see what happens tomorrow with this news out tonight
National Discount Brokers Group, Inc. Discusses First Quarter Outlook
NEW YORK, Sept. 2 /PRNewswire/ -- National Discount Brokers Group, Inc. (NYSE: NDB), an online discount broker and Nasdaq market maker, announced today that it expects a revenue shortfall of approximately 4% from analysts' estimates of approximately $55 million for the quarter ended August 31, 1999. Retail accounts at its subsidiary, NDB.com, were 159,000 at August 31, 1999, an increase of approximately 13% from the 141,000 accounts at May 31, 1999.
The Company's expenses are expected to be approximately 9% greater than the analysts' estimates of approximately $48 million due to the acceleration of expenses associated with NDB.com's advertising campaign, non-recurring write-offs of obsolete equipment and software to allow for upgrades at its subsidiaries, Sherwood Securities and NDB.com, and clearing and related charges from increased transaction flow at Sherwood Securities.
As a result, the Company stated its first quarter net income from continuing operations is estimated to be in the range of $.02 per share to a loss of $.01 a share compared to analysts' estimates of $.21 to $.22 a share. Including the gain on the sale of its former affiliate, Equitrade Partners, L.L.C., which occurred in June 1999, management estimates that the Company will report net income between $1.26 and $1.23 per share for the quarter. |
