Will this bring the luster back? Earnings announced today.
biz.yahoo.com
HyperFeed Technologies Announces Second Quarter
Earnings
CHICAGO, Aug. 9 /PRNewswire/ -- HyperFeed Technologies, Inc. (Amex: PQT - news), which changed its name from PC
Quote, Inc. following approval at its annual shareholders meeting held Wednesday, June 16, 1999, announced a 40% increase
in total revenue for the quarter ended June 1999. Total revenue increased to $8,052,031 compared to $5,751,111 for the
comparable period in 1998. HyperFeed service revenue from market data sales increased to $4,366,871 or 33.4% for the
second quarter 1999 over 1998. Internet service revenue from analytical software license fees and the sale of website
advertising increased 48.7% to $3,685,160 over the same prior year period.
In addition, the firm reduced its reported loss for the second quarter ended June 30, 1999 versus the prior year. The loss for
the second quarter of 1999 was $2,114,148 or $.14 per share, versus a loss of $2,365,742 or $.19 per share, for the same
period in 1998. The loss for the second quarter of 1999 includes $1.0 million for a one-time, non-recurring termination fee and
a non-cash charge of $350,000 for the amortization of prepaid licensing fees to CNNfn. The second quarter of 1999 net loss,
adjusted for these two items, would have been $764,148, a reduction of $1.6 million from the second quarter of 1998 loss of
$2,365,742. In connection with the formation of its subsidiary, PCQuote.com, Inc., HyperFeed terminated its existing
Software Distribution Agreement and subsequently entered into new separate replacement software distribution agreements for
HyperFeed and PCQuote.com. The amortization of the CNNfn licensing fee relates to the previously reported, limited
exclusive licensing agreement to provide CNNfn's financial news to users of PCQuote.com's financial website,
pcquote.com .
Total Operating Expenses increased $155,614 or 5.3% in the second quarter over the comparable 1998 period. Sales costs
decreased 16% to $911,251 as compared to $1,088,996 for the same period in 1998 primarily due to a change in our
previous sales incentive structure, in addition to lower sales support costs. General and Administrative expenses increased
47.5% to $1,340,540 in the second quarter over the comparable period in 1998. The increase was principally due additional
personnel and related costs required in support of the increase in business coupled with the related costs associated with the
staffing of PCQuote.com, Inc., the company's internal business unit, as a separate entity.
Interest expense was $13,905 for the second quarter of 1999 or $1,041,619 less than the $1,055,524 recognized for the
second quarter of 1998. The decrease is the result of the conversion of the convertible subordinated debenture and borrowings
on the credit facility with PICO Holdings, Inc. into equity in December 1998. Subsequent to the debt conversion the only debt
on which interest is due is the Company's bank term loan.
The firm plans to change its stock ticker symbol and will do so as soon as practicable. |
