How bout this????
New York, New York - March 12, 2001 - Track Data Corporation
(Nasdaq NMS: TRAC) today announced results for its fourth
quarter and year ended December 31, 2000.
Revenues for the fourth quarter ended December 31, 2000 were
a record $17,973,000 compared to $11,784,000 for the same
period in 1999, an increase of 53%. Net income for the
fourth quarter of 2000 was a record $5,039,000, or $.08 per
share, compared to a net loss for the 1999 period of
$(1,987,000), or $(.03) per share. 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 2000.
The 2000 period includes a gain on marketable securities of
$771,000.
Revenues for the year ended December 31, 2000 were a record
$58,767,000 compared to $46,620,000 in 1999, an increase of
26%. Net income for the year ended December 31, 2000 was
$2,059,000, or $.03 per share, compared to a net loss for
the 1999 period of $(5,048,000), or $(.08) per share. The
revenue increase for 2000 is described in the previous
paragraph. The 2000 period includes a gain on marketable
securities of $1,683,000.
Barry Hertz, Chairman and CEO, commented, "The results for
the fourth quarter exceeded our expectations disclosed last
quarter. Daily trading volume increased 17% in the fourth
quarter of 2000 compared to the third quarter of 2000. We
realized significant profitable operations in the second
half of 2000 due to savings realized from reduced payroll
and telecommunication costs, a significant reduction in
marketing and advertising costs and reduced clearing costs.
We also achieved increased revenues and profits in the
second half of 2000 from our institutional market data
services.
"The Company has repurchased approximately 1,500,000 shares
of its common stock since the Company stated its intention
to buy back up to two million of its shares under a stock
repurchase plan. The Company believes that at current
prices, the stock is still undervalued. In light of the
Company's business prospects for 2001 and beyond, the Board
of Directors believes that repurchase of its shares is a
prudent use of its capital. The Company expects to continue
to purchase shares under the repurchase plan, from time to
time, depending on market conditions and the price per share.
"We are very pleased to be on the radar screens of the major
equity analysts who follow the online brokerage industry.
JPMorgan H&Q and Credit Suisse First Boston each report on
approximately 15 major players in the industry. We are
proud that JPMorgan H&Q and CSFB both chose to include
myTrack in their fourth quarter 2000 industry reports. We
are even prouder that myTrack ranked first or second in
several categories. CSFB ranked myTrack #1 in transaction
growth (sequential and year over year) and #1 in average
transactions per account.
Mr. Hertz continued, "In other news, our previously
announced joint venture with Knight Trading Group, Inc.
(Nasdaq: NITE) is proceeding as planned and we expect to
jointly introduce a new state-of-the-art trading product
for the institutional trading market. Introducing myTrack
in the Canadian market has been slowed by regulators in
Canada but we are still hopeful to make an announcement
shortly. We are not aware of any issues holding up approval.
The approval of our ECN awaits testing with the NASD which
is expected to be completed during March with approval
coming in the second quarter. We are ready for
decimalization and are preparing for the new futures market
in individual stocks. Our new product, "DayTrader," was
warmly received in its beta version at the recent online
tradin |
