PHOENIX, Nov. 12, 2014 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB:QMCI), a leading provider of market data and cloud-based applications, announced financial results for the three months ended September 30, 2014. These results reflect third quarter revenue of $2,292,698, down from $2,395,733 in the comparative period in 2013. This represents a decrease of 4% ($103,035).
"When compared to the third quarter of 2013, the average U.S. dollar exchange rate rose approximately 5% versus the Canadian dollar. This resulted in devaluing our reported Canadian dollar revenues once translated into U.S. dollars, and accounts for a large portion of the decrease in revenue from the comparative period in 2013," said Keith Guelpa, President of QuoteMedia, Inc.
"Our third quarter revenue increased 1% quarter over quarter (compared to Q2 2014), and we expect that to continue in the fourth quarter of 2014 and into 2015. We also remain on track, as previously projected, to achieve positive year over year revenue growth in the fourth quarter of 2014, and solid revenue growth throughout 2015."
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, TMX Group, Dow Jones & Company, SunGard, U.S. Bank, Broadridge Financial Systems, Regal Securities, JitneyTrade, Southwest Securities, HD Vest, Intrinsic Research Systems, Stockhouse, Zacks Investment Research, General Electric, Dow Chemical, Bombardier, Business Wire, PR Newswire, Marketwire, FolioFN, ChoiceTrade, Qtrade Financial, CNW Group, Schaeffer's Investment Research, Brean Capital, TradeKing, Suncor, American Financial Group, Virtual Brokers, First Financial Equity Corporation, Stock-Trak 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.