Revenues Up 38 Percent in 1st Quarter for QuoteMedia, Inc. (QMCI.OB)
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,…