SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT: June 3, 1998
(Date of earliest event reported)
SWISHER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
NEVEDA 0-21282 56-1541396
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation or No.)
organization)
6849 FAIRVIEW ROAD
CHARLOTTE, NORTH CAROLINA 28210
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(Address of principal executive offices, zip code)
(704) 364-7707
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On June 3, 1998, Swisher International, Inc. issued a press
release announcing its earnings for the fiscal year ended October
31, 1997, and restating its earnings from the prior fiscal year
ended October 31, 1996. A copy of the press release is appended to
this Form 8-K as Exhibit 20.1.
ITEM 7. EXHIBITS.
20.1 Press Release dated June 3, 1998.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
SWISHER INTERNATIONAL, INC.
(Registrant)
Date: June 3, 1998 By: /s/ Patrick L. Swisher
Patrick L. Swisher
President and CEO
NEWS
Swisher International, Inc,
FOR IMMEDIATE RELEASE Contact: Amy King-Simpson
Investor Relations
Swisher International
704-364-7707
SWISHER INTERNATIONAL REPORTS FISCAL 1997 AND REVISED 1996
FINANCIAL RESULTS
Charlotte, NC, June 3, 1998 - Swisher International,Inc. the
nation's leading franchisor of commercial hygiene services and
products, today reported net income of $531,908, or $.25 per share,
for the year ended October 31, 1997 as compared to a loss of
$154,541 or $(.09) per share for the year ended October 31, 1996,
as revised.
For the year ended October 31, 1997, total revenues were $13.3
million, an increase of 25% from $10.6 million for the year ended
October 31, 1996, while total expenses were $12.4 million
(excluding provision for income taxes), an increase of 16% from
$10.7 million.
For the year ended October 31, 1997, net income before income taxes
was $870,776, which was achieved despite difficulties in the
integration of the Surface Doctor franchise system which was
acquired in 1996. For the year ended October 31, 1997, the Surface
Doctor Division produced an operating loss of approximately
$539,000.
As previously reported, a new audit was required for the fiscal
year ended October 31, 1996 following the unexpected withdrawal of
the Company's prior auditors on February 20, 1998 prior to
completion of the 1997 audit. At that time, the prior auditors
withdrew their opinion on the financial statements for the fiscal
year ended October 31, 1996. The Company had previously reported
net income of $380,917 for the year ended October 31, 1996. The
revision of the 1996 results reflect primarily the uncollectibility
of notes and accounts receivable, and the write down of assets held
for sale, both of which the Company considered fully recoverable at
October 31, 1996. In addition, the recognition of a portion of a
1996 international franchise sale was deferred to reflect the
uncollectibility of the balance due the Company and increases in
certain expenses, all net of income taxes, impacted 1996.
According to CEO Patrick L. Swisher, "We are pleased with the
continued growth both domestically and internationally in our
businesses. The operating results of the Surface Doctor system
have been disappointing and will be a focus of our attention until
turned around. Meanwhile, growth in Swisher Hygiene continues to
be strong, and investments being made in the Pest Control system
are expected to build a base for future opportunities."
The Company markets its hygiene services and products, maid
services, residential and commercial restoration services, and pest
control services through a network of franchises in the U.S. and
Canada, along with Master License operations in other countries.
[CAPTION]
Selected Financial Data
(in thousands, except per share amounts)
October 31,
1997 1996
Revenues 13,276 10,587
Expenses 12,406 10,675
Income (loss)
before tax 871 (88)
Net (loss)
income 532 (154)
Earnings (loss)
per share .25 (.09)