PHOENIX, May 13, 2015 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based applications, announced financial results for the three months ended March 31, 2015. These results reflect a 2% decrease in first quarter revenues, to $2,188,317 from $2,224,067 in the comparative period in 2014.
"The average U.S. to Canadian dollar exchange rate experienced in the first quarter of 2015 is approximately 12% higher than the average rate in the comparative quarter of 2014. This exchange rate differential results in an increased devaluation of our Canadian dollar revenues once translated into U.S. dollars for reporting purposes," said Keith Guelpa, President of QuoteMedia, Inc. "Had the average quarterly exchange rates of the comparative quarters been the same, our first quarter 2015 revenues would have been shown to have increased 2% over those reported for the first quarter of 2014.
Approximately, 27% of our total revenues are billed in Canadian dollars, while approximately 28% of our costs are paid in Canadian dollars. On balance, our expenses incurred in Canadian dollars slightly exceed our Canadian dollar revenue billings, so while the current appreciation of the U.S. dollar may lower 2015 revenue figures compared to 2014, it should actually have a small positive impact on our bottom line in 2015."
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, SunGard, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, Regal Securities, JP Morgan, JitneyTrade, Southwest Securities, IBM, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, ChoiceTrade, Qtrade Financial, Jordan Capital, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, Nexa Technologies, American Financial Group, Virtual Brokers, Captivate Network, Leede Financial, Motif Investing, First Financial, 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.