PHOENIX, Nov. 12, 2020 (GLOBE NEWSWIRE) — QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the three months ended September 30, 2020.
QuoteMedia provides banks, brokerage firms, exchanges, financial portals, private equity firms, financial planners, professional traders and sophisticated investors with economical, high quality stock market data, news, analytics and research information. QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (preformatted content for website integration) and terminal-style applications such as Quotestream Professional desktop and mobile.
Revenue for the three months ended September 30, 2020 was $3,140,358 versus $2,963,172 in the comparative 2019 quarter, resulting in a 6% increase.
“We are pleased with our results for this quarter,” said Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “We experienced healthy revenue growth despite the economic disruption caused by the COVID-19 pandemic. We have even been able to take advantage of new opportunities arising from the current economic downturn, as the added pressure on financial sector firms to find more efficient and cost effective solutions to their data and technology needs is leading them to explore QuoteMedia’s offerings.”
“As a result of increased expenses related to our recent expansion activities, we experienced a net loss of $75,305 for the three months ended September 30, 2020 compared to net income of $155,928 in the comparative 2019 quarter. Our adjusted EBITDA1 was $271,091 for the three months ended September 30, 2020 versus $540,924 in the comparative 2019 quarter. The company has undertaken major growth initiatives in 2020 investing in technological and infrastructure advancement, new product development, data collection and aggregation initiatives, and the expansion of our global market coverage. We have also invested in new marketing campaigns and increased staffing. These strategic investments are already producing results. Based on clients currently under contract, including new contracts signed subsequent to September 30, 2020, we expect double digit revenue growth and increasing profitability in the upcoming quarters.”
QuoteMedia will host a conference call today at 2pm Eastern time to discuss the Q3 2020 financial results and provide a business update.
Date: November 12, 2020
Time: 2:00 PM Eastern Time
Dial-in numbers: 877‑876‑9173, 785‑424‑1667
Conference ID: QUOTEMEDIA
An audio rebroadcast of the call will be available later at: www.quotemedia.com
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides data and services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, Ridge Clearing, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, Industrial Alliance, Ally Invest, Inc., Suncor, Virtual Brokers, Equities.com, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Warrior Trading and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
QuoteMedia Investor Relations
Email: [email protected]
Call: (407) 645-5295
Note 1 on Non-GAAP Financial Measures
We believe that Adjusted EBITDA, as a non-GAAP pro forma financial measure, provides meaningful information to investors in terms of enhancing their understanding of our operating performance and results, as it allows investors to more easily compare our financial performance on a consistent basis compared to the prior year periods. This non-GAAP financial measure also corresponds with the way we expect investment analysts to evaluate and compare our results. Any non-GAAP pro forma financial measures should be considered only as supplements to, and not as substitutes for or in isolation from, or superior to, our other measures of financial information prepared in accordance with GAAP, such as net income attributable to QuoteMedia, Inc.
We define and calculate Adjusted EBITDA as net income (loss) attributable to QuoteMedia, Inc., plus: 1) depreciation and amortization, 2) stock compensation expense, 3) interest expense, 4) foreign exchange loss (or minus a foreign exchange gain), and 5) income tax expense. We disclose Adjusted EBITDA because we believe it is a useful metric by which to compare the performance of our business from period to period. We understand that measures similar to Adjusted EBITDA are broadly used by analysts, rating agencies, investors and financial institutions in assessing our performance. Accordingly, we believe that the presentation of Adjusted EBITDA provides useful information to investors. The table below provides a reconciliation of Adjusted EBITDA to net income (loss) attributable to QuoteMedia, Inc., the most directly comparable GAAP financial measure.
QuoteMedia, Inc. Adjusted EBITDA Reconciliation to Net Income (Loss):
Three months ended
|Net income (loss)||$||(75,305||)||$||155,928|
|Depreciation and amortization||343,935||279,230|
|Foreign exchange loss (gain)||(5,930||)||543|
|Income tax expense||751||758|