Excel is a COM Automation Server.
Even though you call Application.Quit() and you Release the Reference to the COM object, the exe itself will not end. You will still be able to see it in task manager. Making further calls to Excel will use the running instance.
The Excel instance will exit after your application (thread, session, etc..) closes.
Ever get "RPC server not found/running" type COM errors? Now you know why.
See also (this has been asked many times on SO):
c# and excel automation - ending the running instance