QualityStocks.net News – QuoteMedia, Inc. (QMCI.OB) Announces Substantial Gain in Revenue for Fiscal Year 2007 – 4/4/08

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QuoteMedia, Inc. (OTCBB: QMCI) is one of our highlighted companies this month. The company 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.

In our client’s news today,

QuoteMedia, Inc. (QMCI.OB) announced a 49 percent increase in revenue for the fiscal year ending December 31, 2007. In 2006, it reported revenue of $3,742,534, while 2007 results equaled $5,569,107. Deferred revenue, which represents customer payments received in advance that will be recognized as revenue once services are rendered, had a reported increase of 19 percent in comparison to the previous fiscal year. 2007 deferred revenue was reported at $433,630, while 2006 reported results of $363,785.

Robert Thompson, Chairman of the Board of QuoteMedia, reported, “We added trading data from over 40 international exchanges, as well as corresponding supplemental data, to our product lines; and vastly increased our coverage of North American markets with the addition of a broad array of research information and data including corporate actions and dividends, earnings estimates, analyst ratings, and IPO information. We also greatly expanded our news coverage adding several press wires, as well as concluding agreements with several premium news providers, such as Dow Jones News Service, TSX/CP Equities News, Market News Publishing and StockWatch News, for the inclusion of their professional level content into our Quotestream Professional product.”

Technological and product development played a key role in 2007. The completion of the Company’s streaming portfolio management solution, Quotestream™ Professional, designed for financial services professionals, provided a significant technological achievement. The Company developed the system in response to the market demand for a high quality, cost-effective alternative to other available products.

Thompson also reported, “QuoteMedia experienced incredible business growth in 2007, both through the acquisition of scores of new clients, including such notables as Zecco Trading, Inc., Motorola, H.D. Vest Financial Services (a non-bank subsidiary of Wells Fargo & Company), Broadridge Financial Solutions, Interactive Investor (UK), International Private Banking Systems, MarketWire and CNW Group, and by growing our existing relationships with existing clients such as the NASDAQ Stock Market, Dow Jones, JPMorgan Chase & Co. and Nexa Technologies.”

In 2007, QuoteMedia opened offices in Toronto and New York. Paul Pryde leads the Toronto office and brings over 25 years of experience in the financial services industry. Pryde previously served as Senior Vice President and Regional Director for Thomson Financial Canada, and has held senior management positions with Start Data Systems and Dow Jones Telerate Canada. George Katsch leads the New York office and brings over 15 years of industry experience. Katsch previously served as Vice President of Sales for FinancialContent, Inc., and held management positions with Standard and Poor’s and Interactive Data Corporation (Comstock).

For 2008, QuoteMedia has estimated sales under contract of $6.8 million. This figure represents revenue only for committed contracts, although the company continues to actively negotiate contracts which would result in additional 2008 sales.

“The fourth quarter of 2007 was characterized by strong revenue growth. Based on management indicators, 2008 is expected to be a banner year as this trend continues. While our plans for the first half of 2008 contemplate continuing expenditures which will substantially complete our refinements of the Quotestream Professional product and Quotestream II for non-professionals, we expect to end the coming year showing major strengthening of our bottom line results and our cash balances.”

“In 2008, QuoteMedia will continue to expand and energetically market its line of Financial Data Provisions. As in years past, increased sales of our online content products will be important, as is increased uptake of our Quotestream line of portfolio management and Wireless solutions by individual and enterprise customers. We will be bringing particular focus, however, to aggressively entering the Investment Professional market with Quotestream Professional. Additionally, continuing our strong movement into the Data Feed Market will be a priority. We expect major growth in 2008, and we are very excited.”

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