PHOENIX, May 14, 2018 (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, 2018, showing 17% revenue growth, as well as profitability for the Company.
“We are very pleased with our results this quarter for many reasons, foremost of which is the fact that we established profitability,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “QuoteMedia improved its bottom line by $490,366 moving to a profit of $8,161 this quarter compared to a loss of $482,205 in Q1 2017.
“Our top line revenue increased significantly. Our revenue in the first quarter rose to $2,667,240, which is an increase of $378,787 compared to the $2,288,453 reported in the comparative period in 2017. Additionally, our gross margin grew from 43% in the first quarter of 2017 to 49% in this reported quarter.
“In December 2017 we announced a financial restructuring that eliminated over $12 million of debt from our balance sheet and reduced our annual interest expense by about $1.3 million. The early impact of that restructuring on our operating performance is evidenced in these reported results.
“Our strengthened financial position allows us to attract and service much larger clients with our newly expanded product lines and enhanced data coverage.
“In coming quarters, we are focused on extending our marketing reach and working diligently to create and introduce additional, exciting new product and service offerings. We expect that we will continue to post strong financial results throughout the remainder of 2018.”
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, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, Credential Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Vision Financial Markets, Firstrade Securities, Divy Inc., 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