Revenues for the second quarter ended June 30, 2004 were $9,822,000 compared to $10,324,000 for the same period in 2003, a decrease of 5%. Net income for the second quarter of 2004 was $693,000, or $.01 per share, compared to $474,000, or $.01 per share in 2003.

The Company continues to experience declines in revenues from its market data services to the professional market. Management expects this trend to continue through 2004, negatively impacting revenues and profits.

Revenues from Track ECN and the Company's Newsware division increased in the second quarter of 2004, offsetting the decline in market data revenues. Revenues from the non-professional market declined in the second quarter of 2004 compared to the second quarter of 2003 due to reduced trading volume.

The 2004 period includes an after-tax gain on marketable securities of $520,000, including $59,000 from the sale of Innodata common stock, compared to a gain of $238,000 in the 2003 period.

Revenues for the six months ended June 30, 2004 were $20,595,000 compared to $21,019,000 for the same period in 2003, a decrease of 2%. Net income for the 2004 period was $1,817,000, or $.04 per share, compared to $664,000, or $.01 per share in 2003. The decline in revenues was due to the factors set forth above. The 2004 period includes an after-tax gain on marketable securities of $992,000, including $325,000 from the sale of Innodata common stock, compared to $460,000 in the 2003 period.