Sales Increase by 17% Over FY2014 Results
CALGARY, ALBERTA--(Marketwired - April 25, 2016) - Quorum Information Technologies Inc. ("Quorum" or the "Company") (TSX VENTURE:QIS) today released its Fiscal Year (FY) 2015 results. Quorum delivers its dealership management system (DMS), XSELLERATOR™, and related services to General Motors, Chrysler, Ford, Toyota, Hyundai, Kia, Nissan, Subaru, NAPA and Bumper to Bumper franchised dealership customers as well as some non-automotive dealerships throughout North America.
Maury Marks, Quorum's President and CEO made the following remarks about the Company's FY2015 operational and financial results:
Operational results highlights for FY2015 are as follows:
Dealership Success Scorecard(1) |
Communicator - Dealerships utilizing Communicator: 182 |
Messages in FY2015: 3,260,903 |
Year over year message growth: 270% |
M3 (VIP only) - Dealerships utilizing VIP: 83 |
Total FY2015 incremental Customer Pay revenue: $51,115,825 |
Year over year revenue growth: 190% |
Sales CRM - Dealerships trained: 30 |
Total # of dealerships that have moved away from 3rd party CRM systems: 9 |
Financial Results highlights for FY2015 are as follows:
In February FY2016 Quorum was ranked on the 2016 TSX Venture 50© list. Quorum was listed as one of the top 10 companies in the technology sector based on the criteria of market capitalization growth, share price appreciation and trading volume.
This award really belongs to our employees, whose innovation and dedication allowed us to execute on our business plan and post record revenues. The award also belongs to our investors, board members and partners for their continued support and belief in our technology solutions and market vision.
Quorum has filed its 2015 consolidated financial statements and notes thereto as at and for the period ended December 31, 2014 and accompanying management's discussion and analysis in accordance with National Instrument 51-102 - Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities. Additional information about Quorum will be available on Quorum's SEDAR profile at www.sedar.com and Quorum's website at www.QuorumDMS.com.
Financial Highlights | ||||
Year ended December 31, 2015 |
Year ended December 31, 2014 |
Year ended December 31, 2013 |
||
Gross revenue | $ 10,744,478 | $ 9,215,768 | $ 7,986,772 | |
Direct costs | 5,173,396 | 4,197,747 | 3,499,641 | |
Margin after direct costs | 5,571,082 | 5,018,021 | 4,487,131 | |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 1,716,184 |
1,476,110 |
1,254,890 |
|
Income before deferred income tax | 593,586 |
502,087 |
470,924 |
|
Net income | 451,714 | 192,516 | 294,686 | |
Comprehensive income | 709,727 | 308,761 | 409,402 | |
Basic net income per share | $ 0.0107 | $ 0.0046 | $ 0.0075 | |
Fully diluted net income per share | $ 0.0107 | $ 0.0046 | $ 0.0075 | |
Weighted average number of common shares | ||||
Basic | 42,318,803 | 41,529,838 | 39,298,438 | |
Diluted | 42,318,803 | 41,818,297 | 39,298,438 | |
About Quorum
Quorum is a North American company focused on developing, marketing, implementing and supporting its XSELLERATOR product for GM, Chrysler, Ford, Toyota, Hyundai, KIA, Nissan, Subaru, NAPA and Bumper to Bumper dealerships. XSELLERATOR is a dealership and customer management software product that automates, integrates and streamlines every process across departments in a dealership. One of the select North American suppliers under General Motors' DTAP program, Quorum is also one of largest DMS provider for GM's Canadian dealerships with 25% of the market. Quorum is a Microsoft Partner in both Canada and the United States. Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumDMS.com.
Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information relating to results of operations, plans and objectives, projected costs and business strategy. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the risks identified in Quorum's Management's Discussion and Analysis for the year ended December 31, 2015. Any forward-looking information is made as of the date hereof and, except as required by law, Quorum assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
(1) The numbers and dollar figures included in the Dealership Success Scorecard are based on dealership results.
Quorum Information Technologies Inc.
Maury Marks
403-777-0036 ext 104
[email protected]