PHOENIX, Aug. 11, 2014 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based applications, announced financial results for the three months ended June 30, 2014. These results reflect second quarter revenue of $2,278,956, down from $2,380,714 in the comparative period in 2013. This represents a decrease of 4% ($101,758).
"When compared to the same period in 2013, the average U.S. dollar exchange rate rose approximately 8% versus the Canadian dollar. This resulted in devaluing our reported Canadian dollar revenues once translated into U.S. dollars, and accounts for a large portion of the decrease in revenue from the comparative period in 2013.
"Additionally, as we have previously indicated, Penson Worldwide, Inc., one of our largest clients, filed for Bankruptcy, resulting not only in a loss of revenue for services provided to Penson, but also to a host of Penson's correspondent brokerage clients," said Keith Guelpa, President of QuoteMedia, Inc. "This has had a major impact on our revenue over the last year but we have been successful in adding new clients and growing existing relationships to help offset the loss of this major client and associated revenue streams.
"While the reduction of reported revenue, resulting from the rise in strength of the U.S. dollar versus the Canadian dollar and the Penson bankruptcy, will continue to impact our reported revenue in 2014, we are very excited about many new projects that are underway. This includes the release of several new products to be announced in the coming months, plus we are on-boarding new clients and focusing on a large scale implementation with an existing client. We remain on track to return to positive quarter over quarter revenue growth in the fourth quarter of 2014."
About QuoteMedia
QuoteMedia is a leading software developer and cloud-based 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, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the NASDAQ, TMX Group, Dow Jones & Company, SunGard, U.S. Bank, Broadridge Financial Systems, Regal Securities, JitneyTrade, Southwest Securities, HD Vest, Intrinsic Research Systems, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Bombardier, Business Wire, PR Newswire, Marketwire, FolioFN, ChoiceTrade, Qtrade Financial, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, American Financial Group, Virtual Brokers, First Financial Equity Corporation, Stock-Trak 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.