OTC Bulletin Board

S & P Company Insight for TITAN ENERGY WORLDWD
 
 Profile

 
Business Summary: Titan Energy Worldwide, Inc. provides onsite power generation, energy management, and energy efficiency products and services in the United States, the Caribbean, and Central and South America.
 
Address
  10315 Grand River Avenue, Suite 302
  Brighton , MI 48116
  Phone: 810-229-5422
  Fax: 810-229-5797
  Website: http://www.titanenergy.com
Auditor
  UHY LLP
Transfer Agent
  Transfer Online, Inc.
Employees:  49
ShareHolders:  286
Founded:  1998
Domicile:  Nevada
 
  
 
 Background

 
Titan Energy Worldwide, Inc. provides onsite power generation, energy management, and energy efficiency products and services in the United States, the Caribbean, and Central and South America. About 72% of gross sales revenues in 2009 were from the sale of power generation equipment. Titan offers power generation equipment; onsite energy diesel, natural gas, and propane generator sets, including digital engine and generator controls; Lister Petter series of generators; automatic transfer switches and paralleling switchgear; and uninterruptible power supply systems. The company also provides alternative energy technologies, such as solar and wind turbines; and designs, engineers, installs, and manages solar, wind, and fuel cells systems, as well as traditional natural gas and diesel engine generators systems. In addition, it manages the power generation assets of commercial, institutional, and industrial customers, as well as offers assistance to reduce electric demand during periods of peak demand using onsite generation to shift load off the electrical grids and thereby preventing grid failures. Further, it provides maintenance, repair, and support services. The company serves utilities, retailers, telecommunications companies, banks, data centers, grocery stores, hospitals and other healthcare facilities, schools and colleges, property management companies, government and military facilities, and manufacturers. Titan Energy Worldwide, Inc. is based in Brighton, Michigan.
History:  INCORPORATED in Nevada Nov. 20, 1998 as Global-Link Enterprises, Inc. Name changed to MLM World News Today, Inc. Feb. 4, 2000; to Presidential Air Corporation Aug. 14, 2002; to Safe Travel Care, Inc. May 2, 2003; and to Titan Energy Worldwide, Inc. Dec. 26, 2006. July 21, 2006, acquired Titan Energy Development, Inc., in exchange for 1,000,000 Series B Preferred shares and 1,000,000 Common shares of the company. December 28, 2006, acquired Stellar Energy Services, Inc. in exchange for 750,000 Series C Preferred shares, 1,000,000 Common shares, and a note payable of $823,000.
 
Subsidiaries:
Grove Power, Inc.
Sustainable Solutions, Inc.
Titan Energy Services, Inc.
 
 
 
 
  
 
 Management

 

Management
OfficersPosition
 Jeffrey W. FlanneryChairman & Chief Executive Officer
 James J. FahrnerChief Financial Officer
 Thomas  BlackSecretary & Chief Operating Officer

Directors
 Thomas  Black
 James J. Fahrner
 Jeffrey W. Flannery
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20092008
REVENUES
Sales of Equipment7,660,2075,764,891
Sales of Service and Parts2,966,7122,118,456
Total Revenues10,626,9197,883,347
EXPENSES
Material Cost and Labor for Equipment6,397,1474,884,495
Material Cost and Labor for Service and Parts1,353,1901,015,737
Selling and service expenses1,397,928834,207
General and administrative expenses945,695744,875
Corporate overhead1,184,8231,339,305
Share based compensation and payments183,61425,317
Depreciation and amortization170,425133,017
Interest Expense, Net86,75846,545
Amortization of Debt Discount and Financing Costs110,71812,605
Other income (expense)(161,941)-
Loss from continuing operations(1,365,320)(1,152,756)
Discontinued Operations(1,526,805)(571,348)
Net Income (Loss)(2,892,125)(1,724,104)
CHARGES ON NET INCOME
Dividends on Preferred Stock-(593,162)
Net Income Available to Common Shareholders(2,892,125)(2,317,266)
SUPPLEMENTARY INFO
Gross Profit/loss2,876,5821,983,116
Basic & Diluted EPS - Continuing Operations($0.09)($0.11)
Net income per share basic & diluted(0.20)(0.15)
 
Balance Sheet
  20092008
CURRENT ASSETS
Cash and Cash Equivalents45,401327,166
Accounts Receivables1,846,1251,349,105
Inventories881,830703,941
Other Current Assets230,948161,432
Total Current Assets3,004,3042,541,644
NON CURRENT ASSETS
Property and Equipment, net257,985225,389
Goodwill1,184,1321,599,160
Customer and Distribution Lists, Net774,8331,134,720
Other Assets20,6087,302
Total Assets5,241,8625,508,215
CURRENT LIABILITIES
Accounts Payable1,388,8381,007,843
Accrued Liabilities578,549298,566
Current portion of convertible debt480,198-
Short- term credit facility607,558449,558
Notes Payable-current Portion351,048107,527
Customer Deposits and Deferred Revenues234,1903,504
Total Current Liabilities3,640,3811,866,998
NON CURRENT LIABILITIES
Notes Payable19,769-
Convertible debt63,958-
SHAREHOLDERS' EQUITY
Preferred Stock Convertible11
Common Stock - Par Value1,7161,573
Treasury stock, at cost(1,370,000)-
Additional Paid in Capital29,141,64327,003,124
Accumulated Deficit(26,255,606)(23,363,480)
Total Shareholders Equity1,517,7543,641,217
Total Liabilities & Shareholders Equity5,241,8625,508,215
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2010   13,020,000
  2009   11,690,000
  2009   22,070,000
  2009   33,350,000
  2009   Full Year 10,630,000
  2008   11,200,000
  2008   22,690,000
  2008   33,210,000
  2008   42,150,000
  2008   Full Year 9,250,000
  2007   12,580,000
  2007   22,800,000
  2007   31,640,000
  2007   41,820,000
  2007   Full Year 8,840,000
  2006   410,000
  2006   Full Year 10,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2010   1(550,000)
  2009   1(340,000)
  2009   2(310,000)
  2009   3(190,000)
  2009   Full Year (1,370,000)
  2008   2(290,000)
  2008   3(150,000)
  2008   4(560,000)
  2008   Full Year (1,720,000)
  2007   Full Year (3,380,000)
  2006   Full Year (690,000)
  2005   Full Year (220,000)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2010   1(.03)
  2009   1(.02)
  2009   2(.02)
  2009   3(.01)
  2009   Full Year (.09)
  2008   1(.09)
  2008   2(.02)
  2008   3(.01)
  2008   4(.03)
  2008   Full Year (.15)
  2007   1(1.75)
  2007   2(.85)
  2007   3(.10)
  2007   4(.72)
  2007   Full Year (2.50)
  2006   2(.45)
  2006   3(.76)
  2006   4(1.10)
  2006   Full Year (6.25)
  2005   1(2.37)
  2005   2.39
  2005   3(1.87)
  2005   4(.07)
  2005   Full Year (1.96)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2010:
 
 Authorized SharesOutstanding Shares
Series D Preferred $0.0001 par10,000,000462so1
Common $0.0001 par1,800,000,00022,392,861so2
Series A Preferred $0.0001 par10,000,000None
Series B Preferred $0.0001 par10,000,000None
Series C Preferred $0.0001 par10,000,000None
 
LONG TERM DEBT: $117,472.
 
Common $0.0001 par
 
Stockholders:  03/24/2010, 286.
PRINCIPAL STOCKHOLDERS: March 24, 2010, John M. Tastad owned or controlled 15.1% of the Common, Jeffrey W. Flannery 14.1%, Carl Rountree 11.7%, Wholesale Realtors Supply 11.6%, Eckhart Grohmann Revocable Trust of 1985 11.3% and Thomas Black 7.9%.
 
Transfer Agent:  Transfer Online, Inc.   Portland , OR
 
OTC Bulletin Board( Primary): TEWI
 
ExchangeYearHighLow
OTC Bulletin Board20090.59000.0500
OTC Bulletin Board20081.40000.0700
OTC Bulletin Board20071.90000.2500
OTC Bulletin Board20063.75000.7500
 
DIVIDENDS: Common $0.0001 par: No cash. Common split 1-for-50 reverse, Dec. 28, 2006. Common split 1-for-15 reverse, Aug. 10, 2007.
 
 
  so1Closely held. Each Series D share is convertible at any time into 10,000 Common shares at an initial conversion price of $1.00 per share. Liquidation preference, 125% of the sum of the stated value ($10,000) of any then-unconverted Preferred shares plus any accrued and unpaid dividends.
  so2Excl. 2,000,000 in treas.