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"As expected, global economic challenges, including a severe downturn in the financial services sector, had an impact on QuoteMedia's revenue growth during the first quarter of 2009, as a small portion of our clients who are struggling or ceasing operations have had to reduce or discontinue our services," says Keith Guelpa, President of QuoteMedia, Inc. "These same economic challenges have also been a significant source of growth opportunities for QuoteMedia, however, as many companies are contacting us, seeking more efficient and cost effective solutions to their data and technology needs. In particular, Quotestream Professional, our streaming real-time market data terminal for brokers and financial professionals, has garnered increasing interest and broader market penetration during the quarter, notwithstanding the contractions in the economy. Likewise, the company has been fielding inquiries from several quarters about large scale enterprise deployments encompassing solutions ranging across several product lines, where the potential clients are looking to streamline data and content management, as well as costs, by consolidating their data provisioning requirements through a single provider.
"Consistent with our focus on expansion, we experienced a loss for the quarter of $200,306 compared to a loss of $354,919 in the comparative period. This represents a 44% improvement in operating results. In view of the current economic conditions, we are satisfied with our progress to date, and we believe that we are on target to meet our long term objectives.
"We intend to remain focused intently on our revenue growing strategies, with a particular emphasis on taking advantage of the opportunities presented by the economic conditions facing our industry," says Guelpa. "Our plan of operation for the remainder of 2009 will continue to center on marketing Quotestream and Quotestream Wireless for enterprise deployment by financial services firms, and on moving even further into the investment professional market with Quotestream Professional. We will also look to continue the market penetration of our Data Feed Services and Interactive Content and Data Applications."
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, SEC 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, Dow Jones & Company, Sungard, Wells Fargo, Penson Worldwide, Motorola, General Electric, Forbes.com, Scotia Capital, Southwest Securities, Zecco Trading, Zacks Investment Research, Business Wire, Regal Securities, Broadridge Financial Systems, ChoiceTrade, Qtrade Financial Group, CNW Group, TradeFreedom, Questrade, Schaeffer's Investment Research 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.
SOURCE: QuoteMedia, Inc.
QuoteMedia Dave Shworan, 877-311-9911 ext. 101 contactus@quotemedia.com
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