ROLLING MEADOWS, IL — (Marketwire) — 11/22/11 — Quadrant 4 Systems Corporation (Quadrant) (OTCBB: QFOR) today announced its financial and operational results for the third quarter of 2011.
Revenues for the three months ended September 30, 2011 totaled $7,834,869 compared to $5,194,603 of revenue during the same period in 2010. The increase in revenues of $2,640,266 was primarily due to the inclusion of revenues from the Company-s acquisition of a new business entity on March 1, 2011.
Cost of revenue for the three months ended September 30, 2011 totaled $6,088,508 compared to the cost of revenue of $4,429,442 during the same period in 2010. The increase in the cost of revenue of $1,659,066 is due primarily to the inclusion of cost of revenue from the Company-s acquisition of a new business entity March 1, 2011.
Selling, general & administrative expenses for the three months ended September 30, 2011 totaled $465,753 compared to selling, general and administrative expenses of $270,992 during the same period in 2010. The increase in SG&A of $194,761 was primarily due to the inclusion of selling, general & administrative expenses from the Company-s acquisition of a new business entity on March 1, 2011.
Company reported an EBITDA of $1,280,608 for three months ended September 30, 2011. Due to non-cash items, the Company reported a net loss of $210,829 for the three months ended September 30, 2011 compared to a net loss of $347,083 for the same period in 2010. The decrease of $136,254 in net loss was due to the increased operations of the Company in the current period as compared to the prior period.
Revenues for the nine months ended September 30, 2011 were $21,837,195 compared to $10,618,254 of revenue during the same period in 2010. The increase in revenues of $11,218,941 was due to the inclusion of revenues from the Company-s acquisition of two new business entities on July 1, 2010 and March 1, 2011.
Cost of revenue for the nine months ended September 30, 2011 were $17,023,329 compared to cost of revenue of $9,176,428 during the same period in 2010. The increase in the cost of revenue of $7,846,901 was due to the inclusion of cost of revenues from the Company-s acquisition of two new business entities on July 1, 2010 and March 1, 2011.
Selling, general & administrative expenses for the nine months ended September 30, 2011 were $1,436,039 compared to selling, general & administrative expenses of $439,080 during the same period in 2010. The increase in selling, general & administrative expenses of $996,959 was primarily due to the inclusion of selling, general & administrative expenses from the Company-s acquisition of two new business entities on July 1, 2010 and March 1, 2011.
Company reported an EBITDA of $3,377,827 for nine months ended September 30, 2011. Due to non-cash items, the Company reported a net loss of $694,685 for the nine months ended September 30, 2011 compared to a net loss of $539,777 for the same period in 2010. The increase of $154,908 in the net loss for the nine months ended September 30, 2011 was primarily due to the increased operations of the Company in the current period as compared to the prior period.
Dhru Desai, Chairman of Quadrant 4, stated, “The third quarter 2011 represents another quarter of revenue growth for the Company with a positive EBITDA for the sixth consecutive quarter. Demand for our current IT services remains strong with our current clients while we have been able to develop several new relationships. The Company has multiple initiatives underway in terms of rolling out next generation cloud based solutions allowing enterprise clients to benefit from technologies such as social commerce, mobility and business intelligence. These initiatives will serve as a foundation for our growth in 2012. As we continue to execute our business plan and grow the Company, we look forward to keeping shareholders updated.”
To view the Company-s current Form 10-Q, please visit or click on the following link:
Quadrant 4 Systems Corporation delivers end-to-end information technology solutions to its clients through a unique blend of consulting, software development & maintenance, cloud based products and technology from its global delivery centers. The company currently focuses on Financial Services, Health Care, Retail, Manufacturing and Telecommunication sectors with a broad spectrum of services and technology practices that include ERP, SCM, CRM, e-Commerce, m-Commerce, SFA, Microsoft, Java and Legacy platforms, BI/DW, testing, platform migration, web technologies and others. The company plans to enter the IT enabled and managed services sector and cloud based services through business acquisitions and/or combination opportunities in the near future to further execute its articulated business strategy.
This release contains forward-looking statements which are subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipate,” “expects,” “estimates,” and similar expressions) should be considered to be forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934, as each is amended, for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. Certain factors (including but not limited to those risk factors identified from time to time in our filings with the Securities and Exchange Commission as well as changes in economic conditions; outcome of negotiations; changes in the Company-s access to necessary capital; outcome of litigation; volatility of capital markets; variability and timing of business opportunities; changes in accounting policies and practices; the effects of internal organizational changes; adverse state and federal regulation and legislation; and the occurrence of extraordinary or catastrophic events and terrorist acts; or other unforeseen changes in circumstances) could cause actual results and conditions to differ materially from those projected in such forward-looking statements. We do not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this release is based on information currently available and may not be reliable after this date.
Dhru Desai
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