STRONG RESULTS for CHOD: Castle Holding Corp. First-Quarter Results; Quarterly Revenues up 105%...
FREEPORT, N.Y., Feb. 8 /PRNewswire/ -- Castle Holding Corp. (OTC Bulletin Board: CHOD - news) today announced revenues and net income for the 1st quarter of fiscal 2000. For the three months ended December 31, 1999, Castle reported revenues of $1,275,254, more than double (a 105% increase) the $623,239 recorded in the first quarter of fiscal 1999. Net income was $93,743, compared to a net loss of $71,037 over the same period last year, a $164,780 improvement. Earnings per share for the three months ended December 31, 1999 were $0.01 vs. $(0.01) for last years first quarter.
Castle Holding Corp. (CHOD) is a holding company which was incorporated in Nevada on June 13, 1986. CHOD presently conducts substantially all of its business through two subsidiaries, Castle Securities Corp. and Citadel Securities Corp.
Castle Securities and Citadel Securities are broker-dealers registered with the Securities and Exchange Commission (SEC) and members of the National Association of Securities Dealers (NASD), the Municipal Securities Rule Making Board (MSRB), and the Securities Investor Protection Corporation (SIPC).
Castle Securities was incorporated in New York on December 7, 1984 and operates as a broker-dealer in securities. Its businesses include the underwriting and brokerage of fixed income and equity securities; it is currently licensed to conduct its broker-dealer business in 35 states and the District of Columbia.
CastleOnline, which started in July 1996, provides customers the ability to order securities transactions and view executions over the Internet. CastleOnline is a specialized service designed for serious traders. It targets frequent, experienced traders rather than casual, lower volume investors. CastleOnline provides comprehensive realtime data and the fastest executions possible to its customers. Consequently, CastleOnline does not compete directly with the larger online brokers for mass market customers. Its value and appeal is to a more demanding, more active sub-segment of the investment community.
CastleOnline's service is made possible by its proprietary software, JavaTrader 2000. The Company's flagship product, JavaTrader 2000, has been under development for over two years and is poised to become the premier system for 24 hour trading. Developed by professional traders and electronic trading specialists, JavaTrader 2000 combines the company's trading experience, programming and technology to deliver a set of investment tools previously available only to professional traders. Utilizing CastleOnline's state-of-the-art T-3 fiber optic data feed, JavaTrader 2000's order and execution time may be the fastest in the industry.
Castle maintains a web site (http://www.castleonline.com) where parties interested in on line trading can both learn about the various features of this service by downloading a demo copy of the JavaTrader 2000 software and register for trading. This system offers customers the ability to execute day trades (the practice of buying and selling securities usually exiting the position in the same day) through the JavaTrader2000 order entry software.
For the quarter ended December 31, 1999, CastleOnline customer transactions totaled approximately 64,838 -- a 140% increase over last years 27,070 transactions in the comparable quarter. As of December 31, 1999, CastleOnline had approximately 327 funded customer accounts, an increase from 214 last year. Revenues for CastleOnline were $1,047,608, up 118% over the comparable quarter.
For more information and to download a demo of the JavaTrader 2000, log on to castleonline.com. You can also experience a hands on demonstration of the JavaTrader 2000 by visiting us at either of two upcoming conferences. The first will be held at the International Online Trading Expo at the New York Marriott Marquis during February 18-20, 2000 (registration: daytrading.com). The second conference will be the Equities Emerging Growth Day VIII at the Grand Hyatt Hotel in New York City (registration: equitiesconference.com).
Citadel Securities was incorporated in New York on April 11, 1991 and a registered broker-dealer. Citadel Securities makes markets in Nasdaq, OTC Bulletin Board and ''Pink Sheets'' securities, has no retail customers, and conducts business exclusively with other broker-dealers. Revenues for Citadel Securities were $72,438, almost double, or up 96%, the $36,865 from last year's comparable quarter.
For more information, contact Mitchell G. Menik, Director of Investor Relations at 516-771-3042 or via E-mail: mm@castleholding.com.
Private Securities Litigation Reform Act (Safe Harbor) -- Except for historical information contained herein, the matters discussed in this press release contain forward looking statements that involve risks and uncertainties which are described in the Company's SEC reports, including the annual report on Form 10-KSB/A for the period ended September 30, 1999 and the quarterly report on Form 10-QSB for the period ending December 31, 1999. Please visit castleholding.com to view the filings.
Selected Financial Information for the Fiscal Period Ending December 31, 1999
INCOME STATEMENT
Three Months Three Months
December 31, December 31, Percent
1999 1998 Change
Revenues $ 1,275,254 $ 623,239 105%
Net Income (Loss) $ 93,743 $ (71,037) NM
Earnings Per Share $ 0.01 $(0.01) NM
Weighted # of
Shares Outstanding 6,647,167 5,133,100 29%
Fiscal Year Fiscal Year
September 30, September 30, Percent
1999 1998 Change
Revenues 3,309,663 1,899,699 74%
Net Income (Loss) (63,865) (186,718) NM
Earnings Per Share $ (0.01) $ (0.04) NM
Weighted # of
Shares Outstanding 5,828,017 4,976,400 17%
Three Months Fiscal Year Fiscal Year
December 31, September 30, September 30, Percent
1999 1999 1998 Change
BALANCE SHEET 12/31/1999 09/30/1999 09/30/1998
Total Assets $ 1,027,968 $ 815,439 $ 483,940 69%
Total Liabilities $ 589,349 $ 474,163 $ 383,799 24%
Stockholders'
Equity $ 438,619 $ 341,276 $ 100,141 241% |
