CALGARY, Alberta -

Calgary-based Quorum Information Technologies achieved positive cash-flow results for the ninth straight period and enjoyed financial increases across the board during the third quarter, the company announced this week. Quorum also revealed its new chief financial officer, appointing controller Marilyn Brown to the role.

Jeff Sharpe, who is the existing CFO, is stepping down to pursue other interests.

Net income for the quarter was $411,000, versus the $292,000 net loss in the year-ago period.

A pair of non-cash items is primarily responsible for that gain, those items being the following: a $187,000 foreign exchange gain in the more recent period (compared to a $97,000 loss a year ago) and a $24,000 income tax recovery in the third quarter (versus the $283,000 expense last year).

EBITDA, meanwhile, was $372,000 during the third quarter. A year ago, it came in at $337,000. Quorum points to a reduced cost structure as the major reason for this hike.

Sales for the company reached $1.87 million, up 1 percent year-over-year. Pushing the sales gain was the fact that recurring support revenue — spurred by
Quorum having 250 active dealership rooftops by quarter’s end — climbed $86,000, as well as integration revenue climbing $102,000 thanks to more GM IDMS projects.

Limiting the sales gain was the fact that net new revenue dipped $176,000 as Quorum had only three installations, compared to eight a year ago.

Sharing more results, Quorum noted that in addtional to the 250 dealership rooftops it already works with, the company plans to install seven more during the fourth quarter.  The company also emphasized that 89 percent of the dealer principals in its third-quarter dealership customer satisfaction polling said they were "satisfied" or "very satisfied" with Quorum.

Eighty-six percent of end users said the same.