QuoteMedia Announces 8% Growth in Revenue and a Significant Increase to Net Income for Q1 2019
PHOENIX, May 15, 2019 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and cloud-based financial applications, announced financial results for the three months ended March 31, 2019. These results reflect an 8% increase in year-over-year quarterly revenues, from $2,667,240 in Q1 2018 to $2,870,619 in Q1 2019. Additionally, QuoteMedia posted a profit of $113,056 in Q1 2019 compared to $8,161 in the previous period - an improvement of $104,895.
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 in competition 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.
Highlights for Q1 2019 include the following:
-- Revenue increased to $2,870,619 in Q1 2019 from $2,667,240 in Q1 2018, an increase of $203,379. This marks 13 consecutive quarters of quarter-over-quarter revenue growth. -- Net income of $113,056 was achieved in Q1 2019, compared to net income of $8,161 in Q1 2018. -- Cash on hand increased to $966,167; a growth of $155,835 from the balances reported at December 31, 2018.
“We had a great year in 2018, and we are pleased to see the momentum carrying over into 2019”, said Robert J. Thompson, Chairman of the Board. “We fully expect to maintain this trajectory throughout the remainder of the year and beyond, as we continue to increase our market share, develop important relationships with clients and partners, create new innovative product and service offerings, expand our market data coverage, and explore other opportunities to grow the company.”
QuoteMedia will host a conference call today at 2pm Eastern time to discuss the Q1 2019 financial results and provide a business update.
Conference Call Details:
Date: May 15, 2019
Time: 2:00 PM Eastern
Dial-in number: 877-876-9174
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
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, 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.
QuoteMediaBrendan Hopkins, (407) 645- 5295 Bhopkins@quotemedia.com