Quest Resource Holding Reports First Quarter 2019 Financial Results

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THE COLONY, Texas, May 15, 2019 (GLOBE NEWSWIRE) -- Quest Resource Holding Corporation (NASDAQ: QRHC) ("Quest"), a national leader in environmental reuse, recycling, and waste disposal services, today announced financial results for the first quarter ended March 31, 2019.

"First quarter results were in line with our expectations.  The growth of the top line and gross profit during the first quarter reflects continued success in finding opportunities to add value to our customers.  We are increasing locations, serving additional waste streams, and providing more services to our existing customers, and in turn, bolstering the strategic nature of our relationships,” said S. Ray Hatch, President and Chief Executive Officer. “In addition, we are pleased with the progress we are making with new customers as our pipeline continues to grow. With the combination of expanding business from our existing customers and a growing pipeline of new customer opportunities, we continue to expect double-digit growth in top line and gross profit dollars this year and to generate mid-teen gross margins.  Coupled with the operating leverage inherent in our business model, we expect to grow net income and adjusted EBITDA.”

Quest will conduct a conference call Wednesday, May 15, 2019, at 5:00 p.m. Eastern Time, to review the financial results for the first quarter ended March 31, 2019. Investors interested in participating on the live call can dial 1-800-289-0438 within the U.S. or 1-323-794-2423 from abroad.  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 . A replay of the webcast will be archived on Quest’s investor relations website for 90 days.

In 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 Loss to Adjusted EBITDA.")

Quest is a national provider of reuse, recycling, and disposal services that enable our 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 .

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 continued expectation of double-digit growth in top line and gross profit dollars this year and to generate mid teen gross margins; our expectation to grow net income and adjusted EBITDA;  our belief 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; our belief that our definition of an adjusted financial 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.  These statements are based on our current expectations, estimates, projections, beliefs, and assumptions.  Such statements involve significant risks and uncertainties.  Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including, but not limited to, competition in the environmental services industry, the impact of the current economic environment, and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC), including our Report on Form 10-K for the year ended December 31, 2018.  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 Contacts:

Three Part Advisors, LLCJoe Noyons 817.778.8424

Financial Tables Follow

More news and information about Quest Resource Holding Corporation

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Globe Newswire: 21:05 GMT Wednesday 15th May 2019

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