TRACK DATA REPORTS FIRST QUARTER RESULTS
REAFFIRMS STOCK BUYBACK
New York, New York - May 10, 2001 - Track Data Corporation
(Nasdaq NMS: TRAC) today announced results for its first
quarter ended March 31, 2001.
Revenues for the first quarter ended March 31, 2001 were
$17,391,000 compared to $12,890,000 for the same period in
2000, an increase of 35%. Net income for the first quarter
of 2001 was $5,355,000, or $.08 per share, compared to a net
loss for the 2000 period of $(1,878,000), or $(.03) per
share. The revenue increase in 2001 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.
Barry Hertz, Chairman and CEO, commented, "The results for
the first quarter continue to reflect significant profitable
operations realized principally from our efforts in mid-2000
to reduce costs throughout our business lines.
"The Company recently completed the purchase of 4.5 million
shares of its common stock and the Board authorized the
purchase of up to an additional 3 million shares. The
Company believes that its 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."
Barry Hertz will conduct a live chat session this afternoon
at 4:15 p.m. EST to discuss this release and the outlook for
2001. myTrack members can participate in the chat by using
the chat feature (channel 4) of the myTrack online trading
service. Non-members can view the chat by going to the web
site mytrack.com and clicking on the "Live Chat"
link in the left-hand navigation bar. Those viewing the
chat from the web will be able to see the questions in
real-time and will be able to initiate questions.
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 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
Rafi Reguer, Director of Corporate Communications, at
718-260-4232 or by e-mail: rafi_reguer@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
March 31
2001
Revenues $17,391,000
Net income (loss)(A)(B)(C) 5,355,000
Basic and diluted income (loss)
per share $.08
Three Months Ended
March 31
2000
Revenues $12,890,000
Net income (loss)(A)(B)(C) (1,878,000)
Basic and diluted income (loss)
per share $(.03)
(A) Includes $276,000 in 2001 and $32,000 in 2000 of income
from equity in an affiliate.
(B) Includes gain on marketable securities of $823,000 in
2001 and $540,000 in 2000.
(C) There is no provision for (benefit from) taxes in any
period.
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