QuoteMedia, Inc. (QMCI.OB), a software developer and syndicator of financial market information, announced financial results for the second quarter and first half of fiscal 2008. Revenues rose 30% in the quarter to $1,724,396 from $1,331,405 in the comparable period of 2007. Net loss for the quarter was $361,000, compared to a loss of $425,000 for the same period last year. Net cash provided by operating activities was $377,428 for the six months ended June 30, 2008; this represents an improvement of $875,428 from the $598,000 operating cash deficit for the first half of 2007. The company had $463,000 cash on hand at quarter’s end, an increase of $105,898 from December 31, 2007.
“The significant revenue growth during the quarter resulted from increased sales of our Interactive Content and Data Applications as well as from increased subscriptions to our Quotestream product line,” said Keith Guelpa, president of QuoteMedia, Inc. “This is our 21st consecutive quarter of revenue growth, reflecting the strong continuing market penetration of our full line of financial data products and the increasing depth of our data offerings, which now cover over 70 exchanges worldwide.
“We remain focused on our revenue growing strategies,” continued Guelpa. “Our plan of operation for the remainder of 2008 continues to focus on marketing Quotestream II for deployments by brokerage firms to their clients, and moving with increasing strength into the investment professional market with Quotestream Professional. We also plan to continue the market penetration of our Data Feed Services, which is a particularly fertile segment of our product line. We will also continue to license our Quotestream Wireless applications and add new data content to expand our line of Interactive Content and Data Applications.
“While we expect that we will continue to incur losses in the short term, we expect our monthly revenues will continue to rise significantly in 2008 and overtake the increased cost commitments that we have undertaken to support our rapid development,” added Guelpa. “Our improvement in gross margin rates to 57% reflects the stabilization of our fixed cost structures while revenues continue to increase. We expect our costs of revenue to continue to reduce as a percentage of revenues generated. We are very pleased with our progress to date, and we believe that we are on target to meet our near and long term objectives.”
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