TRACK DATA REPORTS RECORD FOURTH QUARTER RESULTS
REAFFIRMS STOCK BUYBACK
New York, New York - March 12, 2001 - Track Data Corporation
(Nasdaq NMS: TRAC) 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) 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 http://www.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), Ameritrade (AMTD), and TD Waterhouse
(NYSE: TWE). 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)) and
Visors (made by Handspring (Nasdaq: HAND)).
myTrack offers the first week of trading commission-free.
To open a trading account, go to http://www.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: [EMAIL PROTECTED]
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
December 31
2000 1999
Revenues $17,973,000 $11,784,000
Net income (loss)(D) 5,039,000(A)(C) (1,987,000)(B)
Basic and diluted
income (loss) per share $.08 $(.03)
Year Ended
December 31
2000 1999
Revenues $58,767,000 $46,620,000
Net income (loss)(D) 2,059,000(A)(C) (5,048,000)(B)
Basic and diluted
income (loss) per share $.03 $(.08)
(A) Includes $457,000 for the three months and $718,000
for the year of income from equity in an affiliate.
(B) Includes $20,000 for the three months and $275,000 for
the year of income from equity in an affiliate.
(C) Includes gain on marketable securities of $771,000 for
the three months and $1,683,000 for the year.
(D) There is no provision for (benefit from) taxes in any
period.
--
Natasha Flazynski
http://www.ciscobot.com
My Cisco information site.
http://www.botbuilders.com
Artificial Intelligence and Linux development
------------------------------------------------
"Out of Clutter, find Simplicity.
>From Discord, find harmony.
In the middle of difficulty, lies
opportunity."
- Albert Einstein
_________________________________
FAQ, list archives, and subscription info: http://www.groupstudy.com/list/cisco.html
Report misconduct and Nondisclosure violations to [EMAIL PROTECTED]
