Today, QuoteMedia, Inc. reported its financial results for the fiscal year ended December 31, 2008. Revenues for the year increased 31% to $7,276,980 compared to the $5,569,107 reported for 2007. As of December 31, 2008, the company had a cash balance of $536,624, a $179,308 increase from the amount reported for December 31, 2007. For six consecutive years now, QuoteMedia has reported significant revenue growth for every quarterly reporting period.
â€œ2008 was another strong growth year for QuoteMediaâ€, commented Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. â€œEven though global economic challenges and a significant weakening of financial markets have had a serious negative impact on the financial services industry, the company experienced not only outstanding revenue growth, but also major growth in data and market coverage, technological capability and product mix, business development, and personnel. In a year in which many of our competitors were suffering through cutbacks, layoffs, and weakening sales numbers, QuoteMedia has thrived.”
â€œWhile financial sector turmoil has led to cancellations from some of our clients who are struggling or ceasing operations, and will likely affect our revenue growth in 2009, it has also been a source of opportunities for QuoteMedia, as we are currently in discussions with several new prospects looking to move their business away from more expensive competitors with less efficient technological platforms,â€ he added.
â€œThe belt tightening in the financial services sector has caused many companies to reevaluate how and where they are spending their money from a data provisioning perspective,â€ Thompson continued. â€œTheyâ€™re looking for alternate providers, with more flexible technology and fee structures, and because of the significant technological development and data expansion initiative weâ€™ve undertaken over the past 2 years, QuoteMedia is in a position to exploit these opportunities with better technologies and aggressive pricing. â€œ
â€œ2008 saw increased market penetration across the board for all of our product lines, most notably with Quotestream Professional, which is rapidly gaining a foothold in the marketplace, as well as with QuoteMediaâ€™s Datafeed services which have also seen particularly strong uptake. Although global economic conditions are now introducing more uncertainty than ever, and even though we realistically expect that fallout from the global recession will negatively affect QuoteMediaâ€™s revenue growth in the short term, we anticipate continued long term growth in 2009 and beyond,â€ Thompson concluded.
Let us hear your thoughts: QuoteMedia, Inc. Message Board