QuoteMedia, Inc. (QMCI.OB), reported their financial results for the three months ended March 31, 2007.
These results reflect a 38% increase in first quarter revenue, from $838,266 in 2006 to $1,160,700 in 2007. At March 31, 2007 the company’s cash balance was $1,127,470, an increase of $241,219 from the balance at December 31, 2006.
At March 31, 2007, QuoteMedia’s deferred revenue balance was $341,357 compared to $209,708 at March 31, 2006, an increase of 63%. Deferred revenue represents payments received in advance from customers that will be recognized as revenue in future quarters when the services are performed.
Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. noted that “the Company has gone through a tremendous growth phase. We have substantially expanded our data offerings to include international market data and much more comprehensive research information. We have developed a remarkable amount of new products, including Quotestream II, our new tick-by-tick streaming portfolio management product that caters to a much wider range of users, and particularly targets investment professionals. Our new international data coverage expands the global market for our products, including Quotestream and Quotestream Wireless, beyond the US and Canada. QuoteMedia has also significantly increased its staff and office space, expanding all three existing offices, and opening new offices in Toronto and Dallas.”
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