PHOENIX, March 28, 2013 (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, 2012. These results reflect a 10% increase in year-over-year revenue, from $8,964,181 in 2011 to $9,870,769 in 2012. QuoteMedia reported an operating profit in 2012 of $166,652, compared to an operating loss in 2011 of $219,891, an improvement of $386,543.
QuoteMedia has now reported annual revenue growth for ten consecutive years.
"This has been another strong year for QuoteMedia," says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. "Consistent with our forecasts, we experienced a significant increase in revenue, and solid performance across all product lines.
"While we expect continued revenue growth in 2013, that growth will be tempered by the recent Chapter 11 filing by one of our larger clients, Penson Worldwide, Inc. which will result in the loss of associated revenues to QuoteMedia. This reduction of revenue will result in lower revenue for the first half of 2013. However, we expect a return to revenue growth in the 3rd and 4th quarters based on new product deployments that have been recently completed or are near completion, and on several new opportunities that are emerging for us in the marketplace. In particular, the recent liquidation of one of our competitors is presenting important opportunities. AlphaTrade, a competitive provider of web-based market data services, has ceased operations. This means more than just the removal of a competitor in that market segment. As part of AlphaTrade's liquidation proceedings, TMX Group has acquired AlphaTrade's customer list and, in cooperation with QuoteMedia, is approaching AlphaTrade clients with the opportunity to replace AlphaTrade services with data services provided through TMX Group. We are experiencing significant client uptake, and expect to see increased revenue growth from this opportunity reflected in our 3rd Quarter and 4th Quarter results.
"We are proud of what we have accomplished in 2012. We reported a net loss of $509,527 in 2012, compared to a net loss of $752,381 in 2011 – an improvement of $242,854. We anticipate that 2013 will be another year of positive achievement for QuoteMedia, and we look forward to continuing in this direction into the foreseeable future."
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, , Broadridge Financial Systems, Ridge Clearing, Regal Securities, JitneyTrade, Southwest Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Bombardier, Business Wire, PR Newswire, Marketwire, FolioFN, Captivate Network, ChoiceTrade, Qtrade Financial, CNW Group, TradeFreedom, Gain Securities, Questrade, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, American Financial Group, Virtual Brokers, First Financial Equity Corporation, 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 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.