QuoteMedia Announces 18% Revenue Growth and Increasing Profits for Q3 2018
PHOENIX, Nov. 14, 2018 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), announced financial results for the three and nine months ended September 30, 2018. These results reflect a year over year 18% revenue growth for the quarter, as well as a particularly notable increase in the company’s profitability.
QuoteMedia provides banks, stock brokerages, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related information in competition with legacy organizations such as Thomson Reuters and Bloomberg, and a modest community of other smaller companies.
QuoteMedia posted third quarter revenue of $2,811,872, up from $2,388,146 in the comparative period in 2017, an increase of $423,726. Revenue for the nine months ended June 30, 2018 was $8,277,682 up from $7,015,864 in the comparative period in 2017, an increase of $1,261,818 (18%). The Company also reported improved gross margins, increasing to 52% and 50% for the three and nine month periods ending September 30, 2018, compared to 45% in the comparative 2017 periods.
“We are continuing to experience strong revenue growth across all product lines,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “We expect this growth in revenues to continue, particularly as reflected by committed new contracts, as well as contracts in active negotiation.
“As we reported, QuoteMedia continued its trend of increasing profitability through the third quarter. The Company recorded profits of $208,484 and $329,181 for the three and nine month periods ending June 30, 2018, respectively. This is compared to losses of $445,078 and $1,634,875 in the prior 2017 periods.
This achievement represents nearly a $2 million improvement of our bottom line in the first nine months of the current year compared to the same period of 2017. This performance is a direct result of our recent financial strengthening; and the implementation of our new product and market strategies. We anticipate this trend to continue as we fully implement these strategic programs.
“This was another strong quarter for QuoteMedia and reflects our heightened market posture and the competitive strength of our offerings. We fully expect to maintain this trajectory throughout the remainder of the year and beyond, as we continue to aggressively grow our market share, develop important relationships with clients and partners, and create even more new innovative product and service offerings.”
IMO and FWIW.
