QuoteMedia posts full year revenue increase for 2004
QuoteMedia, Inc. (OTCBB:QMCI), a leading provider of market data provisions and financial applications, today announced financial results for the fiscal year ended December 31, 2004, including a 253% increase in revenue, from $286,379 in 2003 to $1,009,588 in 2004.
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"QuoteMedia is currently generating positive cash flow from operations, and based solely on existing sales under contract of approximately $1,500,000, we expect our revenue to increase significantly in 2005," says Robert Thompson, chairman of the board of QuoteMedia, Inc. "This simply accounts for the revenue we would achieve in 2005 from current contracts, without closing any new ones. We look forward to what 2005 will bring."
The majority of the revenue growth in 2004 was from increased sales of QuoteMedia's financial data products, including subscriptions to QuoteMedia's streaming, real-time financial software application, Quotestream. Throughout 2004, the company continued to expand its line of financial data products, implemented new market data feeds, and launched Quotestream Wireless for handheld devices.
In 2005, QuoteMedia will focus on sales of large-scale corporate data solutions and real-time, streaming financial software and wireless applications. The company will also focus on creating new financial software products and data provisions, and on adding new data content to expand its line of corporate financial data products and packaged market data feeds.