Technology solutions company Quadrant 4 Systems today announced that it has engaged a new audit firm, Sassetti LLC, to complete the audit of its financial statements for the year ended December 31, 2011. Quadrant said it does not anticipate that its financial statements will be subject to any material revision and therefore offered guidance for full year 2011.
The company estimates gross revenues will be approximately $30 million compared to gross revenues of $15.2 million for full year 2010. The company attributes the roughly 50-percent revenues increase to its acquisition of subsidiary Quadrant 4 Solutions Inc. and its associated business.
EBITDA for the year will be approximately $4.5 million compared to EBITDA of $1.4 million reported for 2010.
Full year 2011 net loss is forecast at approximately $200,000 for the year ended December 31, 2011, compared to the net loss of $2.2 million reported for the year ended December 31, 2010.
For first quarter ended March 31, 2012, the company anticipates gross revenues of approximately $6.8 million with an EBITDA of approximately $700,000.
Quadrant said it will discuss the delay in completion of the audit in its annual and quarterly reports.
For more information visit www.quadrantfour.com
Let us hear your thoughts below: