QuoteMedia, Inc., well known amongst top businesses worldwide, including multiple Fortune 500 companies, for unprecedented service in providing streaming market data and financial software solutions, reported FY 09 (ending Dec. 31) data today.
Chairman of QMCI, Robert J. Thompson, expressed his pride over the glowing results contained in the report which indicate a 4% ($265,414) annual increase in revenue from 08 to $7,542,394.
Thompson said that QMCI, unlike its competitors, was able to expand data coverage, add to the employee roster, increase technical capacities and even release new products while increasing market share and thus ROI for the Company’s investors; all this despite the global economic crisis, which produced the “most pronounced downturn in the financial services industry in decades”.
Another feather in QMCI’s cap is the undisputed matriculation achieved, becoming one of the financial data services’ top-tier providers in 09, and further confirming the Company’s status as a major player among the crème-de-la-crème providers in this entire sector.
Thompson pointed out the benefits this status confers, such as no longer merely struggling to obtain major contracts; indeed QMCI is being actively courted by “large-scale marquee clients to compete on a level playing field against the more established incumbent vendors”, and is successfully beating out the competition.
This uncanny ability to beat out larger and more established competitors was attributed by Thompson to the tireless effort invested in ensuring that the products, technology and data coverage provided by QMCI are on-par or in excess of those provided by the Company’s rivals.
Thompson made it clear that QMCI is now well-positioned to handle any client, irrespective of scale – a fact which he noted has not gone unnoticed by the industry as the Company now finds itself sitting at the negotiating table alongside some of the biggest names in the industry.
Projections show some lagging influence by the economic crisis over the near term, but Thompson pointed out that this dynamic is beneficial to the leaner, meaner QMCI as it forces the larger and more ungainly firms to face up to the inefficiency of their operations.
Despite losing some smaller clients due to the shakeup, the Company is retaining more than it has lost, in terms of business, from larger, more stable clients anyway – clients seeking more flexible fee structures and technology solutions.
Due to the increased interval for execution of these larger jobs, QMCI is projecting the strongest revenue growth data to emerge in 3Q/4Q 2010.
Although a minor operating loss was evinced by the report ($11,503) compared to 08 figures, Thompson expressed confidence that this was due in large part to the Economic crisis and anticipates that the Company’s fixed cost profile will translate into “significantly expanded revenues and profitability in the longer term as the economy recovers and as larger deals close”.