Quorum Information Technologies Inc. announced consolidated earnings results for the year ended December 31, 2012. For the year, the company reported gross revenue of $7,566,580 compared to $7,727,502 a year ago. Earnings before interest, taxes, depreciation and amortization was $847,906 compared to $1,307,465 a year ago. Income before deferred income tax was $188,588 compared to $611,124 a year ago. Net loss was $65,237 or $0.002 per basic and diluted share compared to net income of $331,147 or $0.008 per basic and diluted share a year ago. Sales decreased by 2% to $7,567,000 in 2012 from $7,728,000 in 2011. The decreases in both EBITDA and income before deferred income tax expense are largely due to: $333,000 decrease in margin after direct costs in 2012 compared to 2011; an increase in staffing levels which increased salaries and benefits (direct and indirect) expense by $418,000; and expiration of the wage subsidy and NL loan which resulted in an increase of $115,000 in net salaries and benefits.

During 2012 the company grew customer base and support revenues; however, this growth was offset by a 66% decrease in integration revenues from $583,000 in 2011 to $197,000 in 2012. The company expects a further decline in integration revenues in 2013.

The company announced the changes in the company's Board of Directors effective immediately: Michael Podovilnikoff, an existing Board Director, will take over the role of Chairman of the Board of Directors of Quorum. Mr. Podovilnikoff has served on the board of directors for TR Labs, on the Conference Board of Canada Human Resource Committee, and was a member of multiple national and international committees and forums within the telecommunications discipline. He worked in the high tech industry for more than 35 years in various executive positions. Mr. Podovilnikoff currently consults on various business-related matters. John Carmichael, existing Chairman of the Board of Directors, will be stepping down as Chairman and will be continuing with the Board as a Director. Mr. Carmichael is the current Member of Parliament of Don Valley West. He was previously the Dealer Principal of City Buick Chevrolet Cadillac GMC Ltd.