QuoteMedia Announces 6% Revenue Growth and 12% increase in Profitability for 2019
PHOENIX, March 27, 2020 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended
December 31, 2019.
QuoteMedia provides banks, brokerage firms, 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.
QuoteMedia posted improvements in 2019 across all key performance indicators including the following:
- Revenue increased to $11,793,731 in 2019 from $11,127,670 in 2018, an increase of $666,061 (6%).
- Gross margins increased to 51% in 2019 from 50% in 2018.
- We earned net income of $558,997 in 2019 compared to net income of $497,871 in 2018, an increase of $61,126 (12%).
- $1,766,409 in cash was generated from operating activities in 2019, and our end of year cash balance increased by $5,155 to $815,487.
- Adjusted EBITDA1 was $2,124,498 versus $1,831,882 in the comparative period, an increase of $292,616 (16%).
The global financial markets have experienced extreme volatility and disruption in 2020 due to COVID-19. While we have not yet experienced a significant reduction in the demand for market data and related services, it is too early to assess the effects of COVID-19 and to predict how long its impact will be felt.
We have been able to remain fully operational during the COVID-19 crisis as our employees can work remotely in an effective manner. The strength of our balance sheet, with no debt, substantial cash reserves and solid cash generation, leaves us prepared to weather any foreseeable adverse economic conditions that threaten the global economy in 2020 as a result of COVID-19.
“We are pleased with our 2019 performance”, said Robert J. Thompson, QuoteMedia’s Chairman of the Board. “On top of the strong revenue growth, we were able to maintain healthy profits, even as we increased our spending on new product development and infrastructure expansion. We expect continued revenue growth in 2020, fueled by several major new product lines that we plan to launch in the upcoming months.”