LINE, My little OLB reported very nice EPS
Merger with Omega Research soon
OnlineTrading.com Announces Record Revenues and Earnings For Fiscal Year Ending
/FROM PR NEWSWIRE MIAMI 305-461-8666/
TO BUSINESS EDITOR:
OnlineTrading.com Announces Record Revenues and Earnings
For Fiscal Year Ending January 2000
BOCA RATON, Fla., March 30 /PRNewswire/ -- OnlineTrading.com
(Nasdaq: LINE) for the year ended January 31, 2000, reported record revenues
of $11,690,840, an increase of 95% when compared to $5,992,064 of revenues for
the year ended January 31, 1999. Net income for the year ended January 31,
2000, was $1,080,506, or $0.10 per share (diluted), as compared to net income
of $107,943, or $0.01 per share (diluted), for the year ended January 31,
1999.
The Company reported record revenues of $4,012,943 for the fourth quarter
ended January 31, 2000, an increase of 82% when compared to the $2,203,594 of
revenues for the three-month period ended January 31, 1999. The Company also
reported net income for the quarter of $157,529, or $0.01 per share (diluted),
as compared to net income of $196,419, or $0.02 per share (diluted), for the
three-month period ended January 31, 1999. The net income for the fourth
quarter was impacted by increased investment in product development ($279,000)
and professional fees ($87,000) incurred in connection with the Company's
pending merger with Omega Research, Inc. and the Company's December 1999
purchase of the material assets of Newport Discount Brokerage, Inc.
"The final quarter of this fiscal year was the most eventful one in our
history. In December, we acquired the customer accounts of Newport Discount
Brokerage, Inc., and in January 2000, we signed an agreement to merge with
Omega Research, Inc.," said Steven zum Tobel, President of OnlineTrading.com.
Mr. zum Tobel further commented on the Company's performance by stating, "Our
fourth quarter earnings were affected by our increased investment in product
development. We have already begun working toward technological integration
with Omega Research for products and services we intend to launch later this
year. We are all very excited about the pending merger with Omega Research,
Inc. which is expected to close in June 2000, and we have begun the process of
ramping up operations and technology to accommodate the projected growth
anticipated from our planned new products and services."
About OnlineTrading.com
OnlineTrading.com is a SEC and NASD registered brokerage firm that
specializes in providing wealthy active individuals and small to mid-sized
institutions trade executions via an institutional-styled trading desk and the
Internet. OnlineTrading.com's principal client software product,
O.R.D.E.R.S.(TM), allows users to execute trades before and after market hours
while providing users in real time with: position summaries, realized and
unrealized trading P&Ls, buying power, open orders, trading logs, and average
costs of positions acquired. The system also includes a real-time quote
machine with the ability to view multiple Nasdaq Level II quotes, an ECN book,
tickers, real time charts, time and sales, analytical tools, and the ability
to incorporate instantaneous news. The Company also has a staff of registered
representatives available via telephone as well as online for support to its
customers.
About Omega Research, Inc.
Founded in 1982, Omega Research, Inc. (Nasdaq: OMGA) is a leading provider
of branded real-time trading tools for the active trader. Omega Research's
principal client software products currently include TradeStation(R)2000i,
OptionStation(R)2000i, RadarScreen(TM)2000i, and Omega Research
ProSuite(TM)2000i.
WindowOnWallStreet.com, Omega Research's new online service, offers
traders award-winning tools including powerful analytical charting, as well as
Nasdaq Level II, time & sales, quote lists, option chains, market leaders,
streaming news, Internet SmartSearch, live ticker, portfolio management,
Profit/Loss tracking, discussion forums and wireless access. Window On
WallStreet and its Financial Data Cast Network(TM) (FDCN) were acquired by
Omega Research in late October 1999 as part of Omega Reseach's evolving
Internet strategy. FDCN is widely recognized as one of the Internet's most
sophisticated streaming real-time quote services. Later this year, Omega
Research intends to launch TradeStation.com, a service dedicated to serving
the needs of the active trader.
On January 20, 2000, Omega Research and OnlineTrading.com announced a
definitive agreement to merge the two companies in an all-stock combination.
The consummation of the merger is subject to satisfaction of certain
conditions, including, without limitation, approval by the shareholders of
each Omega Research and OnlineTradinginc.com Corp., NASD regulatory
requirements, the registration of the new holding company's shares with the
SEC and the listing of such shares with The Nasdaq National Market. The
strategic combination of these two companies is expected to create a
seamlessly integrated trading platform that will deliver a best-of-breed
solution to the active online trader: powerful trading strategy tools,
streaming real-time market quotes and news, and high-speed electronic online
order execution. |
