$QUES serious Potential! Quest Solution, Inc. Restructures Purchase, Files 3rd Quarter Report, Reports Q3 Financials and Records 15.76% Year over Year Increase in Revenue
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:
The full 10-Q filing is available on the SEC's website: http://www.sec.gov
For more information http://www.QuestSolution.com
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.
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The full 10-Q filing is available on the SEC's website: http://www.sec.gov
For more information http://www.QuestSolution.com
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