MINNEAPOLIS, MN -- (Marketwire) -- 08/17/10 -- Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today its financial results for the second quarter of 2010 and announced its plans to roll out its new programs in demand response. The Company's complete financials filed with the U.S. Securities and Exchange Commission (SEC) can be found on the Company's web site at www.titanenergy.com or at www.sec.gov.
The Company reported a record quarter of $4,002,248 in gross sales, an increase of 92% over Q2 2009. Revenues of $2,040,526 for June are a record month for the Company. The Company also reported that its operations were cash flow positive for the 2nd Q of 2010. Cash gained from operations in the 2nd Q of 2010 was $3,496, compared to a deficit of $214,053 in the same quarter last year. The reason for this improvement in cash flow was primarily due to increased sales revenues, higher margins overall on sales, and a 15% reduction in corporate overhead.
"We are proud to announce another outstanding set of milestones for Titan Energy, including meeting the goal we set out to achieve 6 months ago, which was to be cash flow positive by June 30, 2010. We did this by continuing to increase our sales, including making great strides in our New York/New Jersey office which posted its highest ever revenues. We continue to improve our sales margins on equipment and service offerings and further decrease our corporate expenses," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.
"As Titan grows stronger financially, we are also moving aggressively into areas of the energy marketplace that desperately need our expertise and service. With more than 1,000 customers serviced through our offices in more than 12 states, we believe we have developed the most advanced and capable service organization for industrial power generation. We pride ourselves on providing excellent service and bringing new technological solutions to an industry which is coming to rely more on sophisticated monitoring and control of these power onsite generators.
"We are committed to applying our unique capabilities to an area of growing importance for our national electricity grid: Demand Response. The increased demand for electricity caused by the high temperatures these past few months illustrates both the need for more effective demand reduction programs as well as for new levels of controls and management of our demand side energy systems. We believe onsite generators are the most effective means for demand reduction, offering as much as ten times the potential for meeting demand response reserves as load curtailment programs that lower energy consumption through turning down or off electricity consuming devices. With new advances in generator technology including cleaner natural gas engines, onsite generation offers a more environmentally friendly demand response solution than ever before.
"While we service dozens of customers today which use onsite generators that participate in demand response programs, we believe our technological advances will allow generators to play a more effective role in load control on our electrical grids. Over the next few months, Titan Energy will be rolling out what we believe will be a new generation of turnkey demand response programs that will provide benefits to utility providers and their customers alike," 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.
Add to Digg Bookmark with del.icio.us Add to Newsvine
For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
619-988-5869
Email Contact
Stan Altschuler
Strategic Growth Int'l
212-838-1444
Email Contact
