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Technology Stocks : TheStreet.com, Inc. (TSCM)

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From: bob wallace	6/29/2005 6:49:30 AM
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from briefing.com "After Hours" 6/29: TSCM The co. announced the closing of its wholly owned subsidiary Independent Research Group LLC (IRG Research), which has operated its securities research and brokerage segment. IRG Research posted net revenue of $4.5 mln in 2004, which represented 12.7% of TheStreet.com's total net revenue for the year. Expenses for the year totaled $10.3 mln, which represented 27.3% of TheStreet.com's total expense. IRG Research currently employs approx. 40 people. TSCM said that the firm could not grow fast enough to meet its profitability timetable. It continued, "With the brokerage industry facing some of the most far-reaching regulatory changes within the last 30 years, including SEC rulings regarding the use of soft dollars and possibly the unbundling of research and trading costs, we could not see the economics working in our favor without substantial additional investment and a change to the business model we started with in 2002."

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