MINNEAPOLIS, MN — (Marketwire) — 10/20/11 — Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today preliminary financial results for the third quarter of 2011. The Company expects to report sales of more than $3.6 million, representing a 20% increase over revenues in the same quarter of 2010. The company will also report more than $1.3 million in service sales, an increase of more than 40% over 2010. Gross profit margins for this quarter improved to 30% compared to 26% in 2010, while the Company expects to report a much reduced operating loss of $443,000, which is 50% less than 2010. The Company will file its unaudited financial statements on or before November 15, 2011.
“Titan is demonstrating significantly strengthened sales efforts while greatly reducing our expenses, pushing the company closer to achieving its goal of profitability in 2012. A 40% increase in service sales is a great indicator in the growing strength and health of our company. The increase in these high margin revenues is attributable to strong growth in our service contacts and an expansion of our service business with national retail customers,” stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.
“We believe that Titan will demonstrate continuing improvements in the 4th quarter of 2011 with the real possibility of entering 2012 with a positive EBITDA and the opportunity to turn profitable during the year. Our ability to achieve these important goals is not certain and is dependent on achieving certain sales goals before year end and maintaining the improved fiscal controls that we have implemented companywide,” 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: .
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.
For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
619-988-5869