QuoteMedia Reports 31% Increase in Revenue for 2008 Fiscal Year
May 1st, 2009 | Author: Tom
QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2008. These results reflect a 31% increase in year-over-year revenue, from $5,569,107 in 2007 to $7,276,980 in 2008. At December 31, 2008 the Company’s cash balance was $536,624, an increase of $179,308 from December 31, 2007. Net cash provided by operating activities was $856,703 for the year ended December 31, 2008; this represents a $1,293,556 increase in net cash generated from operations, when compared to the $436,853 that was used in operating activities during the comparative period.
QuoteMedia has now reported significant revenue growth for every quarterly reporting period for 6 consecutive years.
“2008 was another strong growth year for QuoteMedia”, says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “Even though global economic challenges and a significant weakening of financial markets have had a serious negative impact on the financial services industry, the company experienced not only outstanding revenue growth, but also major growth in data and market coverage, technological capability and product mix, business development, and personnel. In a year in which many of our competitors were suffering through cutbacks, layoffs, and weakening sales numbers, QuoteMedia has thrived.
“While financial sector turmoil has led to cancellations from some of our clients who are struggling or ceasing operations, and will likely affect our revenue growth in 2009, it has also been a source of opportunities for QuoteMedia, as we are currently in discussions with several new prospects looking to move their business away from more expensive competitors with less efficient technological platforms,” continues Thompson. “The belt tightening in the financial services sector has caused many companies to reevaluate how and where they are spending their money from a data provisioning perspective. They’re looking for alternate providers, with more flexible technology and fee structures, and because of the significant technological development and data expansion initiative we’ve undertaken over the past 2 years, QuoteMedia is in a position to exploit these opportunities with better technologies and aggressive pricing.
“2008 saw increased market penetration across the board for all of our product lines, most notably with Quotestream Professional, which is rapidly gaining a foothold in the marketplace, as well as with QuoteMedia’s Datafeed services which have also seen particularly strong uptake. Although global economic conditions are now introducing more uncertainty than ever, and even though we realistically expect that fallout from the global recession will negatively affect QuoteMedia’s revenue growth in the short term, we anticipate continued long term growth in 2009 and beyond.
“QuoteMedia reported a loss for the year ended December 31, 2008, of $872,684, compared to a loss of $1,561,209 in 2007. This loss was primarily due to a planned increase in operating costs associated with our expansion. Added stock exchange fees related to this expansion, as well as expenses associated with expanded lead generation and customer support capabilities were also incurred to support this growth. We are now seeing our expansion and reconfiguration program paying off, however, as we are positioned to take advantage of the new opportunities occasioned by pressure within the financial sector to streamline costs. We expect that we will continue to see these benefits throughout 2009, and that our investments will support significantly increased revenues and profitability as the economy moves toward recovery.”
About QuoteMedia
QuoteMedia is a leading software developer and syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, SEC filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ, the OTCBB, Dow Jones & Company, Sungard, Wells Fargo, Penson Worldwide, Motorola, General Electric, Forbes.com, Scotia Capital, Southwest Securities, Zecco Trading, Zacks Investment Research, Business Wire, Regal Securities, Broadridge Financial Systems, ChoiceTrade, Qtrade Financial Group, CNW Group, TradeFreedom, Questrade, Schaeffer’s Investment Research and others. For more information, please visit: www.quotemedia.com.
Statements about QuoteMedia’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in the press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. QuoteMedia intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the company’s SEC reports and filings, and are subject to change at any time. QuoteMedia’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
QuoteMedia
Dave Shworan, 877-311-9911 ext. 101
contactus@quotemedia.com
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