SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

July 21, 2011 10:00 ET

Titan Energy Worldwide Releases Preliminary 2nd Quarter 2011 Financial Results

Purchase Orders Continue to Grow, Service Revenues Up 14% Compared to 2010

MINNEAPOLIS, MN--(Marketwire - Jul 21, 2011) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, announced today preliminary financial results for the second quarter of 2011. The Company reports $3.3 million in gross sales for the second quarter, down from $3.5 million in the first quarter of 2011. Service revenues of approximately $1.1 million are up 14% compared to the same quarter in 2010. Bookings, or purchase orders on future sales, continue to be strong. The Company plans to file its complete quarterly financial statements on or before August 15, 2011.

"While equipment sales for the second quarter dipped slightly, primarily due to an internal slow down in our sales and shipping operations, service revenues increased significantly due to the acquisition of Stanza Systems, our Houston-based smart grid development subsidiary. We also continue to show a strong increase in purchase orders, an indicator of future sales revenues. With a new, more versatile financial lender now in place, we believe we will quickly recover our sales. In addition, we are positioning ourselves to grow significantly with new service technologies and sales initiatives that are ready to be implemented companywide," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.

"We believe our advanced monitoring and remote control services to be a strong area of future growth for Titan. We are currently monitoring Generac, MTU and Cummins generators in Minnesota, Florida and Texas, and we are preparing to roll out our monitoring services to a number of new customers in the coming months. These higher margin service revenues help us improve our bottom line performance, and we believe this advanced monitoring technology will help us compete more effectively and continue to gain longer term contracts with our customers. The result will be, we believe, a more solid, predictable base of revenue for the Company, and improved net income.

"We believe our equipment revenues will quickly rebound and we will see stronger results in the coming months. Equipment sales were temporarily impacted when we changed lenders, moving from a regional bank in the Midwest to a financial institution in New York that will provide us with stronger lending services in all of our sales territories. This change affected us more than expected and we experienced a drop in shipments and revenues as a result. In the long run, we expect this new financial arrangement to help us finance larger orders and allow us to release a greater number of shipments in a more timely manner. The continued growth in purchase orders for new equipment combined with this more effective financial arrangement should, we believe, result in stronger sales in the third and fourth quarters. We also have a number of growth initiatives that we are preparing to launch in the near term which we believe will strengthen our sales efforts particularly in the New York and Miami regions," added Mr. Flannery.

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