>>>>TRAC is also going to get a lot of attention tomorrow;
I've been watching it for the last few days and just bit off a chunk at 93 cents. I've used MYTrack for about 2 years and I love it.
I was just wondering if it was going to implode and I loose this service...doubt it.
See they finally got their brokers license....8 cents a quarter on 90 cent stocks...I love it! Thanks Alan!
Monday March 12, 8:11 am Eastern Time
Press Release
Track Data Reports Record Fourth Quarter Results
Reaffirms Stock Buyback
NEW YORK--(BUSINESS WIRE)--March 12, 2001--Track Data Corporation (Nasdaq NMS: TRAC - news) today announced results for its fourth quarter and year ended December 31, 2000.
Revenues for the fourth quarter ended December 31, 2000 were a record $17,973,000 compared to $11,784,000 for the same period in 1999, an increase of 53%. Net income for the fourth quarter of 2000 was a record $5,039,000, or $.08 per share, compared to a net loss for the 1999 period of $(1,987,000), or $(.03) per share. The revenue increase in 2000 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. The 2000 period includes a gain on marketable securities of $771,000.
Revenues for the year ended December 31, 2000 were a record $58,767,000 compared to $46,620,000 in 1999, an increase of 26%. Net income for the year ended December 31, 2000 was $2,059,000, or $.03 per share, compared to a net loss for the 1999 period of $(5,048,000), or $(.08) per share. The revenue increase for 2000 is described in the previous paragraph. The 2000 period includes a gain on marketable securities of $1,683,000.
Barry Hertz, Chairman and CEO, commented, ``The results for the fourth quarter exceeded our expectations disclosed last quarter. Daily trading volume increased 17% in the fourth quarter of 2000 compared to the third quarter of 2000. We realized significant profitable operations in the second half of 2000 due to savings realized from reduced payroll and telecommunication costs, a significant reduction in marketing and advertising costs and reduced clearing costs. We also achieved increased revenues and profits in the second half of 2000 from our institutional market data services.
``The Company has repurchased approximately 1,500,000 shares of its common stock since the Company stated its intention to buy back up to two million of its shares under a stock repurchase plan. The Company believes that at current prices, the 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.
``We are very pleased to be on the radar screens of the major equity analysts who follow the online brokerage industry. JPMorgan H&Q and Credit Suisse First Boston each report on approximately 15 major players in the industry. We are proud that JPMorgan H&Q and CSFB both chose to include myTrack in their fourth quarter 2000 industry reports. We are even prouder that myTrack ranked first or second in several categories. CSFB ranked myTrack #1 in transaction growth (sequential and year over year) and #1 in average transactions per account.
Mr. Hertz continued, ``In other news, our previously announced joint venture with Knight Trading Group, Inc. (Nasdaq: NITE - news) is proceeding as planned and we expect to jointly introduce a new state-of-the-art trading product for the institutional trading market. Introducing myTrack in the Canadian market has been slowed by regulators in Canada but we are still hopeful to make an announcement shortly. We are not aware of any issues holding up approval. The approval of our ECN awaits testing with the NASD which is expected to be completed during March with approval coming in the second quarter. We are ready for decimalization and are preparing for the new futures market in individual stocks. Our new product, ''DayTrader,`` was warmly received in its beta version at the recent online trading show in New York. We expect to release this product on May 1.''
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 Schwab (NYSE: SCH - news), Ameritrade (AMTD), and TD Waterhouse (NYSE: TWE - news). 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 - news)) and Visors (made by Handspring (Nasdaq: HAND - news)).
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.
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