QuoteMedia Announces 5% Growth in Revenue for Q3 2019 and 7% YTD Revenue Growth
PHOENIX, Nov. 12, 2019 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three and nine months ended September 30, 2019.
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. We compete with a few larger legacy organizations and a modest community of other smaller companies.
QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (preformatted content for website integration) and applications such as Quotestream Professional desktop and mobile.
Revenue for the three and nine months ended September 30, 2019 was $2,963,172 and $8,818,637, versus $2,811,872 and $8,277,682 in the comparative 2018 periods, respectively.
Net income for the three and nine months ended September 30, 2019 was $155,928 and $471,345, versus $208,484 and $329,181 in the comparative 2018 periods, respectively.
Three months ended September 30, 2019 versus the comparative 2018 period:
• Revenue increased $151,300 (5%).
• Net income decreased $52,556 (25%).
• Adjusted EBITDA1 was $540,924 versus $554,442 in the comparative period, a decrease of $13,518 (2%).
Nine months ended September 30, 2019 versus the comparative 2018 period:
• Revenue increased $540,955 (7%).
• Net income increased $142,164 (43%).
• Adjusted EBITDA1 was $1,599,903 versus $1,329,320 in the comparative period, an increase of $270,583 (20%).
• Cash on hand increased to $974,721; a growth of $164,389 from the balances reported at December 31, 2018.
“We are pleased with what we have accomplished this quarter,” said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “The results show strong revenue and healthy profits, although the profits are tempered somewhat by increased spending related to expansion. This includes adding new staff, as well as infrastructure growth and upgrades, in anticipation of the launch of new product lines and partnerships. We expect to see continued revenue growth and strong profitability for the balance of the year and beyond.”
IMO and FWIW.
