UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of
Report: November 13, 2009
(Date of
earliest event reported)
TRACK
DATA CORPORATION
(Exact
Name of Registrant as specified in its Charter)
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Delaware
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0-24634
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22-3181095
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(State
or other jurisdiction of
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(Commission
File Number)
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(IRS
Employer Identification
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incorporation
or organization)
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Number)
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95
Rockwell Place, Brooklyn, New York
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11217
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(Address
of Principal Executives Offices)
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(Zip
Code)
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(718)
522-7373
(Registrant's
telephone number including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the follow
provisions:
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q
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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q
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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q
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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q
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (14 CFR
240.13e-4(c))
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Item 2.02
Results of Operations and Financial Condition.
The
following information is furnished pursuant to Item 2.02, “Results of Operations
and Financial Condition.”
On
November 13, 2009, Track Data Corporation issued a press release announcing its
results of operations for the third quarter ended September 30, 2009. A copy of
the press release is attached hereto as Exhibit 99.1 to this
report.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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Date:
November 13, 2009
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By
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/s/
Martin Kaye
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Martin
Kaye
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CEO,
CFO
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INDEX TO
EXHIBITS
Exhibit
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No.
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Description
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99.1
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Press
Release of Track Data Corporation dated November 13, 2009 reporting third
quarter ended September 30, 2009 financial
results.
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Exhibit
99.1
NEWS
RELEASE
TRACK
DATA REPORTS THIRD QUARTER RESULTS
Brooklyn,
New York – November 13, 2009 – Track Data Corporation (Nasdaq: TRAC) today
announced results for its third quarter ended September 30, 2009.
Revenues
for the third quarter ended September 30, 2009 were $10,209,000 compared to
$8,142,000 for the same period in 2008, an increase of 25%. Net income for the
third quarter of 2009 was $552,000, or $.26 per share, compared to net income of
$764,000, or $.36 per share, in 2008. The increase in revenues was
due to home sales of $3,600,000 from the Company’s real-estate investment made
in May, 2009. The Company’s Track ECN revenues decreased
approximately $600,000. In November, 2008, the NSX changed its
pricing for accessing its order delivery system pursuant to which it no longer
pays rebates for adding liquidity to its book. As a result, Track ECN
can only pay its subscribers for adding liquidity when there is an internal
match on its own book. This change resulted in further deterioration
of the trading volume on the Track ECN. The Company is presently
exploring other venues for displaying its orders. Until such time
there is no expectation of increasing volume of trading. Market data
revenues decreased approximately $1,000,000 in 2009 compared to
2008. For several years, the Company has experienced a decline in
revenues from its market data services to the Professional Market segment due
principally to staffing reductions in the securities industry, the use by
customers of internally developed services, or lower priced services that are
offered by the Company or other vendors. This trend has continued in
2009, negatively impacting revenues and profits. The third quarter of
2009 includes an after-tax gain of $358,000 from the sale of Innodata common
stock.
Revenues
for the nine months ended September 30, 2009 were $24,010,000 compared to
$23,673,000 for the same period in 2008. Net income for the first nine months of
2009 was $1,043,000, or $.50 per share, compared to net income of $1,705,000, or
$.81 per share, in 2008. The increase in revenues was due to home
sales of $3,600,000 from the Company’s real estate investment made in May, 2009,
offset by a reduction in Track ECN revenues of approximately $1,350,000 for the
reasons stated above and a decrease in market data revenues of approximately
$2,400,000 in 2009 compared to 2008 for the reasons stated
above. Broker-dealer commissions increased approximately $500,000 in
2009 compared to 2008. The nine months ended September 30, 2009 includes an
after-tax gain of $359,000 from the sale of Innodata common stock.
All per
share information has been adjusted to reflect a one-for-four reverse stock
split that became effective on May 27, 2009.
Track
Data is a New York-based financial services company that provides direct access
brokerage, real-time financial market data, news, and research to institutional
and individual investors through dedicated telecommunication lines and the
Internet.
Continued
For
professional investors, Track Data Securities offers proTrack, a direct access
trading platform with fully integrated market data. proTrack offers
unbiased trade routing, allowing clients control over where their orders are
sent. proTrack is also available to broker-dealers under a service
bureau arrangement as an execution platform.
The
Company also owns and operates the Track ECN, an electronic communications
network that allows traders to display and match limit orders for
stocks.
For
individual investors, Track Data Securities offers myTrack Edge, a fully
integrated, Internet-based online trading and market data system. It offers
direct access online trading, allowing users the choice of where to route their
equity and options orders. myTrack Edge offers continuous dynamic streams of
live market data powered by application-based software and a constant server
connection similar to systems used by professionals. The Company also
offers myTrack, a web-based trading service.
For all
investors and business professionals, the Company’s NewsWare division offers
NewsWatch, a PC-based application that aggregates news from thousands of
sources. Featuring real-time full text filtering and complex queries,
its real-time alerting functions allow users to choose topics of interest and be
among the first to know when news breaks.
For
additional information, please contact Laurel Louison 718-522-0222 or by e-mail:
laurel_louison@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, 8-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
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Three
Months Ended
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Nine
Months Ended
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September
30,
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September
30,
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2009
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2008
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2009
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2008
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Revenues
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$
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10,209,000
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$
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8,142,000
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$
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24,010,000
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$
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23,673,000
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Net
income
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552,000
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(A)
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764,000
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1,043,000
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(A)
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1,705,000
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Basic
and diluted income per share (B)
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$.26
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$.36
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$.50
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$.81
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(A)
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Includes
an after-tax gain on sale of Innodata common stock of $358,000 for the
three months and $359,000 for the nine months.
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(B)
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All
per share information has been adjusted to reflect a one-for-four reverse
stock split that became effective on May 27, 2009.
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