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Technology Stocks : Track Data Corporation TRAC
TRAC 34.79+38.9%Oct 7 5:00 PM EST

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To: TLindt who wrote (1993)3/7/2002 2:09:21 PM
From: ChuckS  Read Replies (2) of 2005
 
(BSNS WIRE) Track Data Reports Fourth Quarter Results
Track Data Reports Fourth Quarter Results


Business Editors

NEW YORK--(BUSINESS WIRE)--March 7, 2002--Track Data Corporation
(Nasdaq NMS: TRAC) today announced results for its fourth quarter
ended December 31, 2001.
Revenues for the fourth quarter ended December 31, 2001 were
$13,974,000 compared to $17,973,000 for the same period in 2000, a
decrease of 22%. Net income for the fourth quarter of 2001 was
$1,094,000, or $.02 per share, compared to $5,039,000 for the 2000
period, or $.08 per share. The decline in revenues in 2001 was due
principally to significantly reduced revenues from the Company's
myTrack trading and market data services, and to a lesser extent, from
a reduction in the institutional market data services due to layoffs
in that industry. The Company recognized taxes at a rate of 48% in the
2001 period to adjust the annual rate from 28% provided during the
first nine months of 2001 to the actual rate of 31% for the entire
year. Had the tax rate remained at the 28% estimated annual rate,
earnings per share would have been $.03 per share. The 2000 period
includes a gain on marketable securities of $771,000. Income taxes
were at a rate of less than 1% in the 2000 period.
In the fourth quarter of 2001, the Company expanded its arbitrage
trading program to include a greater risk profile trading program. The
greater risk trading program resulted in after-tax losses of $250,000
in the fourth quarter of 2001 and $950,000 in the first quarter of
2002. The Company is continuing its arbitrage trading program but has
discontinued the greater risk trading program. The Company's Chairman
and CEO contributed 650,000 shares of Company stock owned by him to
the capital of the Company upon discontinuance of this program.
Revenues for the year ended December 31, 2001 were $62,217,000
compared to $58,767,000 in 2000, an increase of 6%. Net income for the
year ended December 31, 2001 was $11,078,000, or $.19 per share,
compared to $2,059,000 for the 2000 period, or $.03 per share. The
revenue increase in 2001 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 2001
period includes pre-tax gains on marketable securities of $2,749,000
and on the sale of an Internet domain name of $1,000,000. The 2000
period includes a gain on marketable securities of $1,683,000. Income
taxes were at a rate of 2% in the 2000 period.
Barry Hertz, Chairman and CEO, commented, "While we await the
turnaround in the market for our services, we are very encouraged by
our new proTrack trading product, which has been well received by new
and potential customers in the marketplace. We also recently announced
that we have received regulatory approval to operate our ECN."
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. Chat participants 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 Data Securities offers myTrack, a
fully integrated, Internet-based online trading and market data
system. myTrack's direct access online trading has equity commissions
starting at $12.95 per trade and allows users the choice of where to
route their orders. myTrack also offers trading in options at all
options markets, and over 6,000 mutual funds. In addition, futures
trading in the E-Minis is available, with cross-collateralization of
accounts. Futures trades are routed directly to the CME at $14 per
contract per round trip.
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.
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.
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, Vice President, 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.
-0-
*T

FINANCIAL HIGHLIGHTS

Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000

Revenues $13,974,000 $17,973,000 $62,217,000 $58,767,000
Income before
taxes 2,090,000(A) 5,086,000(B) 15,958,000(A) 2,106,000(B)
Net income 1,094,000 5,039,000 11,078,000(C)(D) 2,059,000(C)
Basic and
diluted
income per
share $.02 $.08 $.19 $.03

(A) Includes $-0- for the three months and $276,000 for the year
of income from equity in an affiliate.

(B) Includes $457,000 for the three months and $718,000 for the
year of income from equity in an affiliate.

(C) Includes a gain on sale of securities, after taxes, of
$1,897,000 in 2001 and $1,650,000 in 2000.

(D) Includes an after tax gain of $690,000 from the sale of an
Internet domain name.
*T

--30--NF/ny*

CONTACT: Track Data
Rafi Reguer, 718/260-4232
rafi_reguer@trackdata.com

KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING INTERNET SOFTWARE EARNINGS
SOURCE: Track Data

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