PHOENIX, March 30, 2016 (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, 2015. These results reflect a 5% decrease in year-over-year revenue, from $9,075,709 in 2014 to $8,658,667 in 2015.
“As we indicated when releasing our 3rd Quarter results, these results are a little misleading,” says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “Virtually the entire decrease in revenue we experienced this year is attributable to the devaluation of the Canadian dollar compared to the US Dollar throughout 2015.
“A significant portion of our revenues are received in Canadian dollars, but it should be noted that a similar portion of our expenses are also in Canadian dollars, so while the appreciation of the U.S. dollar lowers our revenue figures, it also lowers our expenses, so there is almost no impact on our bottom line.
“A large proportion of our clients are Canadian companies. The turmoil in global oil markets continued to negatively impact our top line revenues in 2015, not just because of the weakening Canadian dollar, but also because of the damage it has caused to the Canadian economy in general, and stakeholders in the oil and gas industry in particular. Many of our clients have strongly felt the economic hardship and have been forced to curtail their use of our services. Nevertheless, we are very pleased with the development efforts that were completed in 2015, and expect to enjoy the fruits of that hard work in 2016, particularly the 2nd half, as our new product lines begin to generate increased revenue.
“2015 saw the completion and launch of QMod, our proprietary JSON powered HTML5 market data widgets that feature almost unlimited customizability and variety, and they are responsive, and mobile-ready - automatically resizing and optimizing based on the type of mobile phone, tablet or laptop they are viewed on. The widgets are also SEO friendly, as the content is available to be crawled and indexed by search engines, unlike competitors’ products.
“QuoteMedia also completed and launched integrated trading capabilities in 2015, which allow our products to interact with our brokerage clients’ back-end trade execution and reporting platforms to enable synchronous trade execution and tracking of holdings.
“Another important new advance for QuoteMedia is the development of Quotestream Connect. It is a new method of delivering real-time data feeds to individual users to power 3rd party applications, or to use in development of their own applications. We launched this product in early 2016, and we are in the process of integrating with our first clients.
“Looking forward, in 2016 we will maintain our focus on marketing Quotestream for deployments by brokerage firms to their retail clients and continue our expansion into the investment professional market with Quotestream Professional.
“We also plan to continue the growth of our Data Feed Services client base, particularly through Quotestream Connect, our new method of delivering real-time data feeds directly to individual users to power 3rd party applications. Given the large market for this service, Quotestream Connect represents a huge new opportunity for QuoteMedia in the coming year.
“QuoteMedia will continue to focus on increasing the sales of its Interactive Content and Data Applications, particularly in the context of large-scale enterprise deployments encompassing solutions ranging across several product lines. QMod is expected to be a major component of this strategy. Initial deployments of this technology to clients have been an overwhelming success, and we anticipate that this will be an important area of growth for QuoteMedia, given the broad demand for mobile-ready, SEO-friendly web content.
“Important new development projects for 2016 include broad expansion of data and news coverage, including the addition of a wide array of international exchange data, and premium news services.
“We are very excited about the coming year. We have new product lines that we are bringing to market, a new marketing strategy that we are implementing, a newly launched web site (quotemedia.com), several new partnerships and many new projects under way. 2016 will be busy.”
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), Dow Jones & Company, FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JP Morgan, CIBC, JitneyTrade, Southwest Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, ChoiceTrade, Qtrade Financial, Mackie Research Capital, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Divy Inc., Motif Investing, First Financial, Stock-Trak 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 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.