UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarter: December 31, 1996 Commission File Number:33-22264-FW
MARKET DATA CORP.
_________________________________________________________________
(Exact name of registrant as specified in its charter)
TEXAS 76-0252235
_________________________________________________________________
(State or other jurisdiction (I.R.S. Employer incorporation
of organization) or Identification No.)
14505 Torrey Chase Blvd., Suite 410,
Houston, Texas 77014
_________________________________________________________________
(Address of principal executive offices) (Zip Code)
(713) 586-8686
_________________________________________________________________
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
Requirements for the past 90 days.
X Yes No
_____ _____
The number of shares outstanding of each of the issuer's
classes of stock, as of December 31, 1996, are as follows:
Class of Securities: Shares Outstanding:
Common Stock, $.001 par value 16,756,000
INDEX
MARKET DATA CORP.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets (Unaudited): 3
As of December 31, 1996
Statements of Operation (Unaudited): 5
For the Three Months and Six months ended
December 31, 1996
Statement of Cash Flows (Unaudited): 7
For the Three Months Ended December 31, 1996
Article 5 of Regulation S-X 8
Note to Financial Statements: 9
As of December 31, 1996 (Unaudited)
Item 2. Management's Discussion and Analysis of 10
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 11
Item 2. Change in Securities 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Submission of Matters to a Vote of Security 11
Holders
Item 5. Other Information 11
Signatures 12
MARKET DATA CORP.
BALANCE SHEET
Consolidated
(Unaudited)
<TABLE>
<S> <C> <C>
December 31, December 31,
1996 1995
_____________ _____________
ASSETS:
Current Assets:
Cash and cash equivalents $ 25,293 $ 107,220
Accounts receivable 115,790 248,676
Inventory 5,058 5,361
Prepaid expenses 3,776 4,299
_____________ _____________
Total Current Assets 149,917 365,556
Property and Equipment, net of
accumulated depreciation 150,340 13,575
Other Assets:
Other assets 3,526 56,361
Investment in equity securities 24,000 24,000
Note receivable from InfoPlan 168,826 168,826
Goodwill, net 85,753 0
_____________ _____________
Total Other Assets 282,105 249,187
_____________ _____________
TOTAL ASSETS $ 582,362 $ 628,318
_____________ _____________
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Notes payable to a bank $ 40,000 $ 0
Accounts payable 16,701 31,452
Unearned revenue 13,750 13,750
Customer deposit 900 900
_____________ _____________
Total Current Liabilities $ 71,351 $ 46,102
Stockholders' Equity:
Common stock, .001 par value;
50,000 shares authorized,
16,756,255 shares issued
and outstanding at
June 30, 1996 21,589 5,589
Additional paid-in capital 504,333 309,809
Retained earnings (deficit) (14,911) 266,818
_____________ _____________
Total Stockholders' Equity 511,011 582,216
_____________ _____________
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 582,362 $ 628,318
============= =============
</TABLE>
MARKET DATA CORPORATION STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED DECEMBER 31, 1996
(Unaudited)
<TABLE>
<S> <C> <C> <C> <C>
3 Months 3 Months 6 Months 9 Months
Ended Ended Ended Ended
Dec. 31 Dec. 31 Dec. 31 Dec. 31
1996 1995 1996 1995
___________ ___________ ___________ ___________
REVENUES:
Loan origination
fees $ 51,152 $ 0 $ 176,694 $ 0
Gains on sales
of mortgage loans 0 0 4,888 0
Product and
software sales 71,407 98,232 158,390 344,295
Other fees
and income 638 0 6,590 0
___________ ___________ ___________ ___________
Total Revenue 123,197 98,232 346,562 344,295
___________ ___________ ___________ ___________
OPERATING EXPENSES:
Franchise
commissions 16,235 0 85,874 0
Salaries and
related benefits 46,321 0 114,092 0
Loan officer
commissions 15,826 0 24,384 0
Marketing 920 0 7,463 0
Loan processing
costs 2,582 0 15,805 0
Other general and
administrative 49,116 65,171 172,100 214,365
Operating costs 4,932 34,909 13,271 132,681
Merger Expenses 0 21,590 0 21,590
___________ ___________ ___________ ___________
Total Operating
Expenses 135,932 121,670 432,989 368,636
___________ ___________ ___________ ___________
OPERATING (LOSS) (12,735) (23,438) (86,427) (23,341)
OTHER INCOME
(EXPENSE):
Interest income 0 0 713 0
Interest expense (2,176) 0 (4,224) 0
___________ ___________ ___________ ___________
Net Total Other
Income (Expense) (2,176) 0 (3,511) 0
___________ ___________ ___________ ___________
NET INCOME
(LOSS) (14,911) (23,438) (89,938) (24,341)
=========== =========== =========== ===========
NET (LOSS)
PER COMMON SHARE (.01) (.01) (.01) (.01)
=========== =========== =========== ===========
Weighted Average
Shares
Outstanding 16,756,000 5,589,000 16,756,000 5,584,920
=========== =========== =========== ===========
</TABLE>
MARKET DATA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED DECEMBER 31, 1996 and 1995
(Unaudited)
<TABLE>
<S> <C> <C>
For the three months ending
December 31, December 31,
1996 1995
______________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) $ (14,911) $ (23,438)
Adjustments to reconcile net (loss) to
net cash (used in) operating
activities:
Consulting expense paid in stock 0 8,158
Depreciation and amortization 2,268 3,317
(Increase) Decrease in:
Accounts receivable 8,158 (19,620)
Officer receivable 0 699
Federal Income tax receivables 0 18,385
Inventory 0 1,270
Prepaid expense 5,312 526
Other Assets 152 0
Accounts payable and accrued expenses 6,000 16,560
Net cash provided (used in)
operating activities 6,979 5,857
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (33,059) 0
Purchase of Goodwill (189,753) 0
Organizational Costs 0 (1,500)
Advances on note receivable 20,628 0
Net Cash (used in) investing activities (202,184) (1,500)
Net cash provided by Financing Activities
Proceeds from issuance of stock 0 (8,158)
Note payable to bank 144,000 0
Net increase (decrease) in cash or
cash equivalents (51,205) (3,801)
Beginning of the period 76,498 111,021
Cash and Cash Equivalents -
End of Period $ 25,293 $ 107,220
</TABLE>
MARKET DATA CORPORATION
NOTE TO FINANCIAL STATEMENTS
December 31, 1996
(Unaudited)
Divestiture of Renet Financial Corporation by distribution to the
shareholders of Market Data Corporation has resulted in the
financials presented. Market Data Corporation acquired certain
intellectual property rights through foreclosure and equipment
through purchase from lien holders.
The financial information included herein is unaudited; however,
such information reflects all adjustments (consisting solely of
normal recurring adjustments) which are, in the opinion of
management, necessary for a fair statement of results for the
interim period. Such results are not necessarily indicative of a
full year's operation.
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
During the three month period ending December 31, 1996, the
Company experienced a net decrease in cash of ($81,927). Text
Services produced positive cash of $6,979 from operations, its
accounts receivable decreased $8,158, resulting in net cash of
$25,293.
The Renet Services - California Division had a net loss of
$(12,043) in cash for the quarter.
Results of Operations
Text Services
Text Services revenue was $71,943 for the quarter, down 17.3%
from the previous quarter and down 26.8% from the same period
last year. This decline was due to the continued loss of
subscribers on Prodigy. Prodigy has contractually agreed to a
new promotion to its subscribers for the month of February to
attract new premium subscribers to the Wall St. Edge product.
This promotion is currently under way. Text Services expenses
for the quarter were down 11.9% from the previous quarter, and
38.5% from the same period last year. This resulted in a loss of
4.0% for the period.
Renet Services - California
A new division was created with the formation of a new
corporation names, Renet Services - California. All activity in
Renet Financial Corporation was terminated and the stock of this
company was spun off to the Market Data Corp. shareholders of
record on November 18, 1996.
Renet Services - California is a loan brokerage, and produced
$51,254 in revenue for the quarter with a net loss of $(12,043).
This was a startup operation during the reporting period.
Subsequent Events:
Have been described in the 8K dated November 26, 1996
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
There has been no significant change in other legal matters at
this time.
Item 2. Changes in Securities
None
Item 3. Submission of Matters to a Vote of Securities Holders
None
Item 4. Defaults upon Senior Securities
None
Item 5. Other Information
Subsequent Events:
On January 7, 1997 a shareholder annual meeting was held and the
shareholders approved the following:
1. The appointment of Michael B. Johnson and Company, P.C.
as the company's independent certified public accountants.
2. A reverse split of the presently issued and outstanding
shares of the company up to 20:1.
3. The reorganization of and merger of the company into a
new Nevada corporation and change the name of the corporation to
Renet Services, Inc. or a name chosen by the board.
4. The change of the fiscal year end from March 31, to June
30.
5. The reelection of Michael F. Pope and Philip C. LaPuma
as directors and the election of Victoria Pope as director to
serve until the next annual meeting of the shareholders.
Victoria Pope has been active in the mortgage industry the past
seven years working in various loan production positions from
processing through administration at Renet Financial Corporation.
She is the spouse of Michael F. Pope and they have two adult
children. Mrs. Pope has many years of mortgage company
management experience.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, as amended, the Registrant has caused this report to be
signed on its behalf by the undersigned duly authorized persons.
Dated _______________________ Market Data Corp.
_________________________
Michael F. Pope
_________________________
Philip C. LaPuma
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> DEC-31-1996
<CASH> 25,293
<SECURITIES> 24,000
<RECEIVABLES> 169,826
<ALLOWANCES> 0
<INVENTORY> 5,058
<CURRENT-ASSETS> 149,917
<PP&E> 150,340
<DEPRECIATION> 2,268
<TOTAL-ASSETS> 582,362
<CURRENT-LIABILITIES> 71,351
<BONDS> 0
21,589
0
<COMMON> 0
<OTHER-SE> 511,011
<TOTAL-LIABILITY-AND-EQUITY> 582,362
<SALES> 346,562
<TOTAL-REVENUES> 346,562
<CGS> 0
<TOTAL-COSTS> 432,989
<OTHER-EXPENSES> 13,271
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (89,938)
<INCOME-TAX> 0
<INCOME-CONTINUING> (89,938)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (89,938)
<EPS-PRIMARY> (.005)
<EPS-DILUTED> (.005)
</TABLE>
