UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Quarter: March 31, 1997 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 September 30, 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 March 31, 1997
Statements of Operation (Unaudited): 5
For the Three Months and Nine months ended
March 31, 1997
Statement of Cash Flows (Unaudited): 7
For the Three Months and Nine Months
Ended March 31, 1997
Article 5 of Regulation S-X 8
Note to Financial Statements: 9
As of March 31, 1997 (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>
March 31, March 31,
1997 1996
_____________ _____________
ASSETS:
Current Assets:
Cash and cash equivalents $ 28,501 $ 49,536
Accounts receivable 116,028 351,647
Inventory 5,058 5,152
Prepaid expenses 1,601 1,638
_____________ _____________
Total Current Assets 151,188 407,973
Property and Equipment, net of
accumulated depreciation 142,675 11,943
Other Assets:
Other assets 3,526 3,625
Investment in equity securities 24,000 24,000
Note receivable from InfoPlan 168,826 168,826
Goodwill, net 85,753 0
_____________ _____________
Total Other Assets 282,105 196,451
_____________ _____________
TOTAL ASSETS $ 575,968 $ 616,367
_____________ _____________
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Notes payable to a bank $ 40,000 $ 0
Accounts payable 15,805 45,824
Unearned revenue 0 13,750
Customer deposit 1,112 900
_____________ _____________
Total Current Liabilities $ 56,917 $ 60,474
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 504,333 309,811
Retained earnings (deficit) (6,871) 240,495
_____________ _____________
Total Stockholders' Equity 519,051 555,895
_____________ _____________
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 575,968 $ 616,367
============= =============
</TABLE>
MARKET DATA CORPORATION STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED March 31, 1997
(Unaudited)
<TABLE>
<S> <C> <C> <C> <C>
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
Mar. 31 Mar. 31 Mar. 31 Mar. 31
1997 1996 1997 1996
___________ ___________ ___________ ___________
REVENUES:
Loan origination
fees $ 69,183 $ 0 $ 120,335 $ 0
Gains on sales
of mortgage loans 0 0 0 0
Product and
software sales 86,180 94,028 157,587 329,016
Other fees
and income 13,987 0 14,625 0
___________ ___________ ___________ ___________
Total Revenue 169,350 94,028 292,547 320,016
___________ ___________ ___________ ___________
OPERATING EXPENSES:
Franchise
commissions 36,769 0 53,004 0
Salaries and
related benefits 25,228 0 71,549 0
Loan officer
commissions 22,368 0 38,194 0
Marketing 1,960 0 2,880 0
Loan processing
costs 9,024 0 11,606 0
Other general and
administrative 34,615 60,315 83,731 205,386
Operating costs 27,833 28,666 32,765 112,602
Merger Expenses 3,583 31,613 3,583 53,203
___________ ___________ ___________ ___________
Total Operating
Expenses 161,380 120,594 297,312 371,191
___________ ___________ ___________ ___________
OPERATING (LOSS) 7,970 (26,566) (4,765) (51,175)
OTHER INCOME
(EXPENSE):
Interest income 70 244 70 244
Interest expense 0 0 (2,106) 0
___________ ___________ ___________ ___________
Net Total Other
Income (Expense) 70 244 (2,106) 244
___________ ___________ ___________ ___________
NET INCOME
(LOSS) 8,040 (26,322) (6,871) (50,931)
=========== =========== =========== ===========
NET (LOSS)
PER COMMON SHARE 0.000 (0.001) (0) (0)
=========== =========== =========== ===========
Weighted Average
Shares
Outstanding 16,756,000 16,756,000 16,756,000 16,756,000
=========== =========== =========== ===========
</TABLE>
MARKET DATA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED
March 31, 1997
(Unaudited)
<TABLE>
<S> <C> <C>
For the three For the nine
months ending months ending
March 31, March 31,
1997 1997
______________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) $ 8,040 $ (6,871)
Adjustments to reconcile net (loss) to
net cash (used in) operating
activities:
Depreciation and amortization 7,665 9,933
(Increase) Decrease in:
Accounts receivable (238) 7,920
Officer receivable 0 0
Federal Income tax receivables 0 0
Inventory 0 0
Prepaid expense 2,175 7,487
Other Assets 0 0
Accounts payable and accrued expenses (14,434) (8,434)
Net cash provided (used in)
operating activities 3,208 10,187
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment 0 (33,059)
Purchase of Goodwill 0 (85,753)
Advances on note receivable 0 20,628
Net Cash (used in) investing activities 0 (98,184)
Net cash provided by Financing Activities
Proceeds from issuance of stock 0 0
Note payable to bank 0 40,000
Net increase (decrease) in cash or
cash equivalents 3,208 (47,997)
Beginning of the period 25,293 76,498
Cash and Cash Equivalents -
End of Period $ 28,501 $ 28,501
</TABLE>
MARKET DATA CORP.
NOTE TO FINANCIAL STATEMENTS
March 31, 1997
(Unaudited)
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.
The following discussion should be read in conjunction with the
attached consolidated financial statements and with the Company's
audited financial statements and notes thereto for the year
ending June 30, 1996, in the Company's Form 10-K.
FINANCIAL RESULTS OF OPERATIONS
On a consolidated basis, total revenues increased to $169,350 in
the quarter ending March 31, 1997 from $94,028 in the quarter
ending June 30, 1996, an increase of 80.1%. This increase in
revenue is a result of the increased marketing effort in loan
marketing.
Expenses for the quarter ended March 31, 1997, increased 33.8% to
$161,380 from $120,594 for the quarter ended March 31, 1996.
Loan commissions to franchisees and loan officers accounted for
most of this increase.
A net profit resulted for the current quarter of $8,040 (4.7%),
as compared to a net loss of $(26,322) (28.8%) in the prior year
quarter ending March 31, 1996. This was due in part to the one
time income of $13,750 revenue for the name change settlement
(8.1% of revenue).
Cash flow from operations increased $3,208 for the quarter ended
March 31, 1997.
Text Services revenue was $99,930 for the quarter, up 39% from
the previous quarter and up from the same period last year. This
included a one time income of $13,750 revenue for the name change
settlement.
Renet Services - California is a loan brokerage and produced
$69,183 in revenue for the quarter with a net loss of $(27,652).
This was due to an increase in interest rates during the period
with a resultant decrease in loan closings. Expenses were cut in
the later month of the quarter in response to lower revenues than
anticipated.
Liquidity and Capital Resources
For the quarter, operations increased cash $3,208. The Company's
growth will be modest under current circumstances, but
significant growth is dependent on planned capital raising in the
near future.
Subsequent Events:
The Board of Directors has voted to change the corporation's name
to Time Financial Services, Inc. under the authority of the
January shareholder's meeting. This change should be completed
by June 15, 1997. Renet Services - California has changed its
name to Time Lending Group.
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:
None
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.
Market Data Corp.
(Registrant)
05/20/97 Michael F. Pope
Date (Signature)
05/20/97 Philip C. LaPuma
Date (Signature)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-END> MAR-31-1997
<CASH> 28,501
<SECURITIES> 24,000
<RECEIVABLES> 116,028
<ALLOWANCES> 0
<INVENTORY> 5,058
<CURRENT-ASSETS> 151,188
<PP&E> 142,675
<DEPRECIATION> 7,665
<TOTAL-ASSETS> 575,968
<CURRENT-LIABILITIES> 56,971
<BONDS> 0
21,589
0
<COMMON> 0
<OTHER-SE> 504,333
<TOTAL-LIABILITY-AND-EQUITY> 575,968
<SALES> 292,547
<TOTAL-REVENUES> 292,547
<CGS> 0
<TOTAL-COSTS> 297,312
<OTHER-EXPENSES> 2,106
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (6,871)
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,871)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,871)
<EPS-PRIMARY> (.000)
<EPS-DILUTED> (.000)
</TABLE>
