent energy management services, today released preliminary financials for 2013. The company reports record revenues of $21,898,288 million, an increase of 14% over 2012. The company also reports that the company achieved approximately $1,039,000 million in EBIDTA, an increase of 400% over 2012. The Company posted a profit of $108,215 in 2013 compared to a loss of $1,652,057 in 2012. The complete, unaudited filings are available at www.sec.gov.
The financial statements reported that service revenues for the Company increased 47% in 2013 with $11,076,005 in 2013 compared to $7,553,874 in 2012. This increase was largely due to improved sales in national accounts, Uninterruptible Power Supply (UPS) sales and service, and work related to modifications required on diesel generators under the EPA's RICE NESHAP ruling. The Company continued to reduce its corporate overhead from $517,905 in 2012 to $409,893 in 2013, a decrease of 21%. The Company also reduced its interest expense by 29%, from $956,297 in 2012 to $680,524 in 2013.
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.