Q4 Systems in Rolling Meadows sees 37 pct. 2Q hike
Q4 Systems Corp. in Rolling Meadows said second quarter revenue increased 37 percent over the same period last year as the IT solutions company completed recent acquisitions and expanded core services.
Revenue for the period was $9.1 million, compared to $6.7 million in the same period of 2012. Revenue was comprised of service-related sales of software programming, consulting and development services.
Gross profit for the quarter increased 88 percent to $2.4 million, compared to $1.3 million in the same period of 2012. Gross margin percentage improved to 27 percent during that time. compared to 19 percent in the second quarter last year.
We've completed the integration of our past acquisitions and formed a stable base business which is reflected in our numbers this quarter," said Dhru Desai, Q4 chairman of the board and chief financial officer. "In addition, this quarter Q4 achieved the very significant milestone of unveiling our flagship Health Exchange platform — QHIX — which is based on Q4's proprietary social media, mobility, analytics and cloud computing technologies. QHIX will establish Q4 as a significant player in the health care market segment.
"Q4's technology and solutions are perfectly positioned to help implementation of the Affordable Care Act. We have a robust pipeline and are excited about the set of opportunities we are currently pursuing both for our SaaS business as well as our IT services business," Desai added.
General and administrative expenses increased 59 percent to $1.3 million, compared to $800,000 in the same period of 2012, due to higher staffing, management and overhead costs associated with the integration of acquisitions completed in the first quarter of 2013.
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