Business
Quest Resource Holding Reports Third Quarter 2020 Financial Results
THE COLONY, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental waste and
About this update from Quest Resource Holding Corporation
[{"type":"text","content":"THE COLONY, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) (\"Quest\"), a national leader in environmental waste and recycling services, today announced financial results for the third quarter ended September 30, 2020.\n Third Quarter 2020 Highlights Revenue was $23.7 million, a 0.9% decrease compared with the third quarter of 2019.Gross profit was $4.6 million, a 4.5% decrease compared with the third quarter of 2019.Gross margin was 19.2% of revenue, compared with 19.9% for the third quarter of 2019.Operating expenses decreased 2.4% to $4.4 million and included $355,000 ($0.02 per share) of professional fee expenses related to M&A related activities.Net (loss) income per share attributable to common stockholders was $(0.02) compared with $0.00 during the third quarter of 2019. Included within the net loss per share for the third quarter was a non-cash deemed dividend adjustment of $(205,000), or $(0.01) per share, attributable to a change in warrants issued in a March 2016 public offering of common stock.Adjusted EBITDA increased 15.0% to $989,000, compared with $860,000 during the third quarter of 2019. Year-to-Date 2020 Highlights (September 30, 2020) Revenue was $71.0 million, a 6.6% decrease compared with the same period of 2019.Gross profit was $13.5 million, a 4.2% decrease compared with the same period of 2019.Gross margin was 19.0% of revenue, a 50 basis point improvement compared with 18.5% for the same period of 2019.Other income of $1.4 million, or $0.09 per share, represented the use of PPP Loan proceeds to fund eligible expenses under the CARES Act.Net income (loss) per share attributable to common shareholders improved to $0.04, compared with $(0.01) during the same period of 2019. Included within the net loss per share for the third quarter was a non-cash deemed dividend adjustment of $(205,000), or $(0.01) per share, attributable to anti-dilution provisions of warrants issued in a March 2016 public offering of common stock.Year-to-date Adjusted EBITDA was $2.7 million, a 7.4% increase compared to the same period of 2019. “We delivered 15% growth in Adjusted EBITDA during the third quarter, reflecting stability in our customer base, our flexible cost structure, and a tight control over costs. While customer activity levels in those end markets that were most severely im...