PHOENIX, Nov. 12, 2019 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three and nine months ended September 30, 2019.
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. We compete with a few larger legacy organizations and a modest community of other smaller companies. QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (preformatted content for website integration) and applications such as Quotestream Professional desktop and mobile.
Revenue for the three and nine months ended September 30, 2019 was $2,963,172 and $8,818,637, versus $2,811,872 and $8,277,682 in the comparative 2018 periods, respectively.
Net income for the three and nine months ended September 30, 2019 was $155,928 and $471,345, versus $208,484 and $329,181 in the comparative 2018 periods, respectively.
Three months ended September 30, 2019 versus the comparative 2018 period:
- Revenue increased $151,300 (5%).
- Net income decreased $52,556 (25%).
- Adjusted EBITDA1 was $540,924 versus $554,442 in the comparative period, a decrease of $13,518 (2%).
Nine months ended September 30, 2019 versus the comparative 2018 period:
- Revenue increased $540,955 (7%).
- Net income increased $142,164 (43%).
- Adjusted EBITDA1 was $1,599,903 versus $1,329,320 in the comparative period, an increase of $270,583 (20%).
- Cash on hand increased to $974,721; a growth of $164,389 from the balances reported at December 31, 2018.
“We are pleased with what we have accomplished this quarter,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “The results show strong revenue and healthy profits, although the profits are tempered somewhat by increased spending related to expansion. This includes adding new staff, as well as infrastructure growth and upgrades, in anticipation of the launch of new product lines and partnerships. We expect to see continued revenue growth and strong profitability for the balance of the year and beyond.”
QuoteMedia will host a conference call tomorrow at 11 AM Eastern time to discuss the Q3 2019 financial results and provide a business update.
Conference Call Details:
Date: November 13, 2019
Time: 11:00 AM Eastern
Dial-in number: (877) 876-9173
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
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, CI Financial, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, Stockhouse, Zacks Investment Research, General Electric, 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 Investor Relations
Brendan Hopkins
Email: investors@quotemedia.com
Call: (407) 645-5295
Note 1 on Non-GAAP Financial Measures
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to Quotemedia, Inc.
We define and calculate Adjusted EBITDA as net income attributable to Quotemedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income attributable to Quotemedia, Inc., the most directly comparable GAAP financial measure.
Quotemedia, Inc. Adjusted EBITDA Reconciliation to Net Income
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Net income | $ | 155,928 | $ | 208,484 | $ | 471,345 | $ | 329,181 | ||||
| Depreciation and amortization | 279,230 | 224,505 | 790,563 | 656,304 | ||||||||
| Stock-based compensation | 103,116 | 109,784 | 309,348 | 336,016 | ||||||||
| Interest expense | 1,349 | 1,980 | 4,533 | 4,765 | ||||||||
| Foreign exchange loss (gain) | 543 | 8,925 | 21,857 | 725 | ||||||||
| Income tax expense | 758 | 764 | 2,257 | 2,329 | ||||||||
| Adjusted EBITDA | $ | 540,924 | $ | 554,442 | $ | 1,599,903 | $ | 1,329,320 | ||||