|By Marketwired .||
|June 23, 2014 09:45 AM EDT||
MINNEAPOLIS, MN -- (Marketwired) -- 06/23/14 -- Titan Energy Worldwide, Inc. (OTCQB: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that it has released financial statements for the 1st quarter of 2014. The Company's complete financial statements are available at www.sec.gov.
For the quarter ending March 31, 2014, the Company reports sales revenues of $4,749,389, an increase of approximately 2% over the same quarter last year. The Company has two main business segments: equipment and service sales. Equipment sales were $2,972,514, an increase of 6% over sales results in the same quarter in 2013. Service sales were $1,776,875, down 4% from 2013. The loss in service sales was due primarily to the extreme winter weather that the Midwest area experienced January through March of 2014. Below zero temperatures limited the number of hours Titan technicians could work for safety reasons. This created a significant decrease in overall sales.
The Company posted a loss of $679,211 for the quarter compared to a loss of $279,559 in the same quarter of 2013. This is the Company's first losing quarter since the first quarter of 2013. The loss in this quarter was attributed to the extreme winter weather. Service costs increased significantly due to missed work days, reduced hours to minimize technician exposure to cold and the need to have multiple technicians on each job for safety reasons. A second factor was the requirement to rebid a contract with a major retail company in the first quarter. During this rebidding process, Titan was required to adopt new, reduced pricing measures before being able to renegotiate its rates with its vendors. As a result, margins on service work for this customer decreased significantly for a period of about five months. Together, these factors reduced service margins, leading to losses in net income.
"As with many companies, Titan's overall performance suffered due to the extreme cold and winter weather this year. While the weather created opportunities for us, as more customers needed service on their onsite power systems, we had to balance our service activities with safety concerns for our employees. As a result, we had fewer work days, reduced work hours, and reduced productivity of technicians -- all of which resulted in significantly reduced margins and increased losses. The positive side to this experience is that Titan has implemented new staffing and dispatching procedures that we believe will help mitigate the impact of a similar situation in the future," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.
"With regard to the rebidding on our national retail contract, we were told that the retailer would no longer sign exclusive, one-vendor contracts. Titan won back 80% of the service contract, and we consider this a huge win for the Company, and a strong indication of this customer's confidence in our abilities. We were also awarded a preventive maintenance agreement from this same customer worth nearly $800,000 per year which more than makes up for the loss of territory. Once we were formally awarded the new contact, we were then able to renegotiate pricing with our vendors and are now seeing margins equal to or stronger than in 2013.
"As for the future performance of Titan, there are a number of very positive indicators. We have record equipment orders for both our Midwest and New York operations which points to strong future revenue months. Orders for Midwest are up 26% in the first five months of 2014 compared to the first five months of 2013. For the New York operation, orders are up more than 50% compared to 2013. We have a record level of service contacts in the Midwest and are experiencing our highest levels of work load in the Company's history. The value of service contracts in the New York region is more than double the value of its 2013 contracts. I fully expect we will post another record year in service sales.
"While we view the events of last winter as an aberration, we know that weather can be extreme and unpredictable. We have learned some valuable lessons from the winter of 2013-2014 which have resulted in changes in how we manage our staff and resources during times like that. So I feel we are now better prepared to meet those challenges in the future and I do not believe we will be impacted as severely should similar events happen in the future," added Flannery.
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.
For more information about Titan Energy Worldwide please contact:
Titan Energy Worldwide, Inc.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Jan. 20, 2017 03:00 AM EST Reads: 761
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 20, 2017 02:30 AM EST Reads: 5,011
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jan. 20, 2017 02:15 AM EST Reads: 6,037
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jan. 20, 2017 02:00 AM EST Reads: 3,612
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
Jan. 20, 2017 02:00 AM EST Reads: 6,571
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jan. 20, 2017 02:00 AM EST Reads: 5,319
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Jan. 20, 2017 01:45 AM EST Reads: 4,263
"Splunk basically takes machine data and we make it usable, valuable and accessible for everyone. The way that plays in DevOps is - we need to make data-driven decisions to delivering applications," explained Andi Mann, Chief Technology Advocate at Splunk and @DevOpsSummit Conference Chair, in this SYS-CON.tv interview at @DevOpsSummit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 20, 2017 01:15 AM EST Reads: 2,138
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Jan. 20, 2017 01:15 AM EST Reads: 1,344
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captur...
Jan. 20, 2017 12:45 AM EST Reads: 2,869
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Jan. 20, 2017 12:45 AM EST Reads: 4,108
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Jan. 20, 2017 12:45 AM EST Reads: 2,830
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jan. 20, 2017 12:00 AM EST Reads: 6,335
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Jan. 19, 2017 11:45 PM EST Reads: 9,923
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jan. 19, 2017 09:45 PM EST Reads: 6,822