SCHAUMBURG, Ill., May 16, 2016 (GLOBE NEWSWIRE) -- Quadrant 4 System Corporation, a technology company offering SaaS platforms to the health and education industries, today reports earnings for the fiscal first quarter ending March 31, 2016.
First Quarter 2016 revenues were $11.94 Million and did not include $3.1 million deferred revenues resulting from the recent QHIX licensing agreement as disclosed in the recent 8-K filing dated May 2, 2016. The cost of sales also did not include $1.55 million of associated expenses relating to the licensing agreement resulting in EBITDA of $764,702 making it the 25th straight EBITDA positive quarter.
Dr. Nandu Thondavadi, Quadrant 4’s CEO, stated, “We have had a very busy quarter in both our education and healthcare divisions. Quadrant 4 is undergoing a major pivot of the organizational structure, shifting resources toward our SaaS offerings. In the short term, this pivot is negatively affecting our top line and other financial metrics but is allowing us to position the company for far greater revenue growth and profitability in the near future.”
In January, Quadrant 4’s Education division released an innovative STEM curriculum in partnership with ROBOKIND. The program is available via the EmpowerED platform featuring introductory content on programming, mobile application development as well as advanced social robotics. The release of the curriculum is aligned with President Obama’s new Computer Science for All K-12 initiative pushing to empower students to learn computer science. Positive feedback from schools and districts has since resulted in additional instructional content providers approaching us to similarly distribute on the EmpowerED platform.
In March, Quadrant 4’s Health division signed a significant partnership agreement granting a license to integrate and resell the QHIX platform to their client list of over 400 health plans and health care providers across the country. A joint press release announcing the specifics of this exciting partnership is forthcoming. In the meantime, you may review Quadrant 4’s recent 8-K filing dated May 2, 2016 for more detail on this agreement.
Dhru Desai, Quadrant 4’s CFO, added, “Our recent healthcare partnership is the perfect example of what can happen once an organization pivots and focuses on new strategic initiatives. Our subject matter expertise and R&D efforts produced a best of breed product, QHIX that as a result of winning a rigorous selection process received tremendous market validation. This partnership solidifies Quadrant 4’s commitment to transition to a SaaS provider. We are confident our efforts in the Healthcare and Education sectors will have a positive effect on both the top and bottom line far exceeding what we would have achieved prior to our transition.”
Quadrant 4 is hosting a call with its shareholders and the investment community to discuss the company's financial performance and provide a business update on Wednesday, May 18, 2016 at 4:30 PM EDT. The Company's 10-Q 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 #: 8307710. Please dial in 15 minutes early. 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 (Ticker:QFOR) 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’s 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.