QuoteMedia, Inc., a leading provider of market data and financial applications, released its financial results for the fiscal year ended December 31, 2007 which reflects a 49% increase in revenue. The Company reported $5,569,107 in revenues versus $3,742,534 in 2006. They also showed a 19% increase in deferred revenue for payments received in advance from customers. The deferred revenue will be recognized as revenue in future quarters when the services are performed, according to the company.
In view of the company’s revenue increase, Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc stated, “In 2008, we already have sales under contract of approximately $6,800,000 on an annualized basis. This only accounts for revenue we will realize in 2008 from currently committed contracts. Based on these existing committed contracts, as well as contracts in active negotiation, we expect our revenues to continue to expand significantly in the coming year.”
He continued by saying, “2007 was a year of unparalleled expansion for QuoteMedia. The company experienced major growth in data and market coverage, technological capability and product development, business development, and personnel.”
To note a few of those expansions, the company: completed the development of QuotestreamTM Professional, the company’s new streaming portfolio management solution designed specifically for use by financial services professionals; experienced incredible business growth through the acquisition of scores of new clients; opened offices in Toronto and New York; and hired respected industry veterans Paul Pryde and George Katsch to lead the new offices.
As QuoteMedia grows and expand into several major new markets, Thompson is expecting that “these investments will support significantly increased revenues and profitability.”
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