(BSNS WIRE) Track Data Corporation Reports First Quarter Results
Track Data Corporation Reports First Quarter Results
Business Editors
NEW YORK--(BUSINESS WIRE)--May 12, 2000--Track Data Corporation
(Nasdaq: NMS-TRAC) today announced results for its first quarter ended
March 31, 2000.
Revenues for the first quarter ended March 31, 2000 were
$12,890,000 compared to $11,656,000 for the comparable period in 1999,
an increase of 11%. Net loss for the 2000 quarter was $(1,878,000), or
$(.03) per share, compared to a net loss of $(35,000), or $(.001) per
share, in the 1999 quarter.
Barry Hertz, Chairman and CEO, commented, "In the first quarter of
2000, revenues from myTrack services were $3,332,000, or 26% of total
revenues, as compared to $820,000, or 7%, in the first quarter of
1999, an increase of 306%. We expect to obtain our broker-dealer
license by July 2000. Until we obtain the license, trading revenues
include only those from licensing our trading system, rather than the
full trading commissions. Had we recognized full commissions, myTrack
revenues would have been $17,637,000 for the first quarter of 2000 as
compared to $13,378,000 in the fourth quarter of 1999, an increase of
32%. The change in reported revenues would have had no affect on the
reported loss for the quarter as costs would have risen in an amount
equivalent to the revenue increase. Marketing and advertising costs
for the 2000 quarter were $2,060,000 (net of $815,000 received from
Track Securities under a licensing agreement) compared to $293,000 in
the first quarter of 1999. These marketing costs are expected to
adversely affect earnings in the future."
Mr. Hertz continued, "The growth in myTrack revenues has been
greater each succeeding quarter. Our increased trading volume is a
recognition of our proven technology. First quarter 2000 trades
exceeded fourth quarter 1999 by 146%."
Track Data is a New York-based financial services company that
offers myTrack, a fully integrated Internet-based online trading and
market data system. myTrack offers the first week of trading
commission-free. To open a trading account, go to
mytrack.com and click on the "Open a Trading Account"
button.
myTrack delivers a continuous dynamic stream of live market data
and investors' online trading activity. Trading is offered at prices
starting at $12.95 per trade. myTrack is delivered over the Internet
powered by application-based software and a constant server connection
similar to systems used by professionals, making it faster than the
HTML web site-based static pages offered by most of its competitors,
such as E*Trade (Nasdaq: EGRP), Schwab (NYSE: SCH) and National
Discount Brokers (NYSE: NDB). myTrack delivers free streaming delayed
quotes and unlimited free real-time extended quotes, as well as
breaking company news, a trade by trade log, charting for technical
analysis and a proprietary library of intraday market statistics. For
$19.98 per month plus exchange fees, users can subscribe to streaming
real-time quotes. A menu of features, including Nasdaq Level II, is
available separately or in value packages. In addition to PC-based
trading, myTrack offers wireless access through such devices as the
Palm (made by Palm Inc. (Nasdaq: PALM)). Download myTrack software or
open a trading account at mytrack.com or call
1-800-myTrack. For information about myTrack's SDK, go to
mytrack.com.
Track Data provides real-time financial market data, news,
fundamental research, charting and analytical services to
institutional and individual investors through dedicated
telecommunication lines and the Internet. Additional information may
be obtained by contacting Laurel Louison, Investor Relations, at
718-522-7373 or by e-mail: laurel_louison@tdc.com.
-0-
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The words "believe," "expect," "anticipate" and other
similar expressions generally identify forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. These
forward-looking statements are based largely on the Company's current
expectations and are subject to a number of risks and uncertainties,
including without limitation, changes in external market factors,
changes in the Company's business or growth strategy or an inability
to execute its strategy due to changes in its industry and other risks
and uncertainties indicated from time to time in the Company's filings
with the Securities and Exchange Commission, including the Company's
Forms 10-K, S-3 and S-8. Actual results could differ materially from
the results referred to in the forward-looking statements.
*T
FINANCIAL HIGHLIGHTS
Three Months Ended March 31,
2000 1999
---- ----
Revenues $12,890,000 $11,656,000
Net loss (A) (1,878,000)(B) (35,000)(c)
Basic and diluted loss per share $(.03) $(.001)
(A) Includes income of $32,000 in 2000 and $40,000 in 1999 from
equity in an affiliated company.
(B) Includes a gain on sale of marketable securities of $540,000.
(C) Includes a gain of $300,000 in connection with a lease
buy-out.
*T
--30--emb/ny*
CONTACT: Laurel Louison, Investor Relations
718-522-7373
e-mail: laurel_louison@tdc.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
NETWORKING EARNINGS
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