Quorum Releases Q3 Fiscal Year 2014 Results
Sales increase by 18% over Q3 FY2013 results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/17/14 -- Quorum Information Technologies Inc. ("Quorum" or the "Company") (TSX VENTURE: QIS) today released its Third Quarter (Q3) Fiscal Year (FY) 2014 results. Quorum delivers its dealership management system (DMS), XSellerator™, and related services to automotive dealerships throughout North America. Quorum is a leader in technology for automotive dealerships focused on providing innovation that helps dealerships increase their customer satisfaction and revenue. The Company is driven to provide exceptional customer support and assist dealerships to capitalize on their technology investment by maximizing utilization of the Quorum DMS, XSellerator™ to enhance their business. Quorum supplies its product to GM, Chrysler, Hyundai, Kia, Nissan, Subaru, NAPA and Bumper to Bumper franchised dealership customers as well as independent and other non-automotive dealerships.
Maury Marks, Quorum's President and CEO made the following remarks about the Company's Q3 FY2014 results. Some of our most significant measurable sales and operational results in Q3 FY2014 are as follows:
Financial Results highlights for Q3 FY2014 are as follows:
Q3 FY2014 was a strong quarter with revenues up 18% to $2,242K, a 25% increase in EBITDA to $446K, and cash balance in excess of $1.5 million and working capital in excess of $2.0 million. In Q3 FY2014 Quorum generated a 58% gross margin percentage and EBITDA as a percentage of revenue was 20%. Additionally both of Quorum's Q3 FY2014 working capital and cash increased by $258K and $265K respectively over Q2 FY2014.
Quorum has filed its Q3 2014 consolidated financial statements and notes thereto as at and for the period ended September 30, 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 and Quorum's website at .
Financial Highlights
About Quorum
Quorum is a North American company focused on developing, marketing, implementing and supporting its XSellerator product for GM, Chrysler, 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 .
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 period ended September 30, 2014. 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.
Contacts:
Quorum Information Technologies Inc.
Maury Marks
403-777-0036 ext 104
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Datum: 17.11.2014 - 17:13 Uhr
Sprache: Deutsch
News-ID 353189
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CALGARY, ALBERTA
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Software
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