Track Data Corporation (Nasdaq: TRAC) today announced results for its first quarter ended March 31, 2009.
Revenues for the first quarter ended March 31, 2009 were $6,619,000 compared to $7,770,000 for the same period in 2008, a decrease of 15%. Net loss for the first quarter of 2009 was $4,000, or $.00 per share, compared to net income of $390,000, or $.05 per share, in 2008. The Company's Track ECN revenues decreased approximately $450,000. 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 $650,000 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.
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.