QuoteMedia, Inc. (OTC: QMCI) said the financial results for the fiscal year ended December 31, 2013, reflect a four percent decrease in year-over-year revenue, from USD9,870,769 in 2012 to USD9,436,598 in 2013.
“We overcame some adversity this year,” says Robert J. Thompson, chairman of the board of QuoteMedia, Inc. “When Penson Worldwide, Inc., one of our largest clients, filed for bankruptcy in January of 2013, we lost not only revenue for services provided to Penson, but also to a host of Penson´s correspondent brokerage clients.”
Thompson said the decrease was also partly due to the expiration of a large non-cash barter arrangement on June 30, 2012. In the first half of 2012, pursuant to this arrangement, the company recorded revenue of USD180,000, for providing portfolio management services to a major media client in exchange for advertising credits. “So while our top line revenue no longer includes this USD180,000 in barter revenue, we are also no longer incurring the offsetting USD180,000 advertising expense. Therefore, the expiration of this non-cash barter arrangement had no impact on our bottom line or cash flow,” Thompson said.
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. For more information, visit: www.quotemedia.com.