HyperFeed Technologies, Inc. (OTCBB:HYPR), a provider of ticker plant technologies, smart order routing and managed data and hosting services to the financial community, today reported results for the first quarter ended March 31, 2005.
HyperFeed's revenue for the quarter ended March 31, 2005 was $0.9 million, versus $0.8 million in the same quarter in 2004, representing an increase of 14.7%.
Paul Pluschkell, President and CEO of HyperFeed, commented, "Our sales growth is in line with our projections. Since January 2004, we have entered into over twenty agreements to provide our technology and services to high quality institutions in various sales channels within the financial services industry. These agreements provided for an aggregate of $17.7 million in payments to HyperFeed during their initial terms. This has been reduced to $13.1 million resulting from a termination of a contract in fourth quarter 2004, due to an expected acquisition of Telerate by Reuters. As a result of the accounting treatment of the subscription-based revenue payment terms provided by these agreements, we have recognized only $6.9 million of revenue through the end of the first quarter 2005. Most of the remaining balance of payments provided during the initial term of these agreements is expected to become due during fiscal 2005 and 2006."
Mr. Pluschkell further commented, "Our recent acquisition of Focus Technology Group and their Smart Order Routing Trading Technology (SORTT) product positions us to take advantage of changes in the market we expect to be caused by proposed SEC Regulations for the National Market System (REG-NMS). SORTT, combined with our market-leading low latency HTPX platform, also provides us a complete, broker and data-neutral tickerplant and order routing solution. These technologies are geared toward helping our customers achieve the best possible executions, and represent a powerful solution at the hands of our demanding trading market."
The Company reported a net loss of ($2.0) million for the first quarter of 2005, or ($0.65) per share, versus a net loss of ($2.2) million, or ($0.73) per share, in the same period in 2004, representing a decrease in the loss of 11.9%. This improvement largely resulted from a $0.1 million increase in revenues and a $0.7 million reduction in operating expenses, offset by increases of $0.3 million in interest expenses and $0.2 million in discontinued operations.Download the document now 39.7 kb (Adobe Acrobat Document)