The company had a loss of $(0.10) per share, compared to a loss of $(0.55) per share in the same period in 2003. For the year ended December 31, 2004, the company lost $1.4 million, compared to a loss of $7.5 million in the same period a year ago.

Revenues for Q4 of fiscal 2004 were $6.5 million for the quarter, compared to revenues of $5.7 million in the same period 2003 and $6.4 million in Q3 2004. The company lost $765,000 in Q4 2004, compared to a loss of $1.5 million in Q4 2003 a loss of $(0.06) per share, compared to a loss of $(0.11) per share in Q4 2003.

Positive cash flow generated by operations in Q4 2004, was $100,000, compared with negative cash flow of $639,000 in Q4 2003. Positive cash flow generated by operations for the twelve months ending December 31, 2004 was $1.8 million versus negative cashflow of $3.1 million during the same period in 2003.

Q4 2004 options volume grew to a record 4.9 million contracts executed, up from 731,000 contracts executed in Q4 2003. Trading volumes executed by our wholly owned subsidiary, Electronic Brokerage Systems (member of the NYSE), increased from 1.1 billion shares in Q3 2004 to a record 1.5 billion shares in Q4 2004 and have doubled from Q4 2003 levels of 767 million.

"Several one-time expenses were recorded in Q4" said Sid Belzberg, CEO of Belzberg Technologies. "Most of these items related to the write-off of leasehold improvements on space the company no longer requires and transition costs related to replacing third party vendors with direct data feeds as part of the company's ongoing cost improvement initiatives."