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QuoteMedia, Inc. (OTCBB: QMCI) is one of our highlighted companies this month. The company develops and distributes financial market data and related services. It specializes in the collection, aggregation, and delivery of delayed and real-time financial data content through Internet. The company offers various market information and services, including streaming stock market data feeds, research and analysis information, content applications, portfolio management systems, software products, corporate investor relations provisioning, news services, wireless applications, and custom development.
In our client’s news Thursday,
QuoteMedia, Inc. (QMCI.OB) announced first quarter financial results for the period ending March 31, 2008. QuoteMedia is one of the leading providers of market information and financial applications.
QuoteMedia announced $1,687,675 first quarter revenue, which is a 45 percent increase compared to the 2007 results of $1,160,700. This is the company’s 20th consecutive quarter of revenue growth. QuoteMedia continues to gain more market share with their line of financial products. At this time, the company provides data for over 70 exchanges located worldwide.
Keith Guelpa, President of QuoteMedia, stated, “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.”
As forecasted, QuoteMedia did experience a loss of $354,919 in the first quarter, which is an improvement from the $372,085 reported in first quarter 2007. The company expects losses to continue in the short term, but the anticipated increase in revenue stream should overtake expenses in the near future.
“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,” reflected Mr. Guelpa.
In the first quarter of 2008, QuoteMedia took advantage of their positive momentum from 2007. QuoteMedia introduced Quotestream II to a limited market. Quotestream II is the company’s next generation portfolio management system that provides a professional level system to non-professional customers. To meet the needs of financial services professional, QuoteMedia began a limited release of Quotestream Professional during the first quarter.
Mr. Guelpa commented, “We remain focused on our revenue growing strategies. 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.”
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Forward-Looking Statement:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
