SOURCE: Titan Energy Worldwide Inc.
MINNEAPOLIS, MN--(Marketwired - Feb 14, 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 nearly $22 million, an increase of 15% over 2013. The company also reports that the company achieved more than $1 million in EBIDTA, an increase of 300% over 2012, and ended the year profitable. This was the first profitable year in the Company's history.
Stated Jeffrey Flannery, CEO of Titan Energy Worldwide, Inc., "We set a goal at the beginning of 2013 to end the year profitable and I am very proud to say that we accomplished that goal. We did this by focusing on our core business of providing the finest customer-oriented service to our onsite power clients. We now service nearly 5,000 generators across the country, and have successfully responded to hurricanes, floods, blackouts and other disasters. We have also implemented new, industry changing programs for the maintenance of onsite power which have keep our customers operational and saved them money. We have invested in the infrastructure which now makes us a stronger national accounts and critical power services provider and with this we are looking forward to a stronger and even more prosperous 2014.
"While equipment sales decreased slightly from $10 million to $9 million, this was more than compensated for by a 300% increase in service sales from $3 million to $9 million in 2013. This increase is largely due to our national accounts business and more than $2 million of work we did on RICE NESHAP projects. The Company is projecting for the National accounts division to continue to grow significantly in 2014," added Mr. Flannery
Titan also reported that its critical power division, which was newly formed in 2012, expanded from about $90,000 in sales in 2012 to more than $1 million in 2013. The Company believes this division, which services data centers, hospitals and other critical power facilities, is on course to more than double its business in 2014.
The company expects to release its completed 2013 financials in late February 2014.
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.