QuoteMedia Announces Financial Results for Q3 2012

PHOENIX --(Business Wire)--

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, 2012. These results reflect a 2% increase in third quarter revenue, to $2,388,241 from $2,330,479 in the comparative period in 2011. Revenue for the nine months ended September 30, 2012 increased 13%, to $7,429,241 from $6,563,369 in the comparative period in 2011.

QuoteMedia reported an operating profit of $28,494 and a net loss of $193,351 in Q3 2012, compared to an operating profit of $53,369 and a net loss of $5,261 in Q3 2011.

QuoteMedia reported an operating profit of $132,556 and a net loss of $398,785 for the nine months ended September 30, 2012, compared to an operating loss of $285,601 and a net loss of $646,054 in the comparative period in 2011.

"We are satisfied with our results this quarter," said Keith Guelpa, President of QuoteMedia, Inc. "Our revenue growth has been offset, to some degree, by the expiration of a large non-cash barter arrangement on June 30, 2012. Pursuant to this arrangement, we had been recording revenue of $90,000 per quarter for providing portfolio management services to a major media client in exchange for advertising credits. So while our top line revenue no longer includes this $90,000 in barter revenue, w are also no longer incurring the offsetting quarterly $90,000 advertising expense. Therefore, the expiration of this non-cash barter arrangement has no impact on our bottom line. When excluding non-cash barter revenue, QuoteMedia shows a 7% increase in third quarter revenue, and a 15% increase in revenue for the nine months ended September 30, 2012 from the comparative periods in 2011.

We have continued to expand our market position in both the retail and institutional space, and we have developed new relationships that we expect to result in continued revenue growth in 2012."

About QuoteMedia

QuoteMedia is a leading software developer and 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, the OTCBB, TMX Group, Dow Jones & Company, SunGard, U.S. Bank, Penson Worldwide, Broadridge Financial Systems, Ridge Clearing, Regal Securities, JitneyTrade, Southwest Securities, HD Vest, Zecco Trading, Zacks Investment Research, General Electric, Dow Chemical, Bombardier, Business Wire, PR Newswire (News - Alert), Marketwire, FolioFN, Captivate Network, ChoiceTrade, Qtrade Financial, CNW Group, TradeFreedom, Gain Securities, Gmarkets, Questrade, Schaeffer's Investment Research, Answers.com (News - Alert), WebFinance, 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 (News - Alert) 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.