miami dade garbage waste companies

Posted on November 21, 2012 by mcooper

Swisher Hygiene took a major business step by selling its Choice Environmental Services sanitation business for $123.3 million in cash, the company announced Friday morning.

After the news, Swisher stock (NASDAQ: SWSH) rose in early morning trading by nearly 39 percent to $1.59. This compares to a 12-month high of $1.75 and a low of $1.40.

The move allows the company to pay off its $17.2 million credit line with Wells Fargo (NYSE: WFC), which has granted a series of waivers to Swisher as it struggles to restate financial statements from 2011 and issue quarterly reports for 2012.

Swisher also will pay off $13.2 million in equipment leasing associated with Pompano Beach-based Choice Environmental plus a $2 million note. Swisher will have remaining debt of about $13 million.

The move indicates Swisher will have a $90 million cash injection as it seeks to move ahead with its business plan.

Choice Environmental was purchased by Waste Services of Florida, a subsidiary of Progressive Waste Solutions Ltd. Choice has more than 150,000 residential and 7,500 commercial customers and a fleet of 150 sanitation trucks.

Swisher provides an array of hygienic sanitation services and supplies to business customers.

Swisher is based in Charlotte, N.C., but has many South Florida shareholders because Chairman H. Wayne Huizenga and former CEO Steve Berrard previously teamed up at Blockbuster and AutoNation.

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