SCHAUMBURG, Ill., Aug. 16, 2016 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation (QFOR) ("Quadrant 4" or the "Company") a technology company offering SaaS platforms to the health and education industries, today reports earnings for the fiscal second quarter ending June 30, 2016.
Second Quarter 2016 Highlights
- Total revenue was $14.6 million, an increase of 11% compared to the second quarter of 2015
- Gross Profit was $6 million, an increase of 12% compared to the second quarter of 2015
- Gross Margin Percentage was 41%, an increase of 12% compared to the second quarter of 2015
- EBITDA was $2.9 million, an increase of 72% compared to the second quarter of 2015
- Net Income was $1 million, an increase of 704% compared to the second quarter of 2015
Dhru Desai, Quadrant 4's Executive Chairman, stated, “Our second quarter results included recognition of $3.1 million revenue that was deferred in the first quarter which significantly contributed to our overall performance. We have been strategically transforming our business towards the SaaS model by allocating more resources in the last two quarters. Our key channel partnership for QHIX will give us an opportunity to deploy the platform in several of the nation’s 400+ health plans/payers and healthcare providers across the country covering over 150 million members. Our education unit established significant relationships with a few key Independent School Districts recently which will further validate our software platforms.”
Quadrant 4 will be hosting a call with its shareholders and the investment community to discuss the company's financial performance and provide a business update on Thursday, August 18, 2016 at 10 AM EDT. The Company's 10-Q for the period ending June 30, 2016 has been filed with the SEC and is available both on the SEC and the Company’s web site, www.qfor.com.
To participate on the conference call, please dial (888) 317-6003 from the U.S. or (412) 317-6061 from outside the U.S. and enter conference ID #:1809261. Please dial in 15 minutes early. Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of Quadrant 4's website at www.qfor.com. Beginning one hour after the call ends, an archive of the webcast will be available for 90 days at www.qfor.com.
About Quadrant 4 System Corporation
Quadrant 4 System Corporation empowers digital transformation in education and healthcare through robust Software-as-a-Service (SaaS) platforms and highly specialized professional services. Please visit http://qfor.com for more information.
Quadrant 4’s Health division provides consumer engagement, shopping, enrollment and benefits administration solutions in a way that brings together a typically disjointed collection of stakeholders, vendors, partners and users into a cohesive mosaic. Together, it is greater efficiency through technology, brought to you by QHIX – a platform converging consumer friendly purchasing, decision-making support, engagement services, benefits administration and financial management. Explore more at http://quadrant4health.com.
Quadrant 4’s Education division delivers a suite of connected cloud-based applications that brings students, families, teachers and administrators together to ensure a student’s learning process is meaningful, flexible and complete. EmpowerED Solutions™ is a central, secure platform that combines and transforms data from multiple databases into highly usable information that supports effective academic assessment and intervention, real-time reporting and decision support. Explore more at http://quadrant4edu.com.
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 should be considered to be forward-looking statements. Certain factors 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.