PHOENIX, March 31, 2015 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based financial applications, announced financial results for the fiscal year ended December 31, 2014. These results reflect a 4% decrease in year-over-year revenue, from $9,436,598 in 2013 to $9,075,709 in 2014.
"Notwithstanding the modest reduction in yearly revenues, we are pleased with our progress this year. While annual revenues were lower comparatively, we nonetheless experienced revenue growth during this year, and we are looking forward to a stronger 2015", says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc.
"The turmoil in global oil markets has negatively impacted our top line revenues, but we are very excited about the extensions we have made to our product lines, and the opportunities and partnerships we are now pursuing.
"The unexpected falling global oil prices had a negative impact on our results this year. A significant portion of our existing clientele are stakeholders in the oil and gas industry, and the weakness in that market has led many to curtail their use of our services. Concurrently, the drop in oil prices has resulted in a weakening of the Canadian dollar, which depreciated an average of 7.2% versus the U.S. dollar in 2014 compared to 2013. As roughly 28% of our revenues are in Canadian dollars, this resulted in devaluing our reported Canadian dollar revenues once translated into U.S. dollars, and accounts for a decrease in revenue of approximately $185,000 from the comparative period in 2013. Since December 31, 2014, the U.S. dollar has appreciated another 10% versus the Canadian dollar. This will result in lowering both our reported Canadian dollar revenues and expenses in 2015 compared to 2014 once translated into U.S. dollars.
"Importantly, 2015 will see the launch of several new products and technologies, including scheduled large scale deployments of recently completed trade integration capabilities. These advanced technologies allow our products to interact with our brokerage clients' back-end trade execution and reporting platforms to enable synchronous trade execution and tracking of holdings.
"We are also in the process of launching, QMod(TM), our new proprietary web delivery system. QMod was created for secure market data provisioning as well as ease of integration and unlimited customization. Additionally, QMod delivers responsive content designed to adapt on-the-fly when rendered on mobile devices. We believe that QMod is the future of content delivery for the financial industry and is much more flexible than competitor products.
"2015 will also see the release of advanced HTML5 solutions that offer dynamically updating real-time market data and next-generation interactivity, as well as the introduction of other new product lines, and expanded data and research coverage.
"Regardless of the price uncertainty in the global oil markets, we believe that our new product offerings, and the strength of our existing portfolio of products and services, will lead us to positive annual revenue growth in 2015."
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), Dow Jones & Company, SunGard, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, Regal Securities, JP Morgan, JitneyTrade, Southwest Securities, IBM, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, ChoiceTrade, Qtrade Financial, Jordan Capital, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, Nexa Technologies, American Financial Group, Virtual Brokers, Captivate Network, Leede Financial, Motif Investing, First Financial, Stock-Trak 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.