TEWI News Titan Energy Worldwide Reports 2nd Qu

MINNEAPOLIS , Aug. 14, 2012 /PRNewswire/ -- Titan Energy Worldwide, Inc. (OTC: TEWI), a leader in distributed power generation products and intelligent energy management services, today announced that the Company has released its 2 ^nd quarter financial statements for 2012. According to the statements, the Company reported sales of $5.3 million , an increase of 34% over the same quarter in 2011. Equipment sales were $3.6 million , up 36% from the same quarter in 2011 and service revenues were $1.7 million , up 30% from 2011.

The Company reported a positive operating income of $118,060 and a net loss of only $70,137 compared to an operating income loss of $529,225 and a net loss of $900,876 in the 2 ^nd quarter of 2011. These financial statements were published with the Securities Exchange Commission (SEC), but the statements have not yet been reviewed by a registered independent auditing firm.

Stated Jeffrey Flannery , Chief Executive Officer of Titan Energy Worldwide, Inc., "We posted record equipment and service revenues this quarter and came very close to posting a profitable quarter for the first time in the Company's history. We increased our gross margins to 28%, up from 25% in 2011, and decreased our corporate overhead by more than 50%. All of these are indications that we are taking the right steps to grow the business aggressively while maintaining our goal to be profitable, a goal that is clearly within our reach.