QuoteMedia Reports 45% Increase in Revenue for Q1 2008
biz.yahoo.com
Thursday May 15, 8:30 am ET
PHOENIX--(BUSINESS WIRE)--QuoteMedia, Inc. (OTCBB: QMCI - News), a leading provider of market data and financial applications, announced financial results for the three months ended March 31, 2008. These results reflect a 45% increase in first quarter revenues, to $1,687,675 from $1,160,700 in the comparative period in 2007.
“The significant revenue growth during the quarter resulted from increased sales of our Interactive Content and Data Applications as well as from increased subscriptions to our Quotestream products,” says Keith Guelpa, president of QuoteMedia, Inc. “This is our 20th 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. We expect that our customer base will continue to expand dramatically and our trend of strong revenue increases, quarter over quarter, to continue into the foreseeable future.”
“During the first quarter, QuoteMedia built on the momentum that was increasingly established during 2007. During the quarter, we continued to introduce Quotestream II to the market in limited, but increasing release. Quotestream II represents a new generation of our portfolio management system, with enhanced features and functionality. The Company also commenced limited release of Quotestream Professional which was substantially completed during 2007. 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.”
“We remain focused on our revenue growing strategies,” says Guelpa. “Our plan of operation for the remainder of 2008 will center on marketing Quotestream II for deployments by brokerage firms to their clients, and moving strongly into the investment professional market with Quotestream Professional. We also plan to release additional international data sets and continue the market penetration of our Data Feed Services. We will continue to license our Quotestream Wireless applications and add new data content to expand our line of Interactive Content and Data Applications.”
“As previously forecasted, and consistent with our focus on expansion, we experienced a loss for the quarter of $354,919 compared to a loss of $372,085 in the comparative period. While we expect that we will continue to incur losses in the short term, we expect our revenues will continue to rise significantly in 2008 and overtake the increased cost commitments that we have undertaken to support our rapid development. Our improvement in gross margin rate to 58% compared to 56%, in the first quarter of 2007, reflects the stabilization of our fixed cost structures as revenues continue to increase. We expect our costs of revenue to continue to reduce as a percentage of revenues generated. 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,” says Guelpa.
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, NASDAQ level 2, TSX/TSXV market depth, LSE level 2, 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, Forbes.com, Scotia Capital, Dow Jones & Company, Southwest Securities, General Electric, Motorola, Automated Financial Systems, FBRDirect, AIM Trimark, Zacks Investment Research, Business Wire, Regal Securities, Broadridge Financial Systems, ChoiceTrade, QTrade, Schaeffer's Investment Research and others. For more information, please visit: quotemedia.com |
