HENDERSON, Nev., Nov. 12, 2014 (GLOBE NEWSWIRE) -- via PRWEB - November 12, 2014 -- Quest Solution, Inc, "The Company" (OTCBB: QUES), 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
About Quest Solution, Inc.:
Quest Solution, Inc. is a leading provider in the technology, software, and mobile data collection systems business. The Company intends on continuing to acquire existing companies with revenues and positive cash flow.
Quest Solution, Inc. serves as a national mobility systems integrator with a focus on design, delivery, deployment and support of fully integrated mobile solutions. The Company takes a consultative approach by offering end to end solutions that include hardware, software, communications and full lifecycle management services. The highly tenured team of professionals simplifies the integration process and delivers proven problem solving solutions backed by numerous customer references.
Information about Forward-Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Quest Solution, Inc's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in Quest Solution Inc.'s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include statements regarding growth in our parts and vehicle sales and increases in our ability to produce new products. For a more detailed description of the risk factors and uncertainties affecting Quest Solution, Inc. please refer to the Company's recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. Quest Solution, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Quest Solution Investor Relations & Financial Media:
I.M.I.
888-216-3595
info(at)integrityir.com
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