SOURCE: Titan Energy Worldwide

Titan Energy Worldwide

August 18, 2009 10:27 ET

Titan Energy Worldwide Reports 1st Half 2009 Financial Results

Sales Down Slightly, but Company Reduces Expenses by 20% and Cuts Losses by 37%

MINNEAPOLIS, MN--(Marketwire - August 18, 2009) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in the manufacturing, marketing and servicing of energy generation products and services, today released financial results for the six months of 2009 and the second quarter ended June 30, 2009. Company sales were down slightly compared to the first six months of 2008, but expenses were cut by 20% in 2009 and losses reduced by 37% compared to 2008. Sales in 2nd half of 2009 are expected to be up as effects of the recession on the Company business are expected to be short lived. More detail can be found in the Company's Form 10Q field with the Securities and Exchange Commission (SEC) on August 14, 2009 at www.sec.gov.

"Sales revenues were down slightly in the first half of 2009 due to the effects of the economic downturn in the construction industry, but new bookings for the company indicate that any effects of the recession on our business will be short-lived and the Company expects to be back on track if not greatly improved for the remainder of the year. In fact, our ability to cut back on administrative expenses in 2009 allowed us to weather this temporary drop in sales while dramatically reducing our losses compared to the first six months of 2008," stated Jeffrey Flannery, Chief Executive Officer.

The company reported second half sales revenues of $3,754,059, a 4% decline from the second half of 2008. Management attributes this drop in sales to a decrease in sales of larger sized (600kW and higher) power-generation systems, a consequence of a decline in new construction during the past several months. During this time, however, the Company was able to cut its expenses by more than $345,000 compared to the first six months of 2008, and so was able to reduce its loss from operations by more than 37%.

"Our ability to meet economic and seasonal challenges in the marketplace are greatly improved with the acquisition of Grove Power in Florida. The Midwest and the Southeast experience differing seasonal variations in sales patterns and so we expect the consolidated performance of the company to stabilize and grow as we continued to develop out the market in Florida and the Caribbean. All indications, based on future bookings in both the Midwest and in the South, are that we will have a strong second half in 2009 as compared to the first half and hopefully one of our strongest years to date," added Mr. Flannery.

About Titan Energy Worldwide, Inc.

Since it's founding in 2006, 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.

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