OMNIQ Corp (OMQS)

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https://seekingalpha.com/pr/17155755-quest-solution-reports-progress-turnaround-plan-fiscal-year-2017-results

Quest Solution Reports Progress on Turnaround Plan And Fiscal Year 2017 Results

EUGENE, Ore., May 08, 2018 (GLOBE NEWSWIRE) -- Quest Solution, Inc. (QUES), a specialty systems integrator focused on field and supply chain mobility announced progress on its turnaround plan and its financial results for the year ended December 31, 2017.

Highlights

Turnaround

Total operating expenses decreased $1M to $12.2M for year ended December 31, 2017, a $1.1 saving following the execution of August 2017 turnaround plan.

Efficiency steps including consolidation of operations and a 44% reduction in headcount partially impacted 2017 and will have a full impact on 2018 results.

$15.4M of debt was eliminated by settlement agreements; Minimal potential dilution of up to 15% of the Company shares.

Shareholders’ Equity as of December 31, 2017 improved by $13.6M to a deficit of $1.2 compared to a deficit of $14.8M in 2016.

Total liabilities as of December 31, 2017 decreased by over $20 million.
Financial Results:

Net cash provided from operations increased to $7.5M in fiscal year 2017 from $5.7M in 2016.

Revenue for 2017 was $54.5M down from $60M in 2016 due to a discharge of non-profitable business.

Adjusted EBITDA plus Stock Based Compensation for Fiscal Year 2017 increased by 78% to $1.78M

Net loss from Continuous Operations decreased from $7.5M in fiscal year 2016 to $2.4 in Fiscal Year 2017.

Approximately $12M decrease in Net loss attributable to the common stockholders from $14.2M ($0.4 per share) to $2.1 ($0.06 per share).
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