Quadrant4 Systems Corporation Announces Engagement of New Audit Firm and Offers Guidance, Pending Audit, of Performance of FY...
June 19 2012 - 8:15AM
Marketwired
Quadrant 4 Systems Corporation (OTCQB: QFORE) today announced that
it has engaged a new audit firm, Sassetti LLC, to complete the
audit of its financial statements for the year ending December 31,
2011. The Company does not anticipate that its financial statements
will be subject to any material revision and therefore, in
anticipation of publishing audited financials for the Annual Report
under Form 10-K, the Company offers the following guidance:
- We anticipate that the gross revenues will be approximately
$30,000,000 for the year ending December 31, 2011 compared to gross
revenue of $15,233,596 reported for the year ending December 31,
2010. This increase over the similar previous period was the result
of acquisition of our subsidiary, Quadrant 4 Solutions, Inc. and
its associated business.
- We anticipate that the earnings before income taxes,
depreciation, and amortization (EBITDA) for the year ending
December 31, 2011 will be approximately $4,500,000 compared to
EBITDA of $1,449,705 reported for the year ending December 31,
2010. We anticipate that the net loss will be approximately
$200,000 for the year ending December 31, 2011 compared to the net
loss of $2,252,002 reported for the year ending December 31,
2010.
The Company anticipates filing its Periodic Report for the First
Quarter under Form 10-Q immediately after filing its 10-K and
resuming its reporting obligations thereafter. In anticipation of
publishing financials (unaudited) for the Quarterly Report under
Form 10-Q, the Company offers the following guidance:
- We anticipate that the gross revenues will be approximately
$6.8 million for the quarter ending March 31, 2012 with an EBITDA
of approximately $700,000
The delay in completion of the audit was related to difficulties
in transition planning and scheduling with the audit firm and will
be discussed in the Annual and Quarterly Reports. The Company
offers this guidance to keep the investment community informed
during this delay in completion of its annual report.
Mr. Dhru Desai, CFO and Executive Chairman, commented, "We
appreciate the support and patience of the investment community.
Our company is on track with regards to its business plan
execution. We are very pleased with our overall performance last
year and are eager to complete the formal reporting process as soon
as possible."
About Quadrant4 Systems Corporation
Quadrant4 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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Investor Contact BPC Financial Marketing John Baldissera
800-368-1217