ESW Group® Reports Q3 2014 Results

 

 

MONTGOMERYVILLE, PA — November 14, 2014 —Environmental Solutions Worldwide, Inc. (“ESW”) (OTCQB: ESWW) today reported financial results for the nine and three month periods ended September 30, 2014.

 

THIRD QUARTER 2014 RESULTS

 

Revenues for the nine month periods ended September 30, 2014 increased 98% to $20.28 million compared to $10.24 million for the nine month periods ended September 30, 2013.

 

Revenues for the three month periods ended September 30, 2014 were $5.24 million compared to $5.49 million for the three month periods ended September 30, 2013.  


EBITDA(1) for the nine month period ended September 30, 2014 was $5.20 million compared to a negative EBITDA(1) of $59 thousand for the nine month period ended September 30, 2013.

 

ESW ended the third quarter with approximately $8.61 million in cash.

 

Key financial results for Q3 2014 versus Q3 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.

 

 

NINE MONTH PERIOD ENDED SEPTEMBER 30,

 

 

2014

2013

% Change

Revenues

$20,276,171

$10,242,470

98%

EBITDA(1) 

$5,201,847

$(59,166)

NM(2)

Net Cash Generated from (Used in) Operating Activities

$5,018,717

$(1,688,815)

NM(2)

 

Notes

 

(1)

 

EBITDA is defined as earnings before interest on promissory notes payable, interest on loan payable, income tax expense, depreciation and the items used to reconcile GAAP to adjusted non-GAAP financial measures, including (1) change in fair value of conversion option derivative liability, (2) amortization of discount on promissory notes payable, (3) accruals for Board Stock-based compensation, (4) stock-based compensation - (vested restricted common stock), (5) allowance for doubtful accounts, (6) warranty provision, (7) recovery on disposal of inventory, (8) gain on sale of property, plant and equipment and (9) loss on write down of inventory. EBITDA amounts are not meant as a substitute for GAAP, but are solely for informational purposes.

(2)

 

Not meaningful, as, the prior year period amount was negative.

 

About Environmental Solutions Worldwide, Inc.

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:

 


The following information was filed by Environmental Solutions Worldwide Inc (ESWW) on Friday, November 14, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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