ESW Group® Reports Q2 2014 Results
Achieves Strong Q2 Revenues (up 144% vs. Q2 2013) and EBITDA
MONTGOMERYVILLE, PA — August 4, 2014 —Environmental Solutions Worldwide, Inc. (“ESW”) (OTCQB: ESWW) today reported financial results for the six and three month periods ended June 30, 2014.
SECOND QUARTER 2014 RESULTS
Revenues for the six month periods ended June 30, 2014 increased 217% to $15.04 million compared to $4.75 million for the six month periods ended June 30, 2013.
Revenues for the three month periods ended June 30, 2014
increased 144% to $8.04 million compared to $3.29 million for the three month periods ended June 30, 2013.
EBITDA(1) for the six month period ended June 30, 2014 was $4.45 million compared to a negative EBITDA(1) of $1.18 million for the six month period ended ritzman pharmacy June 30, 2013.
ESW ended the second quarter with approximately $6.57 million in cash.
Key financial results for Q2 2014 versus Q2 2013 are set forth in the following table. Reconciliations of EBITDA(1) to their nearest comparable GAAP financial measures are attached to this Press Release.
Headquartered in Montgomeryville, PA, Environmental Solutions Worldwide, Inc., through its wholly owned subsidiaries ESW America, Inc., Technology Fabricators Inc., ESW Technologies Inc., ESW CleanTech, Inc., and ESW Canada, Inc. (together, “ESW Group®” ), is engaged in the design, development, manufacturing and sales of diesel emission control
technologies focused on the medium and heavy duty diesel market. ESW also provides emissions testing and environmental certification services with its primary focus on the North American on-road and off-road diesel engine, chassis and after-treatment market. For updated information, please visit ESW’s websites at:
This press release and any related calls or discussions may contain forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly release any modifications or revisions to these forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, we caution investors that actual financial and operating results may differ materially from those projected in forward-looking statements made by, or on behalf of, us. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements, as described in more detail in the Company’s SEC reports and filings.
The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should,” “may,” “plan,” and similar expressions, as they relate to us or our management, are intended to identify forward-looking how long does cialis last statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results what does cialis packaging look like may vary materially from those described herein as anticipated, believed, estimated, expected, intended, or planned. We assume no obligation to and do not intend to update these forward-looking statements.
FOR MORE INFORMATION CONTACT: Environmental Solutions Worldwide, Inc. Email: Investorfirstname.lastname@example.org or visit www.eswgroup.com
EBITDA as calculated above represents earnings before interest on promissory notes payable, income tax expense, cialis and nausea depreciation and the items used to reconcile GAAP to adjusted non-GAAP financial measures, including (1) allowance for doubtful accounts (2) stock-based compensation, (3) amortization of discount on promissory notes payable and (4) change in fair value of conversion option derivative liability, (5) warranty provision, (6) recovery on disposal of inventory, (7) gain on sale of property, plant and equipment and (8) loss on write down of inventory. We disclose EBITDA as a supplemental non-GAAP financial performance measure as we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures
similar to EBITDA are broadly used by analysts, rating agencies and investors in assessing our performance. Accordingly, we believe that the presentation of EBITDA provides useful information to investors.
EBITDA is not in accordance with, or an alternative to, net income, and may be different from non-GAAP measures used by other companies. In addition, EBITDA is not based on any comprehensive set of accounting rules or principles. This adjusted non-GAAP measure has limitations in that it does not reflect all of the amounts associated our results of operations determined in accordance with GAAP. EBITDA should not be considered in isolation of, as a substitute for, or superior to, any financial information prepared in accordance with GAAP. EBITDA as defined herein may differ from similarly titled measures presented by other companies. EBITDA, as well as other information in this press release, should be read in conjunction with our financial statements filed with the SEC.