ROLLING MEADOWS, IL--(Marketwire - 05/26/11) - Quadrant 4 Systems Corporation (Quadrant) (OTC.BB:ZLON - News) -- formerly known as Zolon Corporation today announced its financial and operational results for the first quarter of 2011.
Financial and Operational Highlights:
•Revenues for the three months ended March 31, 2011 were $5,434,993 compared to revenues of $11,725 for the same period 2010 •The increase in revenues was due to the Company's acquisition of three entities during the year ended December 31, 2010 and one entity in 2011
•Reported EBITDA for the three months ended March 31, 2011 was $760,696
•Operating expenses for the three months ended March 31, 2011 were $1,014,936 compared to operating expenses for the three months ended March 31, 2010 of $19,105 •Operating expenses are comprised primarily of general and administrative costs of the Company. Included in operating expenses was $659,513 of amortization expense for customer lists acquired by the company during 2010
Dhru Desai, Chairman of the Board for Quadrant 4, stated, "The period ending March 31, 2011 completed one full year of operations since we adopted the new business plan. We entered the IT and Software enabled products and services markets last year. The Company has seen a steady growth in its client base and global delivery capability as we continue to execute our growth plans. We are very pleased with our progress as this past quarter marks fourth consecutive quarter of us delivering positive EBITDA of approximately 10% every quarter with an aggregate revenue over four quarters exceeding $20 Million.
Dr. Nandu Thondavadi, CEO of Quadrant 4 Systems said, "We currently serve over 150 customers and are gaining momentum in our focused verticals -- Financial Services, Health Care and Telecom. Our EBITDA performance above the industry benchmarks clearly evidences our ability to deliver synergy costs in our acquisitions. We are gaining momentum with our cross and up selling initiatives especially with our newly established global delivery engine."
Management invites all interested parties to join them on the call to discuss the Company's first quarter results and recent developments.
Conference Call Details
Date: June 2, 2011
Time: 4:15 PM ET
Dial-in: Toll-free 1-877-941-1427
Toll/International 1-480-629-9664
It is recommended that participants phone-in approximately 5 to 10 minutes prior to the start of the 4:15 P.M. call. A replay of the conference call will be available until June 9, 2011 by dialing toll-free 1-877-870-5176 Pin Number 4444916 or toll/international 1-858-384-5517 Pin Number 4444916
To view the Company's current Form 10-Q, please visit www.sec.gov or click on the following link:
http://sec.gov/Archives/edgar/data/878802/000118518511000790/quadrant4systems10q033111.htm
About Quadrant 4 Systems Corporation
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.
Forward-Looking Statements
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.
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