|QuoteMedia, Inc. (QMCI.OB) Reports Strong Third Quarter Results during Uncertain Economic Times|
QuoteMedia, Inc. (QMCI.OB), a leading provider of stock market data and applications, announced its financial results for the period ending September 30, 2008. The company licenses interactive stock research tools like insider reports, market indices, portfolio management systems, streaming real-time quotes, and data feeds to companies such as NASDAQ, Dow Jones, Wells Fargon, Business Wire, the OTCBB, Penson Worldwide, and others. Even during this period’s upheaval in the financial markets, QuoteMedia has posted strong third quarter results.
During the first nine months of 2008, QuoteMedia was able recognize a net cash balance through operating activities of $1,037,980. The net cash balance actually increased by more than 57% compared to the same period in 2007, where the company recognized a net cash balance of $658,534.
During the third quarter, QuoteMedia increased subscriptions to its new Quotestream II and Quotestream Pro products, as well as increased sales in their Interactive Content and Data Applications packages. The company’s revenue numbers reflect the positive impact of the expansion in its customer base and services provided. The company booked revenue of $1,888,279 in the third quarter 2008, which is a 26% increased compared to the 2007 amount of $1,501,097. The first nine months of 2008 resulted in $5,300,350 revenue, which is a 33% increase compared to the same period in 2007 of $3,993,202.
“During the third quarter, QuoteMedia continued to expand on the revenue growth momentum that has been building since 2007. We furthered our introduction of Quotestream II to the market, the new generation of our portfolio management system, with enhanced features and functionality. The Company also continued its early release of Quotestream Professional. Where Quotestream II is geared towards providing a professional level experience to non-professional users, Quotestream Professional is designed specifically for use by financial services professionals, offering unparalleled functionality at extremely aggressive pricing.”
For the remainder of the year, the company will focus on deploying its Quotestream II to brokerage firms, as well as continue to market the Quotestream Professional application to the professional investment market. The company will also focus on increasing its footprint into the market with its Data Feed Services along with licensing its Quotestream Wireless applications and provide additional content through its Interactive Content and Data Applications.
“This is our 22nd consecutive quarter of revenue growth, reflecting the strong continuing market penetration of our full line of financial data products and the increasing depth of our data offerings, which now cover over 70 exchanges worldwide,” stated Keith Guelpa, President of QuoteMedia. “…we expect our monthly revenues will continue to rise, quarter over quarter, and overtake the increased cost commitments that we have undertaken over the past several years to support our rapid development. We are very pleased with our progress to date, and we believe that we are on target to meet our near and long term objectives.”
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