HUNTINGTON BEACH, Calif., May 19, 2005 (PRIMEZONE) -- Quintek Technologies, Inc. (OTCBB:QTEK), a provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, today announced its quarterly financial results. The Company reported record revenues for the quarter ending March 31, 2005, maintaining the strong revenue growth reported in recent quarters and further validating the continued effectiveness of the Company's business plan.
Revenues for the quarter totaled $408,047, compared to $46,885 for the quarter ending March 31, 2004. This represents an 873% increase in revenues over the same quarter last year. The newly reported revenues also showed a strong 27.5% quarter-over-quarter increase compared to the prior period, which ended December 31, 2004.
Quintek CEO Robert Steele said the quarterly results demonstrates the value of the Company's business plan to provide best-of-breed Business Process Outsourcing (BPO) services to Fortune 500 and Global 2000 corporations. "We have been successful in executing our long term business model to develop new contracts and new lines of business within our BPO unit," said Mr. Steele. "In fact, these third quarter revenues exceeded the revenue total the Company reported in its entire 2004 fiscal year. The business plan we have enacted called for expansion of our sales force, and addition of new core services, which we have successfully done. The record revenues we've achieved in the last quarter are the best reflection of the success of our robust business model."
Quintek has now delivered four consecutive quarters of revenue growth and expects to continue its quarter-over-quarter revenue growth. At the same time the balance sheet has continued to improve. Assets have grown 31% over the last quarter from $919,315 to $1,204,456. Over the last four quarters, assets have grown from $147,275 to $1,204,456, while liabilities have not grown and remained rough flat near $2.2 million. The company believes that it will continue this trend of improving its balance sheet quarter-by-quarter. According to analysts, the BPO sector is expected to grow to $248 billion in 2005, contributing to the growth of such leading BPO providers as EDS and Oracle Corp. Quintek has also recently announced its entry into the Supply Change Management (SCM) services business, a sector that's closely related to the BPO services industry. According to market research firm IDC, the market for SCM-related services totals approximately $40 billion. "The continued growth in revenues is leading to a larger asset base for the Company," said Andrew Haag, Quintek's Chief Financial Officer. "We continue to build the Company by adding recurring revenue streams and lines of business in high growth areas. We believe this recently quarterly report should continue to attract attention of new and larger investors and add value to our Company for the benefit of its owners, the shareholders."
About Quintek Technologies, Inc.
Quintek Technologies, Inc. (OTCBB:QTEK), through its wholly owned subsidiaries Quintek Services, Inc. (QSI), and Sapphire Consulting Services, Inc. provide services to enable Fortune 500 and Global 2000 corporations to reduce costs and maximize revenues. QSI delivers Business Process Outsourcing (BPO) services and solutions that enable companies to secure and manage their key data processing demands with optimal efficiency and minimal costs. As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO. The Aberdeen Group, a provider of IT market intelligence, forecasts 13% annual growth for the BPO industry through 2005, when the market is projected to reach $248 billion.
Sapphire Consulting Services, Inc. offers a broad range of supply chain management consulting services. Sapphire assists Organizations to create a higher level of customer satisfaction, enhance supply chain capability and achieve consistent competitive advantage through reduced product cost, reduced inventory investment and improved supply chain security. A study by IDC found the SCM services market will expand from $26.1 billion in 2002 to $40.5 billion in 2007, representing a five-year compound annual growth rate (CAGR) of 9.2%
For more information, visit http://www.quintek.com. For more investor-specific information, including daily and historical company stock quote data and recent news releases, please visit http://www.trilogy-capital.com/tcp/quintek. To read or download the company's Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/quintek/factsheet.html.
Safe Harbor Statement
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Quintek to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Quintek's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2004 and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Quintek assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade. Source: Quintek Technologies, Inc.