QuoteMedia, Inc. Reports 150% Increase in Revenue and Achievement of Profitability in Third Quarter
QuoteMedia, Inc. Reports 150% Increase in Revenue and Achievement of Profitability in Third QuarterNov. 10, 2005--QuoteMedia, Inc. (OTCBB: QMCI), a leading provider of market data provisions and financial applications, announced yesterday financial results for the third quarter ended September 30, 2005. Third quarter 2005 revenue increased 150% to $667,148 compared to $267,315 in the third quarter of 2004. Revenue for the nine month period ended September 30, 2005 grew to $1,665,176 compared to $646,282 in the comparative 2004 period, representing a 158% increase. Net income for the three months ended September 30, 2005 was $2,980 compared to a loss of $56,238 in the comparative 2004 period. The net loss for the nine month period ended September 30, 2005 decreased to $128,243 compared to $258,734 in the comparative 2004 period.
QuoteMedia's deferred revenue balance increased 44% to $174,699 as at September 30, 2005, compared to $120,989 as at September 30, 2004. Deferred revenue represents payments received in advance from customers that will be recognized as revenue in future quarters when the services are performed.
"QuoteMedia continues to maintain strong, positive cash flows from operations and has now achieved quarterly profitability for the first time in the company's history. We expect these trends to continue into the foreseeable future, as the company's revenues continue to build based on the rapidly expanding market acceptance of our products", says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc.
About QuoteMedia, Inc.
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, NASDAQ level 2, TSX level 2, SEC 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, Forbes.com, Scotia Capital, Southwest Securities, Automated Financial Systems, NF Clearing, FBRDirect, AIM Trimark, Zacks Investment Research, ChoiceTrade, QTrade, Schaeffer's Investment Research, WallStreet*E, Research In Motion (RIM) 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 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.
SR 22 Insurance
0 Comments:
Post a Comment
<< Home