|[November 14, 2012]
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."
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.
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