Swisher Hygiene Receives Non-Compliance Notice From NASDAQ
May 20 13
Swisher Hygiene Inc. announced that in connection with filing its Form 12(b)-25, it received a letter from NASDAQ on May 14, 2013 indicating that it is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c)(1) since its Form 10-Q for the quarter ended March 31, 2013 (the Form 10-Q) was not timely filed. The letter from NASDAQ advised Swisher Hygiene that the NASDAQ Hearings Panel (the Panel) will consider this deficiency in their decision regarding its continued listing on The NASDAQ Global Select Market. Swisher Hygiene has advised the Panel that it expects to file the Form 10-Q later this week; however, Swisher Hygiene can provide no assurance as to when it will complete this filing. In addition, Swisher Hygiene received a letter from the Toronto Stock Exchange (TSX) stating the TSX did not object to Swisher Hygiene filing its Form 10-Q on or before May 31, 2013. The TSX will monitor the progress Swisher Hygiene is making to file the late statements through the Ontario Securities Commission.
TSX To Delist Common Shares Of Swisher Hygiene
May 14 13
Further to TSX Bulletin 2013-0311 dated March 28, 2013, the common shares of Swisher Hygiene Inc. will now be delisted at the close of business on June 17, 2013 for failure to meet the continued listing requirements of TSX.
Swisher Hygiene Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Announces Impairment Charges for the Fourth Quarter of 2013
May 1 13
Swisher Hygiene Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net loss from continuing operations of $35,194,000 against $9,039,000 a year ago. Total revenue was $53,168,000 against $55,659,000 a year ago. Loss from continuing operations was $14,764,000 against $14,154,000 a year ago. Net loss from continuing operations before income taxes was $16,551,000 against $14,740,000 a year ago. Net loss attributable to company was $29,461,000 or $0.20 per basic and diluted share against $9,379,000 or $0.05 per basic and diluted share a year ago. Adjusted EBITDA loss of $5.3 million for the fourth quarter of 2012, compared to $6.5 million for the fourth quarter of 2011.
For the full year, the company reported net loss from continuing operations of $80,775,000 against $24,723,000 a year ago. Total revenue was $230,521,000 against $160,617,000 a year ago. Loss from continuing operations was $58,929,000 against $34,574,000 a year ago. Net loss from continuing operations before income taxes was $62,022,000 against $41,339,000 a year ago. Net loss attributable to company was $73,176,000 or $0.46 per basic and diluted share against $25,340,000 or $0.16 per basic and diluted share a year ago. Adjusted EBITDA loss was $12.6 million, compared to $14.8 million for the full year 2011.
Loss from impairment of long-lived assets for the fourth quarter of 2013 was $507,000, compared to $116,000 for the fourth quarter of 2012.
Swisher Hygiene Inc. Announces Board Changes
May 1 13
Swisher Hygiene Inc. announced that its Board of Directors has nominated seven individuals to the Board, to be voted on by Swisher Hygiene's Stockholders at the Annual Meeting scheduled to be held on June 5, 2013. Nominees include six current members of the Board of Directors and William M. Pierce, who has been nominated to become a new member of the Board. Mr. Pierce is a Senior Vice President at Huizenga Holdings Inc. Current Chairman H. Wayne Huizenga and Directors Senator David Braley and Governor John Ellis (Jeb) Bush have notified the Board of Directors that each will not stand for reelection. Board Member Richard L. Handley, Senior Vice President and General Counsel of Huizenga Holdings Inc., is expected to be named Chairman upon the departure of Mr. Huizenga. Effective with the Annual Meeting, the Board of Directors will be reduced from nine members to seven.