Quorum Releases Q3 Fiscal Year 2016 Results
Sales increase by 10% over Q3 FY2015 results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/17/16 -- Quorum Information Technologies Inc. (TSX VENTURE: QIS) ("Quorum" or the "Company") today released its Third Quarter (Q3) Fiscal Year (FY) 2016 results. Quorum delivers its dealership management system (DMS), XSELLERATOR™, and related services to General Motors, Chrysler, Ford, Toyota, Hyundai, Kia, Nissan, Subaru, and independent dealerships throughout North America.
Maury Marks, Quorum''s President and CEO, made the following remarks about the Company''s Q3 FY2016 operational and financial results:
Operational results highlights for Q3 FY2016 are as follows:
Financial results highlights for Q3 FY2016 are as follows:
At over $3.0 million, Q3 FY2016 represented a 10% growth in revenue and was the strongest revenue quarter in the Company''s history. Sales growth came from our core revenue streams of new installations, recurring support revenues and training revenue. The Company also generated margin after direct costs (gross margin) of 52% and EBITDA of 19% compared to sales. Quorum has seen twelve consecutive quarters of significant revenue growth (over the prior year quarters) and we continue to increase our staffing levels in anticipation of future growth. Our strategy to focus on product innovations, improving product utilization and superior levels of customer service has increased the market demand for our product and services.
Quorum has filed its Q3 2016 consolidated financial statements and notes thereto as at and for the period ended September 30, 2016 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, Ford, Toyota, Hyundai, KIA, Nissan, Subaru, and independent 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, 2016. 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:
Maury Marks
403-777-0036 ext 104
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Datum: 17.11.2016 - 17:00 Uhr
Sprache: Deutsch
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