×

QuoteMedia Announces Financial Results for 2016 Fiscal Year

PHOENIX, March 31, 2017 (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, 2016. These results reflect a 2% increase in year-over-year revenue, from $8,658,667 in 2015 to $8,870,155 in 2016.

“We are pleased with our progress this year. We experienced four straight quarters of quarter-over-quarter growth throughout this year, and we are looking forward to a strong 2017,” says Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “Consistent with our forecasts, stable growth – particularly pronounced in the final two quarters - led to a year-over-year increase in revenue as new product lines began to generate income. We expect to maintain and build upon this momentum in the coming year.

“This year saw numerous deployments of QModTM, our proprietary HTML5 market data widgets, which feature almost unlimited customizability and variety. QMod is mobile-ready - automatically resizing and optimizing to the type of mobile phone, tablet or laptop on which they are viewed. Unlike competitors’ products, the widgets are SEO friendly, as the content is available to be crawled and indexed by search engines. We are receiving considerable demand for these products and anticipate that this will be a major revenue growth area for QuoteMedia.

“QuoteMedia also entered into several new agreements to deploy our Integrated Trading capabilities in 2016. Several installations of Integrated Trading were completed in 2016 and more are scheduled for completion in the coming months. Trade Integration allows QuoteMedia’s products to interact with our brokerage clients’ back-end trade execution and reporting platforms and enables synchronous trade execution and tracking of holdings.

“QuoteMedia substantially expanded its data coverage in 2016, particularly with respect to mutual funds, international exchanges, news and other content, and we will continue to do so for the foreseeable future.

“Our plans for 2017 include increasing our focus on Quotestream deployments by brokerage firms to their retail clients, where we have several large projects already underway. As well, we will be continuing our expansion into the investment professional market with Quotestream ProfessionalTM.

“We are also focused on growing our Data Feed Services client base. The expansion of our data coverage and feed products over the past year has enabled us to add several new clients, and we will continue to pursue these opportunities.

“QuoteMedia will continue to focus on increasing the sales of its Interactive Content and Data Applications - particularly our QMod line of products. There is strong demand for responsive, mobile-ready, SEO-friendly Web content across all levels of the financial industry. Notably, our QMod HTML5 market data tools and widgets are at the market’s technological forefront.

“Additionally, the marketing of new deployments of our Trade Integration capabilities is underway and will continue to be a high priority in the coming year.

“We intend to continue to sharpen our product and service strengths. Important new development projects for 2017 include broad expansion of data and news coverage, including the addition of a wide array of international exchange data and news feeds (including foreign language sources), expansion of fixed-income coverage, launching the HTML5 version of Quotestream, as well as a new Quotestream Mobile application, and the introduction of several new and upgraded market information products.

“2016 was a successful year on many levels. We are determined to build on those successes and expect increased revenue growth in 2017.”

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, FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JP Morgan, CIBC, JitneyTrade, Hilltop Securities, HD Vest, Intrinsic Research Systems, ING Investment Management, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Boeing, Bombardier, Business Wire, PR Newswire, Marketwired, FolioFN, Regal Securities, ChoiceTrade, Qtrade Financial, CNW Group, Schaeffer's Investment Research, Industrial Alliance, TradeKing, Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Divy Inc., Motif Investing, First Financial, Cirano, Stock-Trak and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. 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.

QuoteMedia Dave Shworan, (877) 311-9911 ext. 101 contactus@quotemedia.com

Source:QuoteMedia, Inc.