QUES - Record Sales Reported Throughout the Company
HENDERSON, Nev., Nov 12, 2014 (GLOBE NEWSWIRE via COMTEX) --
via PRWEB - November 12, 2014 -- Quest Solution, Inc, "The Company" QUES, -1.18% is pleased to announce financial results for the quarter ending September 30, 2014.
Previously, the Company had taken an aggressive approach by committing up to 90% of EBITDA to be used to pay for the purchase of the Quest Solution subsidiary, but the parties have agreed to have this reduced to 35% of the EBITDA because of their belief in the Company and its direction.
Key financial results of operations for the period ended September 30, 2014 are summarized herein:
For the nine months ended September 30, 2014, unaudited total gross revenues were $26,287,892, an increase of $3,579,233 or 15.76% over the gross revenues of $22,708,659 for the same period ended September 30, 2013 when Quest Solution was a private company.
For the three months ended September 30, 2014, unaudited total gross revenues were $9,120,927, whereas in the same period ending September 30, 2013 the revenues were $7,774,940, reflecting an increase of $1,345,987, or 17.31% over the same period in 2013.
Gross margin for the 9 months ended September 30, 2014 was $5,012,487 reflecting a gross margin of 19.17%
The Company additionally reported non-cash expenses which were taken during the period. For the nine months ended September 30, 2014, $1,041,784 of non-cash expenses related to prior year payments has been taken as a current year expense as well as an additional $187,728 of non-cash expenses related to consulting contracts and warrants issued. This means these items (which did not cost the company any cash during 2014) equated to a reduction in income by $1,229,512 of non-cash expenses (or approximately $0.037 EPS) bringing the Company to a net income of $47,003. Without these non-recurring expenses the Company would have recorded an approximate $1,276,000 net profit for the nine month period.
"It is very positive to see the revenue growth displayed this quarter and especially over the last nine months," stated Jason Griffith, CEO, Quest Solution, Inc. "As in the prior quarter, the Company financials included non-cash accounting items on the financials which reduced our net income for the quarter; however, we are still very excited about the path in which our team is moving."
Additional Milestones from the period include:
Quest Solution, Inc. Named to CRN Fast Growth 150 List
Quest Solution, Inc. Named Datamax-O'Neil Premier Partner
Quest Solution, Inc. Secures $1+ Million Order with Alpha Baking
Kurt Thomet, President stated, "Stockholders, Investors, Vendors and Employees are an important part of this company. We have agreed to restructure the original payment terms of the company because we so strongly believe in our employees, in our markets, and in our strategies for continued profitable growth."
The full 10-Q filing is available on the SEC's website: http://www.sec.gov
For more information http://www.QuestSolution.com
HENDERSON, Nev., Nov 12, 2014 (GLOBE NEWSWIRE via COMTEX) --
via PRWEB - November 12, 2014 -- Quest Solution, Inc, "The Company" QUES, -1.18% is pleased to announce financial results for the quarter ending September 30, 2014.
Previously, the Company had taken an aggressive approach by committing up to 90% of EBITDA to be used to pay for the purchase of the Quest Solution subsidiary, but the parties have agreed to have this reduced to 35% of the EBITDA because of their belief in the Company and its direction.
Key financial results of operations for the period ended September 30, 2014 are summarized herein:
For the nine months ended September 30, 2014, unaudited total gross revenues were $26,287,892, an increase of $3,579,233 or 15.76% over the gross revenues of $22,708,659 for the same period ended September 30, 2013 when Quest Solution was a private company.
For the three months ended September 30, 2014, unaudited total gross revenues were $9,120,927, whereas in the same period ending September 30, 2013 the revenues were $7,774,940, reflecting an increase of $1,345,987, or 17.31% over the same period in 2013.
Gross margin for the 9 months ended September 30, 2014 was $5,012,487 reflecting a gross margin of 19.17%
The Company additionally reported non-cash expenses which were taken during the period. For the nine months ended September 30, 2014, $1,041,784 of non-cash expenses related to prior year payments has been taken as a current year expense as well as an additional $187,728 of non-cash expenses related to consulting contracts and warrants issued. This means these items (which did not cost the company any cash during 2014) equated to a reduction in income by $1,229,512 of non-cash expenses (or approximately $0.037 EPS) bringing the Company to a net income of $47,003. Without these non-recurring expenses the Company would have recorded an approximate $1,276,000 net profit for the nine month period.
"It is very positive to see the revenue growth displayed this quarter and especially over the last nine months," stated Jason Griffith, CEO, Quest Solution, Inc. "As in the prior quarter, the Company financials included non-cash accounting items on the financials which reduced our net income for the quarter; however, we are still very excited about the path in which our team is moving."
Additional Milestones from the period include:
Quest Solution, Inc. Named to CRN Fast Growth 150 List
Quest Solution, Inc. Named Datamax-O'Neil Premier Partner
Quest Solution, Inc. Secures $1+ Million Order with Alpha Baking
Kurt Thomet, President stated, "Stockholders, Investors, Vendors and Employees are an important part of this company. We have agreed to restructure the original payment terms of the company because we so strongly believe in our employees, in our markets, and in our strategies for continued profitable growth."
The full 10-Q filing is available on the SEC's website: http://www.sec.gov
For more information http://www.QuestSolution.com
