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Quorum Information Technologies Q1 profit climbs 75.5% YOY

Quorum Information Technologies Inc. said its first-quarter normalized net income was C$156,930, a rise of 75.5% from C$89,440 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 5.3% from 3.7% in the year-earlier period.

Total revenue climbed 21.3% on an annual basis to C$2.9 million from C$2.4 million, and total operating expenses rose 18.7% on an annual basis to C$2.7 million from C$2.3 million.

Reported net income came to C$128,240, or 0 cents per share, compared to a loss of C$4,180, or a loss of 0 cents per share, in the prior-year period.