Swisher Hygiene 1Q loss widens

Swisher Hygiene 1st-qtr loss widens as revenue falls, offsets cost-cutting efforts

Associated Press

CHARLOTTE, N.C. (AP) -- Swisher Hygiene Inc. said Tuesday that its first-quarter loss widened, as lower revenue stemming from lost business offset the effects of its cost-cutting efforts.

For the quarter ended March 31, Swisher's loss totaled $17.2 million, or 10 cents per share, compared with a loss of $13.3 million, or 8 cents per share, a year ago.

Revenue fell 11 percent to $52 million from $58.2 million. Swisher cited the loss of two large accounts in a previous quarter, along with customer turnover.

The Charlotte, N.C.-based hygiene and sanitation products and services company said the recent quarter's results were affected by the review and restatement of some of its previous financial results.

Meanwhile, the company tried to boost profitability by cutting costs and increasing efficiency. Total costs and expenses fell 3 percent to $68.8 million.

Swisher shares rose 2 cents to $1.15 in morning trading Tuesday. They have traded in a 52-week range of $1.10 to $2.70 per share.

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