PHOENIX, March 29, 2019 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and cloud-based financial applications, announced financial results for the fiscal year ended December 31, 2018. These results reflect an 18% increase in year-over-year revenue, from $9,491,738 in 2017 to $11,127,670 in 2018. Additionally, QuoteMedia experienced a profit of $497,871 compared to a loss the previous year of $1,509,020 - an improvement of $2,006,891.
QuoteMedia provides banks, stock brokerages, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related information in competition with legacy organizations such as Thomson Reuters and Bloomberg, and a modest community of other smaller companies.
QuoteMedia posted improvements in 2018 across all key performance indicators including the following:
- Revenue increased to $11,127,670 in 2018 from $9,491,738 in 2017, an increase of $1,635,932.
- Four straight quarters of quarter-over-quarter growth.
- Gross margins increased to 50% in 2018 from 45% in 2017.
- Net profit of $497,871 was achieved in 2018, compared to a loss of $1,509,020 in 2017.
- $1,504,040 in cash was generated from operating activities in 2018, and our end of year cash balance increased by $359,181 to $810,332.
“This has been a banner year for QuoteMedia”, said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “We experienced strong revenue growth across all of our product lines. We expect this growth in revenues to continue, particularly as reflected by committed new contracts, as well as contracts in active negotiation.
“We also saw strengthening in virtually every other indicator of performance this year. Key amongst these are a significant increase in our customer base, an increase in revenue per client and a major improvement in our gross margins. All of these contributed to the $2 Million improvement in our bottom line.
“Our performance is a direct result of our recent financial strengthening; and the aggressive implementation of our new product and market strategies. We continue to generate positive cashflows that allow us to fund more new growth opportunities in 2019. This strengthened financial position also opens the market for our products, as it assures our potential clients of our ability to continue to grow along with their increasing demand for our products. It also widens the market of potential investors for our company’s shares, as we handily exceeded the $10 Million annual revenue threshold that puts us at a level at and above which we must be to attract their attention and ownership participation.
“We are excited about the coming year, and the opportunities available to us. These include significant new partnerships that we are establishing, development of new products, and expansion of our data coverage. Additionally, we may be exploring some potential acquisitions, and other strategic moves.
“All of this discussion of financial figures misses the major source of our success, and that is the great people we have working at QuoteMedia, and the incredible work that they do. We are constantly hearing back from clients that are tremendously impressed with the relationship they have developed with our team, with the outstanding quality of our products, and with our unmatched commitment to helping them achieve success.
“2018 was a successful year on many levels. We are determined to build on those successes in 2019 and beyond.”
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 Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JPMorgan Chase, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, Stockhouse, Zacks Investment Research, General Electric, The Wendy’s Company, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, Ally Invest, Inc., Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Firstrade Securities, Motif Investing, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, SNN Incorporated and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. 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 this 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.
QuoteMedia
Dave Shworan, (877) 311-9911 ext. 101
contactus@quotemedia.com