10-Q Filing

SWISHER HYGIENE INC. CIK: 1504747 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-311455`
Period End Date	20110930
Filing Date	20111114
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	swsh-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 66 Cash Flow Statement 47 Stockholders Equity 16

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$83.79M	USD	Point-in-time
Net of allowance for doubtful accounts, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$334.00K	USD	Point-in-time
Net of allowance for doubtful accounts, accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$447.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$643.60K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$5.19M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	-	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of approximately $447,000 at September 30, 2011 and $334,000 at December 31, 2010)	`AccountsReceivableNetCurrent`	$32.20M	USD	Point-in-time
Accounts receivable (net of allowance for doubtful accounts of approximately $447,000 at September 30, 2011 and $334,000 at December 31, 2010)	`AccountsReceivableNetCurrent`	$7.07M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory	`InventoryNet`	$15.84M	USD	Point-in-time
Inventory	`InventoryNet`	$2.97M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Other assets	`OtherAssetsCurrent`	$2.95M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Other assets	`OtherAssetsCurrent`	$894.72K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$134.78M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Total current assets	`AssetsCurrent`	$55.06M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.32M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.52M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Goodwill	`Goodwill`	$29.66M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Goodwill	`Goodwill`	$165.99M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$81.61M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	600.00M	shares	Point-in-time
Other intangibles, net	`OtherIntangibleAssetsNet`	$7.67M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$5.11M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	173.86M	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.52M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	114.02M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	114.02M	shares	Point-in-time
Total assets	`Assets`	$452.01M	USD	Point-in-time
Total assets	`Assets`	$106.23M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	173.86M	shares	Point-in-time
Accounts payable, accrued expenses, and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$29.90M	USD	Point-in-time
Accounts payable, accrued expenses, and other current liabilities	`AccountsPayableAndOtherAccruedLiabilitiesCurrent`	$9.34M	USD	Point-in-time
Short term obligations	`ShortTermBorrowings`	$13.35M	USD	Point-in-time
Short term obligations	`ShortTermBorrowings`	$13.38M	USD	Point-in-time
Advances from shareholder	`DueToRelatedPartiesCurrent`	$2.00M	USD	Point-in-time
Advances from shareholder	`DueToRelatedPartiesCurrent`	$2.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.25M	USD	Point-in-time
Long term obligations	`LongTermDebtNoncurrent`	$47.90M	USD	Point-in-time
Long term obligations	`LongTermDebtNoncurrent`	$31.03M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$1.70M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$4.45M	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$2.76M	USD	Point-in-time
Other long term liabilities	`OtherLiabilitiesNoncurrent`	$3.39M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$35.49M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$55.74M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001, authorized 10,000,000 shares; no shares issued or outstanding at September 30, 2011 and December 31, 2010	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001, authorized 10,000,000 shares; no shares issued or outstanding at September 30, 2011 and December 31, 2010	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001, authorized 600,000,000 shares; 173,864,701 and 114,015,063 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$173.87K	USD	Point-in-time
Common stock, par value $0.001, authorized 600,000,000 shares; 173,864,701 and 114,015,063 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	`CommonStockValue`	$114.02K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$373.87M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$54.73M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-9.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.09M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$65.92K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$73.98K	USD	Point-in-time
Total Swisher Hygiene Inc. stockholders' equity	`StockholdersEquity`	$351.02M	USD	Point-in-time
Total Swisher Hygiene Inc. stockholders' equity	`StockholdersEquity`	$45.92M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$110.44K	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	-	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$351.02M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$46.03M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$106.23M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$452.01M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
Product	`SalesRevenueGoodsNet`	$86.83M	USD	3 Qtrs
Product	`SalesRevenueGoodsNet`	$26.35M	USD	3 Qtrs
Product	`SalesRevenueGoodsNet`	$9.58M	USD	1 Quarter
Product	`SalesRevenueGoodsNet`	$43.42M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$4.34M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$23.35M	USD	1 Quarter
Service	`SalesRevenueServicesNet`	$13.14M	USD	3 Qtrs
Service	`SalesRevenueServicesNet`	$56.47M	USD	3 Qtrs
Franchise	`RevenueFromFranchisedOutlets`	$433.58K	USD	1 Quarter
Franchise	`RevenueFromFranchisedOutlets`	$2.14M	USD	1 Quarter
Franchise	`RevenueFromFranchisedOutlets`	$6.46M	USD	3 Qtrs
Franchise	`RevenueFromFranchisedOutlets`	$2.98M	USD	3 Qtrs
Total revenue	`Revenues`	$67.20M	USD	1 Quarter
Total revenue	`Revenues`	$16.06M	USD	1 Quarter
Total revenue	`Revenues`	$146.28M	USD	3 Qtrs
Total revenue	`Revenues`	$45.95M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$53.12M	USD	3 Qtrs
Cost of sales	`CostOfGoodsAndServicesSold`	$6.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$25.82M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$16.87M	USD	3 Qtrs
Route expenses	`RouteExpenses`	$14.62M	USD	1 Quarter
Route expenses	`RouteExpenses`	$9.86M	USD	3 Qtrs
Route expenses	`RouteExpenses`	$3.51M	USD	1 Quarter
Route expenses	`RouteExpenses`	$34.89M	USD	3 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$7.52M	USD	1 Quarter
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$20.90M	USD	3 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$53.85M	USD	3 Qtrs
Selling, general, and administrative	`SellingGeneralAndAdministrativeExpense`	$22.63M	USD	1 Quarter
Acquisition and merger expenses	`AcquisitionAndMergerExpenses`	$1.43M	USD	1 Quarter
Acquisition and merger expenses	`AcquisitionAndMergerExpenses`	$644.09K	USD	1 Quarter
Acquisition and merger expenses	`AcquisitionAndMergerExpenses`	$4.74M	USD	3 Qtrs
Acquisition and merger expenses	`AcquisitionAndMergerExpenses`	$1.43M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$3.40M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$6.88M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$15.67M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.27M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$70.59M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$162.26M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$19.84M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$52.45M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-15.99M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.39M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.78M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.50M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-323.58K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-6.29M	USD	3 Qtrs
Other expense, net	`OtherNonoperatingIncomeExpense`	$-357.90K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	3 Qtrs
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.14M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.71M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-22.27M	USD	3 Qtrs
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.50M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-8.18M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$46.38K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.76M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.50M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.10M	USD	3 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	3 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	3 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted	`BasicAndDilutedWeightedAverageCommonShares`	173.43M	shares	1 Quarter
Basic and diluted	`BasicAndDilutedWeightedAverageCommonShares`	57.91M	shares	1 Quarter
Basic and diluted	`BasicAndDilutedWeightedAverageCommonShares`	57.88M	shares	3 Qtrs
Basic and diluted	`BasicAndDilutedWeightedAverageCommonShares`	154.03M	shares	3 Qtrs

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.76M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.50M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.10M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.40M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.67M	USD	3 Qtrs
Stock based compensation	`ShareBasedCompensation`	$2.88M	USD	3 Qtrs
Loss on fair value measurements, net	`LossOnFairValueMeasurementsNet`	$4.77M	USD	3 Qtrs
Deferred income tax liabilities	`DeferredIncomeTaxExpenseBenefit`	$-8.85M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$268.31K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$9.89M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$3.67M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$730.57K	USD	3 Qtrs
Other assets and noncurrent assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.57M	USD	3 Qtrs
Other assets and noncurrent assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$142.45K	USD	3 Qtrs
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.29M	USD	3 Qtrs
Accounts payable, accrued expenses, and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.10M	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-948.09K	USD	3 Qtrs
Cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-16.85M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.35M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.66M	USD	3 Qtrs
Acquisitions, net of cash acquired and share issuance costs	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$94.93M	USD	3 Qtrs
Acquisitions, net of cash acquired and share issuance costs	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$890.00K	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-5.19M	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-103.09M	USD	3 Qtrs
Cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.55M	USD	3 Qtrs
Proceeds from private placements, net of issuance costs	`ProceedsFromIssuanceOfPrivatePlacement`	$191.33M	USD	3 Qtrs
Principal payments on acquired Choice debt	`RepaymentsOfOtherDebt`	$39.22M	USD	3 Qtrs
Proceeds from line of credit and equipment financing loans, net of issuance costs	`ProceedsFromLinesOfCredit`	$41.57M	USD	3 Qtrs
Payoff of lines of credit	`RepaymentsOfLinesOfCredit`	$27.84M	USD	3 Qtrs
Principal payments on debt	`RepaymentsOfShortTermDebt`	$4.42M	USD	3 Qtrs
Principal payments on debt	`RepaymentsOfShortTermDebt`	$1.88M	USD	3 Qtrs
Proceeds from exercise of stock options and warrants	`ProceedsFromStockOptionsExercised`	$3.37M	USD	3 Qtrs
Payment of shareholder advance	`RepaymentOfDueToRelatedPartyNotePayable`	$800.00K	USD	3 Qtrs
Proceeds from advances from shareholders	`ProceedsFromRelatedPartyNotePayable`	$7.55M	USD	3 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$164.79M	USD	3 Qtrs
Cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.87M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-626.72K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$44.85M	USD	3 Qtrs
Cash and cash equivalents at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$83.79M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$38.93M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents at the beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$643.60K	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$83.79M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$38.93M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents at the end of the period	`CashAndCashEquivalentsAtCarryingValue`	$643.60K	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$351.02M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$46.03M	USD	Point-in-time
Shares issued in connection with private placements	`StockIssuedDuringPeriodValueOther`	$191.24M	USD	3 Qtrs
Shares issued in connection with the acquisition of Choice	`StockIssuedDuringPeriodValueAcquisitions`	$48.78M	USD	3 Qtrs
Shares issued in connection with acquisitions	`StockIssuedInConnectionWithValueAcquisitions`	$49.62M	USD	3 Qtrs
Shares issued in connection with and purchases of property and equipment and to settle liabilities	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$1.18M	USD	3 Qtrs
Conversion of promissory notes payable	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$22.03M	USD	3 Qtrs
Stock based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.88M	USD	3 Qtrs
Exercise of stock options and warrants	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.37M	USD	3 Qtrs
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease`	$-8.06K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.76M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.50M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.10M	USD	3 Qtrs
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$351.02M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$46.03M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.