Save Money in this Sunday's paper

comments

Revenue falls as Swisher Hygiene posts nearly $15.4 million loss

Charlotte-based Swisher Hygiene said Friday that it lost almost $15.4 million in its second quarter, as the company continued to struggle with declining sales.

Revenue at Swisher fell 8 percent, compared with the same quarter a year ago, to $55.4 million. The company, which produces cleaning chemicals and provides hygiene and sanitation services to businesses, said the loss of two large accounts accounted for much of the drop in revenue.

The company’s loss was an improvement from the same quarter last year, when Swisher lost $18.9 million. During the first six months of the year, Swisher used $16.8 million of its available cash and has $44.6 million of cash and cash equivalents available.

Swisher employs about 100 people at its headquarters near SouthPark.

Swisher has been embroiled in several legal battles since announcing in March 2012 that its financial statements were unreliable and it needed to conduct an internal audit to correct irregularities.

At least three separate shareholder lawsuits are pending in federal court from investors who claim Swisher inflated its stock price and intentionally misstated results, which the company denies.

In Friday’s filing, Swisher also repeated its earlier disclosure that the U.S. Attorney’s Office in Charlotte and the Securities and Exchange Commission in Atlanta have requested information about the company’s financial records.

“The Company has been asked to provide information about these matters on a voluntary basis,” Swisher said. “The Company is fully cooperating... 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 is also in danger of seeing its shares delisted from the Nasdaq stock exchange because they have been trading below $1 a share. Swisher has several months to improve before it would be delisted, and said it could also do a reverse stock split to raise the price.

Portillo: 704-358-5041; Twitter: @ESPortillo
Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more



Hide Comments

This affects comments on all stories.

Cancel OK

The Charlotte Observer welcomes your comments on news of the day. The more voices engaged in conversation, the better for us all, but do keep it civil. Please refrain from profanity, obscenity, spam, name-calling or attacking others for their views.

Have a news tip? You can send it to a local news editor; email local@charlotteobserver.com to send us your tip - or - consider joining the Public Insight Network and become a source for The Charlotte Observer.

  Read more


Quick Job Search
Salary Databases