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: September 30, 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)
(281) 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, 1997, are as follows:
Class of Securities: Shares Outstanding:
Common Stock, $.001 par value 837,813
INDEX
MARKET DATA CORP.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets (Unaudited): 3
As of September 30, 1997
Statements of Operation (Unaudited): 5
For the Three Months ended September 30, 1997
Statement of Cash Flows (Unaudited): 6
For the Three Months Ended September 30, 1997
Note to Financial Statements: 7
As of September 30, 1997 (Unaudited)
Item 2. Management's Discussion and Analysis of 8
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Change in Securities 9
Item 3. Defaults Upon Senior Securities 9
Item 4. Submission of Matters to a Vote of Security 9
Holders
Item 5. Other Information 9
Signatures 9
MARKET DATA CORP.
BALANCE SHEET
Consolidated
(Unaudited)
<TABLE>
<S> <C> <C>
September 30, September 30,
1997 1996
_____________ _____________
ASSETS:
Current Assets:
Cash and cash equivalents $ 12,074 $ 16,835
Accounts receivable 0 136,952
Inventory 0 5,058
Prepaid expenses 0 4,797
Receivable from InfoPlan 0 42,569
_____________ _____________
Total Current Assets 12,074 206,211
Property and Equipment, net of
accumulated depreciation 10,102 9,908
Other Assets:
Investment in equity securities 150 24,000
Note receivable from InfoPlan 0 168,826
Note receivable from subsidiary 0 196,000
Real Property at Acquisition Cost 786,699 0
_____________ _____________
Total Other Assets 786,849 388,826
_____________ _____________
TOTAL ASSETS $ 809,025 $ 604,945
_____________ _____________
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 56,702 $ 14,799
Accrued expenses 2,482 22,553
_____________ _____________
Total Current Liabilities $ 59,184 $ 87,351
Long Term Mortgage Debt $ 639,321 0
_____________ _____________
Total Liabilities $ 698,505 $ 0
Stockholders' Equity:
Common stock, .001 par value;
50,000 shares authorized,
16,756,255 shares issued
and outstanding at
June 30, 1997 16,756 5,589
Additional paid-in capital 298,642 309,810
Stock for Real Estate 156,000 0
Retained earnings (deficit) (360,878) 252,161
_____________ _____________
Total Stockholders' Equity 110,520 567,560
_____________ _____________
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 809,025 $ 604,911
============= =============
</TABLE>
MARKET DATA CORPORATION STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997
(Unaudited)
<TABLE>
<S> <C> <C>
Three months ending
September 30, September 30,
1997 1996
_____________ _____________
REVENUE:
Loan origination fees $ 29,790 $ 0
Rental Income 0 0
Product and software sales 50,100 107,018
Other fees and income 5,125 3,462
_____________ _____________
Total Revenue 85,016 110,480
OPERATING EXPENSES:
Loan officer commissions 27,418 0
Loan processing costs 4,418 0
Other general and administrative 10,693 98,758
Operating costs 40,555 3,339
_____________ _____________
Total Operating Expenses 83,084 102,098
OPERATING PROFIT (LOSS) 1,932 8,382
_____________ _____________
NET (LOSS) PER COMMON SHARE 0.002305873 0.0005002
Before Extraordinary Loss
============= =============
Weighted Average Shares Outstanding 837,813 16,756,255
</TABLE>
MARKET DATA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<S> <C> <C>
For the three months ending
1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) $ 1,932 8,382
Adjustments to reconcile net (loss) to
net cash (used in) operating
activities:
Depreciation and amortization 0 0
Change in assets and liabilities:
Accounts receivable 50 (72,411)
Inventory 0 0
Prepaid expense 0 (640)
Other assets 0 0
Accounts payable and
accrued expenses 1,469 13,750
_____________ ____________
Net cash (used in) operating
activities 3,451 (50,919)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by financing
activities 0 0
Proceeds from issuance of stock 0 42,716
_____________ ____________
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 42,716
_____________ ____________
Net decrease in cash and cash
equivalents 3,451 (8,203)
Beginning of period 8,623 25,038
_____________ ____________
End of period $ 12,074 $ 16,835
</TABLE>
MARKET DATA CORP.
NOTE TO FINANCIAL STATEMENTS
SEPTEMBER 30, 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.
Liquidity and Capital Resources
During the three month period ending September 30, 1997, the
Company experienced a net increase in cash of $3,451. This
increase was due to $1,932 in profit and the acquisition of the
rental properties.
Results of Operations
Text Division:
The Text Division continues its publication of Wall Street
Whispers and its content for various on-line providers. The
subscription base on Prodigy continues to decline while only
limited increases in subscribers have occurred through Wall
Street Whispers Web site.
Time Lending:
During the first quarter the loan production declined because of
the emphasis on the Marketing Joint Venture. This period did
represent the turning point for the Company's profitability.
Re-Capitalization
On July 1, 1997, to Company changed its name and did a 20:1 stock
reverse. The Company's new name is Time Financial Services, Inc.
and it has 837,000 shares of common stock outstanding.
The Board of Directors on June 20, 1997 created a new
"Convertible" preferred "Class A" stock. The purpose of this
stock is to purchase real estate and raise capital through a
private offering. The stock has a stated value of $1,000 per
share and pays a dividend equal to 12% per year paid quarterly.
The Company purchased eight properties valued at $834,000. (See
the following schedule.)
Seventy seven shares of preferred stock and 48,666 shares of
common stock from treasury for these properties (see schedule).
This resulted in an increase in assets of $846,000.
At current market, less assumed mortgages the market based equity
of these properties is $206,679 as of September 30, 1997.
Joint Venture - Direct Mail Marketing
Time Lending agreed in principal to form a joint venture with
Signature Marketing Associates, Inc. The purpose of this Joint
Venture is to provide direct mail services to mortgage retailers.
Direct mail creates telephone inquiries that result in mortgage
applications and closings.
The joint venture has high potential for growth. From April
1997, through December 1997, Signature Marketing Associates, Inc.
generated over $600,000 in revenues. The joint venture agreement
calls for Time Lending to provide accounting, technical support,
and sales, while Signature Marketing provides sales, production,
and capital. The resultant profits are split evenly. This had
minor impact in the first quarter for Time Financial, but will
begin to show profits for the quarter ending December 30, 1997.
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
The stock reverse was effective July 1, 1997 with the stock being
reversed 20:1. This was included with the name change to Time
Financial Services, Inc. Therefore, twenty shares of common for
Market Data Corp. is now equivalent to one share of Time
Financial Services, Inc. common. The stock symbol has been
changed to "TIMF"
Item 3. Submission of Matters to a Vote of Securities Holders
None
Item 4. Submission of Matters to a Vote of Securities Holders
None
Item 5. Other Information
Since the filing of the Company 10K, there have been no material
changes with respect to pending proceedings other than that set
forth above.
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)
02/20/98 Michael F. Pope
(Date) (Signature)
02/20/98 Philip C. LaPuma
(Date) (Signature)
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<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> SEP-30-1997
<CASH> 12,074
<SECURITIES> 0
<RECEIVABLES> 50
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 12,124
<PP&E> 10,102
<DEPRECIATION> 0
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0
0
<COMMON> 16,756
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<TOTAL-REVENUES> 85,016
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<TOTAL-COSTS> 83,084
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