Titan Energy Worldwide Records Profit in Month of April on Record Revenues
MINNEAPOLIS, May 14, 2012 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC:TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has posted a profit for the month of April on record revenues of nearly $2 million. Last year, the company averaged a little less than $1.2 million in monthly sales. For April, equipment sales were more than $1.5 million and service sales were a record $500,000 for the month.
Stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide, Inc., "Titan Energy has opened the second quarter in very strong fashion, posting our first profitable month in the Company's history. Sales in both equipment and service segments are reaching record highs, in service we recorded our first month of $500,000 or more in sales. We expect these record sales numbers in April to be followed by equally strong results in May and June."
Especially strong sales of equipment in the Midwest has been largely responsible for the record revenues and profits. The Company has also experienced a broad expansion of its national accounts business with major retail operators across the United States.
"Equipment sales in the Midwest are breaking the $1 million mark in both April and May, a sign of what we believe is a warming up of the economy and a growing acceptance of the Generac Power Systems generators that we exclusively sell and service in this territory. We believe strongly in the quality and innovation that Generac brings to the generator marketplace, and its leadership in developing natural gas fueled generators. The natural gas generators are finding a niche among many industrial and commercial business segments," stated Tom Vagts, President of Titan Energy Services, Inc.
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.
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