Quintek Posts Record Corporate Revenues for the First Nine Months of Fiscal Year 2006; Revenues Increase of 105% over Same Period in 2005
Quintek Technologies Inc. (OTCBB:QTEK), a global provider of Business Process Outsourcing (BPO) and best-of-breed technology consulting services, announced today that the company's revenues for the first nine months of fiscal year 2006 increased 105%. Revenues for the nine months grew from $844,726 in 2005 to a record $1,728,759. During the same period, net cash used in operating activities dropped 45% from $1,127,413 to $620,015 representing a decline of $507,398. Quintek reports on a June 30 fiscal year.
Additionally, for the third quarter ending March 31, 2006, the company's revenues increased from $408,047 to $499,879. This represents a 23% increase from the same quarter in the prior year.
Robert Steele, Quintek's CEO, stated, "The revenues for the past nine months represent another record for Quintek." He added: "More important is the reduction in net cash used in operating activities. Our revenues continue to grow to record results as we reduce operating costs." He ended, "Achieving growth and reducing operating cost continues to be a focus."
About Quintek Technologies Inc.
Quintek Technologies Inc. (OTCBB:QTEK), through its wholly owned subsidiaries Quintek Services Inc. (QSI), and Sapphire Consulting Services Inc., provides services to enable Fortune 500 and Global 2000 corporations to reduce costs and maximize revenues.
QSI delivers Business Process Outsourcing (BPO) services and solutions that enable companies to secure and manage their key data processing demands with optimal efficiency and minimal costs. As a next-generation technology company, Quintek is unhindered by outdated information technology systems, and thus is able to deploy best-of-breed solutions in all aspects of BPO. The Aberdeen Group, a provider of IT market intelligence, forecasts 13% annual growth for the BPO industry through 2005, when the market is projected to reach $248 billion.
Sapphire Consulting Services Inc. offers a broad range of supply chain management consulting services. Sapphire assists organizations to create a higher level of customer satisfaction, enhance supply chain capability and achieve consistent competitive advantage through reduced product cost, reduced inventory investment and improved supply chain security. A study by IDC found the SCM services market will expand from $26.1 billion in 2002 to $40.5 billion in 2007, representing a five-year compound annual growth rate (CAGR) of 9.2%.
For more information, visit http://www.quintek.com.
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Quintek to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in Quintek's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2005 and any subsequent reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Quintek assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, inability to timely develop of products or services, inability to deliver products or services when ordered, inability of potential customers to pay for ordered products or services, and political and economic risks inherent in domestic and international trade.
Quintek Technologies Inc.
Andrew Haag, 714-848-7741, ext. 14
ahaag@quintek.com
or
Cinapsys Inc.
Mark Moline, 760-458-4899
mark@cinapsys.com
