Charlotte-based Swisher Hygiene reported a growing quarterly loss on Friday as the company continued to catch up on filing delinquent financial statements.
The company, which sells sanitation services and products to businesses, filed its quarterly report for the three months ending June 30, 2012, on Friday. The company hasn’t been filing required quarterly reports for more than a year as Swisher works through the aftermath of misstated financial results that forced the company to recognize higher losses.
Friday’s report showed Swisher lost $18.9 million during the quarter, compared with an $8 million loss during the same quarter a year ago.
The losses grew even as revenue nearly doubled from the same quarter last year, increasing to $60.1 million from $34.2 million. Expenses increased to $77.8 million during the quarter, up from $43.3 million last year.
“We remain dedicated to serving our customers nationwide on a day-to-day basis,” CEO Thomas Byrne said in a statement. The company’s results were hurt by the cost of the ongoing financial review, which has cost more than $18 million so far, Byrne said.
Swisher grew rapidly by acquiring more than 60 smaller hygiene and sanitation businesses, largely by offering their owners stock. Swisher’s stock has plummeted since its financial problems came to light last March. The stock, which hit a five-year high of almost $10 a share in 2011, closed at $1.19 a share on Friday, up 2 cents.
Swisher also faces a lawsuit from shareholders who claim the company misled them by intentionally misstating its finances. That case is working its way through federal court in Charlotte.
Also Friday, Swisher again disclosed that federal authorities have contacted the company about its ongoing financial troubles.
“The Company is fully cooperating with the SEC and the U.S. Attorney’s Office. Any action by the SEC, the U.S. Attorney’s Office or other government agency could result in criminal or civil sanctions against the Company and/or certain of its current or former officers, directors or employees,” Swisher executives wrote.
Byrne said Friday that it hopes to file its 2012 annual report in April. “We are nearing the end of filing our outstanding financials,” he wrote.
Portillo: 704-358-5041 On Twitter @ESPortillo
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