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Fresh off two new acquisitions,
Swisher Hygieneexecutives told shareholders on Thursday that the company expects 2011revenue of about $200 million, and assured investors that the monthsahead would be focused on growth both organically and throughacquisitions.
“The only way to gain significant market share is to buy up companies,” Chairman H. Wayne Huizengatold the more than 200 people at the shareholder meeting at the HyattRegency Pier Sixty-Six in Fort Lauderdale. “We have enough capital tobuild big as fast as we can.”
Huizenga greeted people in front of the resort, where Swisher hadparked some of its vans and trucks. Inside were numerous displays ofproducts and sanitation machines.
On Thursday, the Charlotte, N.C.-based hygiene and sanitationproducts and services company (NASDAQ: SWSH) said it was combining itsoperations with Mt. Hood Solutions, a Portland, Ore.-based hygiene andchemical provider, and American Chemical Concepts, a Virginia-basedhygiene and chemicals company.
“We are no longer the new guys on the block,” said CEO Steve Berrard,Huizenga’s business partner for more than 30 years, referring to thefact that both companies have long and established histories. “This isnot a $60 million toilet cleaning company.”
A few days earlier, Swisher announced two other acquisitions: Phoenix-based ProClean and Redondo Beach, Calif.-based Sarner Enterprises.
In the last 17 weeks, the company has spent $140 million on acquisitions.
Berrard and Huizenga previously led AutoNation(NYSE: AN) and Blockbuster (before it went bankrupt under newownership) during their rapid growth while based in Fort Lauderdale.
Huizenga is ranked 176th on Forbes' list of U.S. billionaires, with an estimated wealth of $2.2 billion. He previously owned the Miami Dolphins, Florida Panthers and Florida Marlins, and led Boca Resorts when it owned Pier Sixty-Six.
In recent weeks, Swisher has been the target of negative press in The Wall Street Journal and The Street Sweeper website, which has taken a short position on the stock.
“In the past, we used to be nervous about the shorts,” Huizenga said. “Now I kind of look at them as a kind of scumbag.”
Swisher shares were down 27 cents to $6.37 in midday trading. The52-week high was $11.43 on April 19. The 52-week low was $3.99 on Dec.10.
“The stock will find its rightful place,” Berrard said, adding thathe expected analysts will begin covering the company sometime in thesecond quarter.
Looking ahead, Berrard said the company would look to add to itsline of products and services, including commercial pest control, foodsafety and online retail sales of its chemicals.
He also said there is plenty of opportunity in the international market.
“We haven’t done a good job of conquering the international market, but we will move into it in 2012,” he said.
On Thursday, shareholders voted in favor of an eight-member board of directors that includes former Gov. Jeb Bush.They also authorized issuance of 200 million more shares of commonstock, giving the company 600 million authorized shares and 10 millionshares of blank check preferred stock
Read more:
Swisher Hygiene focused on growth | South Florida Business Journal