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Quest Resource Holding Corporation (QRHC)

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2.9300-0.1500 (-4.87%)
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Previous Close3.0800
Open3.1290
Bid2.8700 x 900
Ask2.9400 x 800
Day's Range2.8700 - 3.1300
52 Week Range1.1000 - 3.6000
Volume71,437
Avg. Volume60,433
Market Cap53.857M
Beta (5Y Monthly)1.26
PE Ratio (TTM)62.34
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Quest Resource Holding Reports Third Quarter 2020 Financial Results
    GlobeNewswire

    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 recycling services, today announced financial results for the third quarter ended September 30, 2020. 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 impacted by COVID-19 are still below last year, volumes have improved sequentially and are stabilizing. Partially offsetting the headwind in these markets, we continue to see strength in other areas, such as grocery and specialty retail, which make up a large portion of our overall mix,” said S. Ray Hatch, President and Chief Executive Officer. “While there is still near-term uncertainty regarding the direction and pace of an economic recovery, we are encouraged that since the end of the quarter, we have seen pockets of growth from the expansion of programs with existing customers and the movement of new opportunities in our sales pipeline.In addition, we completed our first acquisition as part of our broader M&A strategy, further leveraging the scale and scope of our national service platform. The acquisition of Green Remedies Waste & Recycling brings the potential for additional growth in an attractive end market, as well as significant EBITDA contribution. We expect that continued support of our customers, organic growth opportunities in our pipeline, and contributions from acquisitions like Green Remedies provide diversified revenue mix, ongoing revenue and gross profit growth, increased profitability through operating leverage, and attractive shareholder returns.”Third Quarter 2020 Earnings Conference Call and WebcastQuest will conduct a conference call today, November 16, 2020, at 5:00 PM ET, to review the financial results for the third quarter ended September 30, 2020. Investors interested in participating on the live call can dial 1-866-548-4713 within the U.S. or 1-323-794-2093 from abroad, referencing conference ID: 2631839. The conference call, which may include forward-looking statements, is also being webcast and is available via the investor relations section of Quest’s website at http://investors.qrhc.com/. A replay of the webcast will be archived on Quest’s investor relations website for 90 days.Reconciliation of U.S. GAAP to Non-GAAP Financial MeasuresIn this press release, a non-GAAP financial measure, "Adjusted EBITDA," is presented. From time-to-time, Quest considers and uses this supplemental measure of operating performance in order to provide an improved understanding of underlying performance trends. Quest believes it is useful to review, as applicable, both (1) GAAP measures that include (i) depreciation and amortization, (ii) interest expense, (iii) stock-based compensation expense, (iv) income tax expense, and (v) certain other adjustments, and (2) non-GAAP measures that exclude such items. Quest presents this non-GAAP measure because it considers it an important supplemental measure of Quest's performance. Quest's definition of this adjusted financial measure may differ from similarly named measures used by others. Quest believes this measure facilitates operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's GAAP measures. (See attached table "Reconciliation of Net Income (Loss) to Adjusted EBITDA.")About Quest Resource Holding Corporation Quest is a national provider of waste and recycling services to customers from across multiple industry sectors that are typically larger, multi-location businesses. In addition, Quest’s programs and services enable customers to address their environmental and sustainability goals and responsibilities. Quest provides information that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables customers to address their environmental and sustainability goals and responsibilities. For more information, visit www.qrhc.com.Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include, but are not limited to, our belief we have operations in place to sustainably support profitability while consistently providing excellent customer service; our belief that our outlook for growth from our existing customer base remains solid and our pipeline of new business is growing; our belief that our acquisition of Green Remedies brings the potential for additional growth and significant EBITDA contribution; our expectation that continued support of our customers, organic growth opportunities in our pipeline, and contributions from acquisitions like Green Remedies provide diversified revenue mix, ongoing revenue and gross profit growth, increased profitability through operating leverage, and attractive shareholder returns; and our belief that the financial measures contained in this press release facilitate operating performance comparisons from period to period. These statements are based on our current expectations, estimates, projections, beliefs, and assumptions. Such statements involve significant risks and uncertainties. You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.Investor Relations Contact:Three Part Advisors, LLC Joe Noyons 817.778.8424 Quest Resource Holding Corporation and SubsidiariesSTATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts)  Three Months Ended  Nine Months Ended   September 30,   September 30,     2020   2019   2020   2019   Revenue $23,701  $23,926  $71,002  $76,020  Cost of revenue  19,144   19,154   57,527   61,956  Gross profit  4,557   4,772   13,475   14,064  Selling, general, and administrative  4,291   4,221   12,678   12,663  Depreciation and amortization  150   330   818   982  Total operating expenses  4,441   4,551   13,496   13,645  Operating income (loss)  116   221   (21)  419  Other income  150   —   1,408   —  Interest expense  (73)   (119)  (244)  (344) Loss on extinguishment of debt  (168)  —   (168)  —  Income before taxes  25   102   975   75  Income tax expense  92   55   64   165  Net income (loss) $(67)  $47  $911  $(90) Deemed dividend for warrant down round feature  (205)    —   (205)  —  Net income (loss) applicable to common stockholders $(272)  $47  $706  $(90) Net income (loss) per common share:                Basic $(0.02) $0.00  $0.04  $(0.01) Diluted $(0.02) $0.00  $0.04  $(0.01)                       Weighted average number of common shares outstanding:                     Basic  17,290   15,350   16,055    15,340  Diluted  17,290   15,399   16,070    15,340  RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (Unaudited) (In thousands)  Three Months Ended  Nine Months Ended     September 30,    September 30,       2020    2019   2020    2019   Net income (loss) $(67) $47  $911  $(90) Depreciation and amortization  176   354   872   1,056  Interest expense  73   119   244                   344  Stock-based compensation expense  324   285   1,101   758  Other adjustments  391   —   (528)  248  Income tax expense  92   55   64   165  Adjusted EBITDA $989  $860  $2,664  $2,481  BALANCE SHEETS (In thousands, except per share amounts)  September 30,  December 31,   2020  2019    (Unaudited)     ASSETS        Current assets:        Cash and cash equivalents $6,427  $3,411  Accounts receivable, less allowance for doubtful accounts of $873 and $767 as of September 30, 2020 and December 31, 2019, respectively  15,151   13,900  Prepaid expenses and other current assets  1,343   1,110  Total current assets  22,921   18,421           Goodwill  58,208   58,208  Intangible assets, net  915   1,591  Property and equipment, net, and other assets  2,545   2,436  Total assets $84,589  $80,656           LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities:        Accounts payable and accrued liabilities $13,011  $13,317  Deferred revenue and other current liabilities  22   19  Total current liabilities  13,033   13,336           Revolving credit facility, net  4,163   4,535  Other long-term liabilities  659   1,141  Total liabilities  17,855   19,012           Commitments and contingencies                 Stockholders’ equity:        Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued or outstanding as of September 30, 2020 and December 31, 2019  —   —  Common stock, $0.001 par value, 200,000 shares authorized, 18,381 and 15,373 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively  18   15  Additional paid-in capital  165,239   160,858  Accumulated deficit  (98,523)  (99,229) Total stockholders’ equity  66,734   61,644  Total liabilities and stockholders’ equity $84,589  $80,656

  • Quest Resource Holding Corporation to Report Third Quarter 2020 Financial Results and Host Earnings Call on November 16, 2020
    GlobeNewswire

    Quest Resource Holding Corporation to Report Third Quarter 2020 Financial Results and Host Earnings Call on November 16, 2020

    THE COLONY, Texas, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (Nasdaq:QRHC) ("Quest"), a national leader in environmental waste and recycling services, announced that it will release results for its third quarter ended September 30, 2020, on Monday, November 16, 2020, after market close. Ray Hatch, President and Chief Executive Officer, and Laurie Latham, Chief Financial Officer, will host a conference call that same day at 5:00 PM ET, to review the Company's financial results and business outlook. Investors interested in participating on the live call can dial 1-866-548-4713 within the U.S. or 1-323-794-2093 from abroad, referencing conference ID: 2631839. Investors can also access the call online through a listen-only webcast on the investor relations section of Quest’s website at http://investors.qrhc.com/.The webcast, which may include forward-looking information, will be archived on Quest’s investor relations website for at least 90 days and a telephonic playback of the conference call will be available by calling 1-844-512-2921 within the U.S. and 1-412-317-6671 from abroad. The replay passcode is 2631839. The telephonic playback will be available beginning at 8:00 PM ET on Monday, November 16, 2020, and continuing through 11:59 PM ET on Monday, November 30, 2020. For more information on Quest Resource Holding Corporation, visit www.qrhc.com .About Quest Resource Holding Corporation Quest is a national provider of waste and recycling services that enable customers to achieve and satisfy their environmental and sustainability goals and responsibilities. Quest provides businesses across multiple industry sectors with single source, customer specific solutions to address a wide variety of waste streams and recyclables generated by their operations. Quest also provides information and data that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables Quest’s customers to achieve and satisfy their environmental and sustainability goals and responsibilities.For more information, visit www.qrhc.com.Investor Relations Contact: Three Part Advisors, LLC - Joe Noyons • 817.778.8424

  • Quest Resource Holding Corporation to Present Virtually and Host 1x1 Investor Meetings at the 12th Annual Southwest IDEAS Investor Conference on November 19th
    GlobeNewswire

    Quest Resource Holding Corporation to Present Virtually and Host 1x1 Investor Meetings at the 12th Annual Southwest IDEAS Investor Conference on November 19th

    THE COLONY, Texas, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (Nasdaq: QRHC) (“Quest”), a national leader in environmental waste and recycling services, today announced Ray Hatch, Chief Executive Officer and Laurie Latham, Chief Financial Officer will participate in the virtual Southwest IDEAS Investor Conference on November 19, 2020. Quest’s presentation will be webcast and is scheduled to be available at 7:00 am CST on November 18th. The presentation can be accessed through the Southwest IDEAS conference portal for registered participants, in the investor relations section of the Company's website, and on the IDEAS conference website: www.IDEASconferences.com. About IDEAS Investor ConferencesThe mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals. Unlike traditional bank-sponsored events, IDEAS Investor Conferences are “Sponsored BY the Buyside FOR the Buyside” and for the benefit of regional investment communities. Conference sponsors collectively have more than $200 billion in assets under management and include: Adirondack Research and Management, Allianz Global Investors: NFJ Investment Group, Ariel Investments, Aristotle Capital Boston, Barrow Hanley Mewhinney & Strauss, BMO Global Asset Management, Constitution Research & Management, Inc., First Wilshire Securities Management, Inc., Gamco Investors, Granahan Investment Management, Great Lakes Advisors, Greenbrier Partners Capital Management, LLC, Hodges Capital Management, Ironwood Investment Management, Keeley Teton Advisors, Luther King Capital Management, Marble Harbor Investment Counsel, Perritt Capital Management, Punch & Associates, Westwood Holdings Group, Inc., and William Harris Investors.The IDEAS Investor Conferences are held annually in Boston, Chicago and Dallas and are produced by Three Part Advisors, LLC. Additional information about the events can be located at www.IDEASconferences.com.If interested in meeting with Mr. Hatch & Mrs. Latham, or learning more about the IDEAS conferences, please contact Joe Noyons at (817) 778 -8424 or jNoyons@threepa.com.About Quest Resource Holding Corporation Quest is a national provider of services that enable customers to achieve and satisfy their environmental and sustainability goals and responsibilities.  Quest provides businesses across multiple industry sectors with single source, customer specific solutions to address a wide variety of waste streams and recyclables generated by their operations.  Quest also provides information and data that tracks and reports the environmental results of Quest’s services, provides actionable data to improve business operations, and enables Quest’s customers to achieve and satisfy their environmental and sustainability goals and responsibilities. For more information, visit www.qrhc.com.Investor Relations Contact: Three Part Advisors, LLC Joe Noyons 817.778.8424