PHOENIX, May 13, 2016 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data, financial web content solutions and cloud-based applications, announced financial results for the three months ended March 31, 2016. These results reflect first quarter revenue of $2,168,866, down from $2,188,317 in the comparative period in 2015, a decrease of $19,451 (1%).
“As we mentioned when reporting our year end results a few weeks ago, the devaluation of the Canadian dollar compared to the US dollar tends to distort our performance because a large portion of our revenue is received in Canadian Dollars and then translated into U.S. dollars for reporting purposes,” says CEO Keith Guelpa. “If the average exchange rate had remained the same as the comparative quarter in 2015, our revenues would have actually shown an increase of approximately 2%.
We are excited at the opportunities we are facing with the launch of new products and partnerships, and we are moving forward with several large deployments. Our first quarter revenue increased approximately 3% quarter over quarter (compared to Q4 2015), and we remain on track to achieve positive year over year revenue growth.”
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.