Business

Swisher asks for more time to report 2014 financial results

Charlotte-based Swisher Hygiene has filed to delay reporting its 2014 financial results.

In a securities filing Monday, Swisher, a provider of sanitizing services and cleaning chemicals, said it needed more time to complete the audit of its financial statements and to assess the effectiveness of its own control over financial reporting.

The company’s internal review of finances, Swisher said, “could not be accomplished by the original filing date without incurring unreasonable effort and expense.”

The company said it expects to file its report within 15 days.

In recent years, the company has battled shareholder allegations that it inflated its stock price with misleading financial results. The company, which denied the allegations, has restated several quarters’ worth of financial reports.

Last year the company reached a $5.5 million settlement agreement with shareholders who said Swisher inflated its share price with misleading financial results. The company had said in 2012 that its previous financial statements could no longer be relied upon and that its accounting had been inadequate to deal with its recent flood of acquisitions. Swisher restated its financials, resulting in $4.8 million more in losses for 2011 and sending its stock plummeting to below $1 a share.

Last year, the company also took a noncash charge of $101 million stemming from the reduction of its “goodwill,” an accounting term for intangible assets such as brand name and a customer base. The charge erased much of its balance sheet assets.

In its most recent financial filing, Swisher said it lost $2.3 million in the third quarter of 2014 as revenue slipped 11 percent from the same quarter in 2013, to $49.7 million. Swisher’s stock closed Monday at $1.66 a share, down 15 cents.

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