|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.
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 ...
May. 2, 2016 11:00 PM EDT Reads: 993
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
May. 2, 2016 08:30 PM EDT Reads: 709
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 2, 2016 07:45 PM EDT Reads: 1,891
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 2, 2016 07:00 PM EDT Reads: 1,052
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 2, 2016 06:30 PM EDT Reads: 1,307
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 2, 2016 06:00 PM EDT Reads: 718
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
May. 2, 2016 05:30 PM EDT Reads: 1,569
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
May. 2, 2016 05:15 PM EDT Reads: 1,001
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
May. 2, 2016 05:00 PM EDT Reads: 1,101
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 2, 2016 04:00 PM EDT Reads: 913
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 2, 2016 03:45 PM EDT Reads: 1,352
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
May. 2, 2016 03:30 PM EDT Reads: 1,073
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 2, 2016 03:00 PM EDT Reads: 381
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 2, 2016 02:45 PM EDT Reads: 1,100