SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

November 16, 2010 09:55 ET

Titan Energy Worldwide Releases 3rd Quarter 2010 Financial Statements: Sales Revenues Up 41% for First Nine Months of 2010

$6 Million in Bookings Are All-Time High for the Company, Company On Course for Record Year in Both Equipment Sales and Service Contracts

MINNEAPOLIS, MN--(Marketwire - November 16, 2010) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today its financial results for the third quarter of 2010. The Company reported 3rd quarter sales of $3,023,212 and a total of $10,042,580 for the first three quarters of 2010. Revenues for the quarter are down slightly compared to the third quarter of 2009; however, revenues for the first nine months of 2010 are up nearly 41% over 2009. Current bookings, which represent purchase orders for equipment that has not shipped, are near $6 million, a record level for the Company. The Company's complete financials filed with the U.S. Securities and Exchange Commission (SEC) can be found at www.sec.gov

"Titan is going through an exciting period of growth as we build out our sales and marketing teams in the Florida and New York/New Jersey acquisitions we made in 2009. Our current bookings for new orders are at an all time high of $6 million, the result of new sales people and marketing programs that we have put into place as part of this growth strategy. This means that we expect to see sales rise again in the fourth quarter with strong continued growth in the first two quarters of 2011," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide. 

"Over the past six months, we have set up new offices in Miami and New Jersey, hired new professional sales staff in both areas and are already seeing significant bookings for new orders. In the Midwest, we have hired a new sales manager with a strong track record in power generation sales and are planning to expand sales in a number of states that we currently do not cover. Overall, we have stayed true to our game plan to exploit the territories that we acquired in Florida and New Jersey/New York, and strengthen our position in the Midwest, efforts which we expect to create significant results in the quarters to come. 

"At the same time, we have made great progress on the development of our onsite power generation monitoring and control system which we hope to have ready for market in the first part of 2011. This development illustrates Titan's commitment to be the best in generator monitoring and management. We expect that our monitoring system will allow generators to be managed more efficiently and cost effectively, as well as make these power generation systems more available for utility sponsored demand response programs, an important element of Titan's future plans," added Mr. Flannery.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide is 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