HyperFeed Technologies first quarter: Revenues up, net loss widens


HyperFeed Technologies, Inc. (Nasdaq:HYPR), a provider of ticker plant technologies and managed data and hosting services to the financial community, today reported results for the first quarter ended March 31, 2004.

HyperFeed's revenue in the quarter was $775,000, versus $175,000 in the same quarter in 2003, representing an increase of 343% year over year. In this quarter, HyperFeed signed contracts in excess of $7.4 million for software and data management services increasing booked, yet unrecognized revenue to $12.2 million. Of this amount, HyperFeed expects to recognize $3.7 million for the remainder of 2004 and $8.4 million for 2005 and beyond.

"Institutional investments in technology used to mean a new router or switching technology. Today's critical technology investments are in software. Our first quarter sales results, coupled with our next generation technology and increased brand recognition, demonstrate our successful transformation to a software and services company," commented Paul Pluschkell, President and CEO of HyperFeed Technologies.

The Company reported a net loss from continuing operations of ($2.3 million) for the quarter, or ($0.77) per share, versus ($1.2 million), or ($0.47) per share, in the same period in 2003. The increase in net loss from continuing operations was a result of severance paid to the Company's former Chairman, as well as continued investment focused on developing next generation data technologies. Including discontinued operations, the Company reported a net loss of ($2.2 million), or ($0.73) per share for the quarter ended March 31, 2004 versus ($.8 million) or ($0.31) per share in the same period for 2003. "The increase in net loss was due to our decision to invest in new data services and to fast-track our product development, resulting in a substantial increase in our booked, yet unrecognized revenue and current pipeline for future revenue growth," said Pluschkell. Subsequent to the quarter, the Company reduced annual operating expenses by $1.2 million.

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