Track Data CORPORATION REPORTS THIRD QUARTER RESULTS
New York, New York - November 9, 2000 - Track Data
Corporation (Nasdaq NMS: TRAC) today announced results for
its third quarter ended September 30, 2000.
Revenues for the third quarter ended September 30, 2000 and
1999 were $14,871,000 and $11,518,000, respectively, an
increase of 29%. The Company realized net income of
$1,641,000 for the third quarter of 2000, or $.03 per share,
compared to a net loss of $(2,340,000), or $(.04) per share,
in the 1999 period. The revenue increase in 2000 was due
principally to the Company's myTrack services and the
recognition of full commissions since obtaining its
broker-dealer license and state registrations in August.
The 2000 period includes a gain on marketable securities
of $430,000.
Revenues for the nine months ended September 30, 2000 and
1999 were $40,794,000 and $34,835,000, respectively, an
increase of 17%. Net loss for the 2000 period was
$(2,980,000), or $(.05) per share, compared to a net loss
of $(3,061,000), or $(.05) per share, in the 1999 period.
The 2000 period includes a gain on marketable securities of
$912,000.
Barry Hertz, Chairman and CEO, commented, "We are gratified
to report a return to profitability resulting principally
from a reduction we achieved in our clearing expenses by
transferring accounts to Penson Financial Services,
savings realized throughout our business from reduced
payroll and telecommunication costs, and a reduction in
marketing and advertising costs. Further, we are pleased
to report that we continue to realize month to month growth
in revenues from our institutional market data services
across a number of products."
Mr. Hertz continued, "Results for the fourth quarter should
reflect further growth in revenues and income because the
Company will be a broker-dealer for the entire quarter,
daily trading volume has been trending upwards (6,100 for
the month of October compared to an average of 4,900 per
day in the third quarter), and in October we increased
prices for our institutional market data services."
Mr. Hertz also noted, "We plan to shortly announce a
final arrangement to allow us to offer trading to Canadian
citizens. New television commercials are in development
for the first quarter to emphasize our direct access
trading system. We also look forward to receiving approval
to operate our ECN."
Track Data is a New York-based financial services company
that provides real-time financial market data, news, and
research to institutional and individual investors through
dedicated telecommunication lines and the Internet.
For individual investors, Track offers myTrack, a fully
integrated, Internet-based online trading and market data
system. myTrack's direct access online trading has
commissions starting at $12.95 per trade and allows users
the choice of where to route their orders. myTrack's
continuous, dynamic stream of live market data is powered
by application-based software and a constant server
connection similar to systems used by professionals, making
it faster than the HTML web-based static pages offered by
most of its competitors, such as Schwab (NYSE: SCH),
Ameritrade (AMTD), and TD Waterhouse (NYSE: TWE). In
addition to all the free data supplied to myTrack
users-streaming delayed quotes, company news, charting for
technical analysis, and a proprietary library of intra-day
market statistics-myTrack users can choose from a selection
of paid data and research, including streaming real-time
quotes and Nasdaq Level II. myTrack offers access through
PCs, browser phones, and PDAs, such as Palm Organizers
(made by Palm Inc. (Nasdaq: PALM)) and Visors (made by
Handspring (Nasdaq: HAND)).
myTrack offers the first week of trading commission-free.
To open a trading account, go to mytrack.com or
call 1-800-myTrack.
For additional information about Track Data, please contact
Laurel Louison, Investor Relations, at 718-522-7373 or by
e-mail: laurel_louison@tdc.com.
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," "plan," "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, volatility in the stock market, changes in
external market factors including the economy, 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, 10-Q, S-3 and S-8. Actual results could differ
materially from the results referred to in the
forward-looking statements.
FINANCIAL HIGHLIGHTS
Three Months Ended
September 30,
2000 1999
Revenues $14,871,000 $11,518,000
Net Income (loss) 1,641,000(A)(C) (2,340,000)(B)
Basic and diluted
income (loss) per
share $.03 $(.04)
Nine Months Ended
September 30,
2000 1999
Revenues $40,794,000 $34,835,000
Net Income (loss) (2,980,000)(A)(C) (3,061,000)(B)(D)
Basic and diluted
income (loss) per
share $(.05) $(.05)
(A) Includes $176,000 for the three months and $261,000 for
the nine months of income from equity in an affiliate.
(B) Includes $79,000 for the three months and $255,000 for
the nine months of income from equity in an affiliate.
(C) Includes a gain on sale of marketable securities of $430,000
for the three months and $912,000 for the nine months.
(D) Includes a gain of $350,000 in connection with a lease buy-out.
_____________________________ |
