Might as well someone post TRAC's latest earns report 8/11:
biz.yahoo.com
*Noted advertising cost's tho somewhat reduced, still high....trading vols lighter by 15% ( not more ?) ....new clearing firm.
...also stated they have ended the search for a strategic buyer of the Company ....
you can see they are in need of more work growing from here and need to wait till after the ensuing doldrums of high summer to pass:
Track Data Corporation Reports Second Quarter Results
NEW YORK--(BUSINESS WIRE)--Aug. 11, 2000--Track Data Corporation (Nasdaq NMS: TRAC - news) today announced results for its second quarter ended June 30, 2000.
Revenues for the second quarter ended June 30, 2000 and 1999 were $13,033,000 and $11,662,000, respectively. Net loss for the 2000 period was $(2,743,000) or $(.043) per share, compared to a net loss of $(686,000), or $(.011) per share, in the 1999 period.
Revenues for the six months ended June 30, 2000 and 1999 were $25,923,000 and $23,317,000, respectively. Net loss for the 2000 period was $(4,621,000) or $(.073) per share, compared to a net loss of $(721,000), or $(.012) per share, in the 1999 period.
Barry Hertz, Chairman and CEO, commented, ``Revenues from myTrack services was $7,042,000, or 27% of total revenues, as compared to $2,201,000, or 9%, for the six months ended June 30, 2000 and 1999, respectively, an increase of 220%. We obtained our broker-dealer license in July 2000. Prior thereto, trading revenues include only those from licensing our trading system, rather than the full trading commissions. Had we recognized full commissions, myTrack revenues would have been $34,931,000 for the first six months of 2000 as compared to $23,562,000 for the first six months of 1999, an increase of 48%. The change in reported revenues would have had no effect on the reported loss for the six months, as costs would have risen in an amount equivalent to the revenue increase.''
Mr. Hertz continued, ``Marketing and advertising costs for the six months ended June 30, 2000 were $4,362,000 compared to $1,209,000 for the first six months of 1999. The Company has experienced a decline in daily trading volume since April 2000. Trading volume in the second quarter was 391,736 trades, down 15% from the first quarter. We believe this was primarily due to the high volatility in the Nasdaq market that commenced in April and that our online competitors also experienced similar declines in trading volume.''
Mr. Hertz continued, ``We are pleased to report the successful transfer of our trading accounts during the month of July to our new clearing firm, Penson Financial Services. We believe this will result in improved services and substantial cost savings. Advertising and other costs have been reduced in the third quarter in an effort to achieve significant improvements in operating results from those reported in the second quarter.''
Mr. Hertz further commented, ``We have ended the search for a strategic buyer of the Company. We intend to expand our product offerings on our own to include enhanced website trading for the casual investor. In addition, we plan to add features to the myTrack software to accommodate the day trader community, as well as institutional investors. We are also offering myTrack to other broker-dealers on a license basis to accommodate their active trader customer base. The first of these, E Street Access, has recently commenced operations.''
Track Data is a New York-based financial services company that offers myTrack, a fully integrated Internet-based online trading and market data system. myTrack offers the first week of trading commission-free. To open a trading account, go to mytrack.com and click on the ``Open a Trading Account'' button.
myTrack delivers a continuous dynamic stream of live market data and investors' online trading activity. Trading is offered at prices starting at $12.95 per trade. myTrack is delivered over the Internet powered by application-based software and a constant server connection similar to systems used by professionals, making it faster than the HTML web site-based static pages offered by most of its competitors, such as E*Trade (Nasdaq: EGRP - news), Schwab (NYSE: SCH - news) and National Discount Brokers (NYSE: NDB - news). myTrack delivers free streaming delayed quotes and unlimited free real-time extended quotes, as well as breaking company news, a trade by trade log, charting for technical analysis and a proprietary library of intraday market statistics. For $19.98 per month plus exchange fees, users can subscribe to streaming real-time quotes. A menu of features, including Nasdaq Level II, is available separately or in value packages. In addition to PC-based trading, myTrack offers wireless access through such devices as the Palm (made by Palm Inc. (Nasdaq: PALM - news)). Download myTrack software or open a trading account at mytrack.com or call 1-800-myTrack. For information about myTrack's SDK, go to mytrack.com.
Track Data provides real-time financial market data, news, fundamental research, charting and analytical services to institutional and individual investors through dedicated telecommunication lines and the Internet. Additional information may be obtained by contacting Laurel Louison, Investor Relations, at 718-522-7373 or by e-mail: laurel_louison@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,'' ``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, changes in external market factors, 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, 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
June 30,
2000 1999
---- ----
Revenues $13,033,000 $11,662,000
Net loss (2,743,000)(a) (686,000)(b)
Basic and
diluted loss
per share $(.043) $(.011)
Six Months Ended
June 30,
2000 1999
---- ----
Revenues $25,923,000 $23,317,000
Net loss (4,621,000)(a)(c) (721,000)(b)(d)
Basic and
diluted loss
per share $(.073) $(.012)
(A) Includes $53,000 for the three months and $85,000 for the six
months of income from equity in an affiliate.
(B) Includes $136,000 for the three months and $176,000 for the six
months of income from equity in an affiliate.
(C) Includes a gain on sale of marketable securities of $483,000.
(D) Includes a gain of $350,000 in connection with a lease buy-out.
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