CALGARY, Alberta -

Net income for Calgary-based Quorum Information Technologies nearly doubled in fiscal 2011, and the company’s customer base of dealerships climbed to 254 active rooftops, Quorum announced this week.

Delving into some specifics, the company reported that net income totaled $331,000, up from $167,000 in fiscal 2010. EBITDA was at $1.31 million, down from $1.39 million the prior year.

“EBITDA decreased slightly because our salary cost increased. This short term increase is largely due to the cost of duplicate salaries from relocating some key roles within the company from one office to another,” explained Maury Marks, president and chief executive officer at Quorum.

Meanwhile, the company’s income before income taxes climbed from $423,000 to $611,000.

Marks attributed the gain largely to “interest expense savings of $245,000 from the early retirement of the corporation’s 12-percent secured convertible debenture in December FY2010,” and this was offset by the aforementioned increased salary expense.

Sharing more results, Quorum’s revenues reached $7.73 million in fiscal 2011, up from $7.70 million in the previous year. Driving the revenue trend were two major factors:

—A $412,000 uptick in recurring support revenue thanks to the number of active dealership rooftops climbing from 240 (at year-end of fiscal 2010) to 254 (at end of fiscal 2011).

—New implementation revenue dipping $358,000 because of yearly installations falling from 33 to 22.

Wrapping up the report, Marks noted: “The company continues to grow our customer base, improve our service offerings and customer satisfaction and lead the market in product innovation. We also continue to deliver solid financial results and improve our cash and working capital positions by producing improved positive cash flow every year.

“Our single biggest challenge in 2012 is to grow our sales and implementation rates to the ‘next level,’” he added. “We have already embarked on a number of initiatives that are focused on meeting this challenge.”