Trac keeps plugging away. EPS: $0.03 this quarter; $0.11 for the first six months.
later, leroyt
TRACK DATA CORPORATION REPORTS SECOND QUARTER RESULTS
New York, New York - August 9, 2001 - Track Data Corporation
(Nasdaq NMS: TRAC) today announced results for its second
quarter ended June 30, 2001.
Revenues for the second quarter ended June 30, 2001 and 2000
were $16,322,000 and $13,033,000, respectively. Income before
taxes was $4,213,000 in 2001 compared to a loss of $(2,743,000)
in 2000. Net income for the 2001 period was $1,534,000, or
$.03 per share, compared to a net loss of $(2,743,000), or
$(.04) per share, in the 2000 period. The revenue increase
in 2001 was due principally to the recognition of full
commissions since obtaining its broker-dealer license and
state registrations in August 2000. As a result of changes
in accounting for its investment in Innodata and continued
profitable operations, the Company recognized deferred taxes
in the second quarter of 2001 at a rate of approximately 64%
to adjust for taxes not recognized in the first quarter. The
tax provision for the remainder of the year is expected to be
at a rate of 28%. Had taxes been provided in the second
quarter at a 28% rate, net income per share would have been
$.05.
Revenues for the six months ended June 30, 2001 and 2000 were
$33,714,000 and $25,923,000, respectively. Net income for the
2001 period was $6,890,000, or $.11 per share, compared to a
net loss of $(4,621,000), or $(.07) per share, in the 2000
period.
Barry Hertz, Chairman and CEO, commented, "We are very pleased
with the results for the second quarter, especially in view of
the continued weakness in the online brokerage business. The
results for the quarter met our pre-tax expectations. As a
result of the changes in accounting for our investment in
Innodata and our continued prospects for profitable operations,
taxes recognized in this quarter were unusually high and lowered
per share earnings by $.02."
Barry Hertz will conduct a live chat session this afternoon at
4:15 p.m. EST to discuss this release and the outlook for the
remainder of 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), E*Trade (NYSE: ET),
and TD Waterhouse (NYSE: TWE). myTrack supplies free market data
to its brokerage account holders: streaming delayed quotes,
company news, charting for technical analysis, and a proprietary
library of intra-day market statistics. In addition, myTrack
offers users a selection of paid data and research, including
streaming real-time quotes, Nasdaq Level II, and Pink Sheets
Level II. myTrack offers access through PCs, browser phones, and
PDAs, such as Palm Organizers (made by Palm Inc. (Nasdaq: PALM))
and Visors (made by Handspring (Nasdaq: HAND)).
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@trackdata.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.
FINANCIAL HIGHLIGHTS
Three Months Ended
June 30,
2001 2000
Revenues $16,322,000 $13,033,000
Income (loss) before taxes 4,213,000(A) (2,743,000)(B)
Net income (loss) 1,534,000(C) (2,743,000)
Basic and diluted income (loss)
per share $.03 $(.04)
Six Months Ended
June 30,
2001 2000
Revenues $33,714,000 $25,923,000
Income (loss) before taxes 9,569,000(A) (4,621,000)(B)
Net income 6,890,000(C) (4,621,000)
Basic and diluted income (loss)
per share $.11 $(.07)
(A) Includes $-0- for the three months and $276,000 for the six
months of income from equity in an affiliate.
(B) Includes $53,000 for the three months and $85,000 for the six
months of income from equity in an affiliate.
(C) Includes a gain on sale of securities, after taxes, of $401,000
for the three months and $1,395,000 for the six months of 2001.
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