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Quest Solution Reports Preliminary Revenues for Fiscal Year 2015 and Reaffirms 2016 Goals
EUGENE, OR / ACCESSWIRE / February 17, 2016 / Quest Solution, Inc. (OTCQB: QUES), a leading provider of software and hardware mobility solutions, today released preliminary unaudited revenues for the full year 2015, ending December 31, 2015.
Gilles Gaudreault, Chief Executive Officer of Quest Solution, Inc, commented, "This was a milestone year for Quest, involving two transformative mergers, robust organic growth and reaching profitability. Our preliminary unaudited fourth quarter results are within guidance, and we are encouraged by the improved sales mix involving a growing percentage of software and services. This improving mix is driving margin expansion, and with ample cross-selling opportunities in development, we are increasingly confident that 2016 will represent a breakout year for the combined company."
Preliminary results for the year and 2016 outlook:
- Preliminary unaudited revenues for the year 2015 are approximately $63 - 63.5 million, in-line with previously provided guidance.
- In addition, Quest booked approximately $8 million in deferred revenue during 2015, representing sold service contracts, with most of the cash already received, and most of this deferred revenue will be recognized over the next three years.
- As noted earlier in the fourth quarter, the company completed the redemption and cancellation of 900,000 common shares from the former founder of the company.
- Management is currently focused on unlocking the many merger-related synergies and integration initiatives related to the combination with ViascanQData.
- The Company's revenue outlook for 2016 suggests the strongest year ever for the company from the perspective of revenue, margin and product mix.
Mr. Gaudreault added, "This was a productive quarter for us, and while we had a number of normal acquisition and financing distractions with new partners and the combination with the Canadian entity, we are excited about what 2016 holds for us."
Scot Ross, Chief Financial Officer of Quest Solution, Inc. added, "Our independent auditors have been working diligently in our multiple locations. The acquisition integration process is well underway and the executive team is focused on looking at potential synergies, reducing duplicative costs and continuing to seek new and innovative ways of delivering the services and products of the combined companies. Profitability metrics and audited financial results will not be available until we have completed our annual audit and prepared our Form 10-K, but we wanted to provide our preliminary revenue figures to our shareholders. We expect to file our 10-K with the U.S. Securities and Exchange Commission on or before the March 30, 2016 deadline."
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