AndhraNews.net
Home » Business News » 2011 » February » February 22, 2011

Titan Energy Worldwide Announces Preliminary 2010 Financials


February 22, 2011 - MINNEAPOLIS, MN

Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leader in distributed power generation products and intelligent energy management services, released today preliminary financial results for the year 2010. The Company expects to report sales of more than $14 million, representing a 32% increase over 2009 revenues. Of this, approximately $10 million were in equipment sales. Equipment bookings, which represent purchase orders for equipment that has not yet shipped, totaled more than $12 million in 2010, an indicator for continued strong sales growth in 2011. The company will also report approximately $4 million in service sales, another record high for the Company. The Company will file its audited Annual 10K financial statements on or before March 31, 2011.

"Titan has continued to grow impressively in 2010 in all areas. We continue to show strong gains in equipments sales in all of our territories, including our new sales regions in the Northeast and Southeast U.S. Even more impressively, we have been steadily building our service sales division achieving record sales of nearly $4 million in 2010," stated Jeffrey Flannery, Chief Executive Officer of Titan Energy Worldwide.

"At the same time, a number of indicators point to continued strong performance in 2011. We have record booking, or purchase orders for equipment, as we begin to see greater productivity in our newer sales territories in the Northeast and Southeast. Improvements in our service department has resulted in longer term contracts with our customers, more than 40% of our contracts now have terms of 5 years. We have launched what we believe is one of the first nationwide service programs for industrial onsite power generation. The program to date has been a great success and we believe we could significantly increase our service revenues in 2011 through this national program.

"We have also made great progress on the development of our onsite power generation monitoring and control system which we hope to have ready for market in the coming months. This development illustrates Titan's commitment to being the best in generator monitoring and management. Our monitoring system will allow generators to be managed more efficiently and cost effectively, as well as increase the availability and efficacy of these power generation systems for utility sponsored demand response programs, an important element of Titan's future plans," added Mr. Flannery.

About Titan Energy Worldwide, Inc.

Titan Energy Worldwide is 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.

For more information about Titan Energy Worldwide please contact:
Jeffrey Flannery
Titan Energy Worldwide, Inc.
619-988-5869
Email Contact

MarketWire

Comment on this story

Share