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, 1998 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.)
1182 N. Tustin St., Orange, CA 92867
_________________________________________________________________
(Address of principal executive offices) (Zip Code)
(714) 288-5901
_________________________________________________________________
(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 March 31, 1998, are as follows:
Class of Securities: Shares Outstanding:
Common Stock, $.001 par value 1,005,744
INDEX
MARKET DATA CORP.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets (Unaudited): 3
As of March 31, 1998
Statements of Operation (Unaudited): 5
For the Three Months and Nine months ended
March 31, 1998
Statement of Cash Flows (Unaudited): 6
For the Three Months Ended March 31, 1998
Article 5 of Regulation S-X, Financial Data Schedule 7
Note to Financial Statements: 8
As of March 31, 1998 (Unaudited)
Item 2. Management's Discussion and Analysis of 9
Financial Condition and Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 2. Change in Securities 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of Security 10
Holders
Item 5. Other Information 10
Signatures 11
MARKET DATA CORP.
BALANCE SHEET
Consolidated
(Unaudited)
<TABLE>
<S> <C> <C>
March 31, March 31,
1998 1997
_____________ _____________
ASSETS:
Current Assets:
Cash and cash equivalents $ 39,851 $ 28,501
Accounts receivable 0 116,028
Inventory 0 5,058
Prepaid expenses 3,335 1,601
_____________ _____________
Total Current Assets 43,186 151,188
Property and Equipment, net of
accumulated depreciation 10,102 142,675
Other Assets:
Other assets 0 3,526
Investment in equity securities 150 24,000
Note receivable from InfoPlan 0 168,826
Goodwill, net 0 85,753
Real Property at acquisition cost 786,699 0
_____________ _____________
Total Other Assets 786,849 282,105
_____________ _____________
TOTAL ASSETS $ 840,137 $ 575,968
_____________ _____________
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current Liabilities:
Notes payable to bank 0 40,000
Accounts payable 8,185 15,805
Unearned revenue 0 0
Customer deposit 0 1,112
_____________ _____________
Total Current Liabilities $ 8,185 $ 56,917
Long Term Mortgage Debt $ 639,321 0
_____________ _____________
Total Liabilities $ 647,506 $ 0
</TABLE>
<TABLE>
<S> <C> <C>
Stockholders' Equity:
Common stock, .001 par value;
50,000 shares authorized,
1,005,744 shares issued
and outstanding at
March 31, 1998 16,756 21,589
Additional paid-in capital 298,642 504,333
Stock for real estate 156,000 0
Retained earnings (deficit) (278,767) (6,871)
_____________ _____________
Total Stockholders' Equity 192,631 519,051
_____________ _____________
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 840,137 $575,968
============= =============
</TABLE>
MARKET DATA CORPORATION STATEMENT OF OPERATIONS
FOR THE QUARTER ENDED MARCH 31, 1998
(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
1998 1997 1998 1997
___________ ___________ ___________ ___________
REVENUES:
Loan origination
fees $ 38,037 $ 69,183 $ 123,089 $ 120,335
Rental income 11,363 0 24,975 0
Marketing Income 76,606 0 202,483 0
Product and
Software sales 47,017 86,180 176,249 157,587
Other fees and
income 0 13,987 3,910 14,625
___________ ___________ ___________ ___________
Total Revenue 173,023 169,350 530,706 292,547
___________ ___________ ___________ ___________
OPERATING EXPENSES:
Loan officer
commissions 57,590 59,137 160,057 91,198
Loan Processing
costs 20,570 9,024 14,685 11,606
Other general and
administrative 44,902 61,803 213,180 158,160
Operating costs 49,855 31,416 101,995 36,348
___________ ___________ ___________ ___________
Total Operating
Expenses 172,916 161,380 489,917 297,312
___________ ___________ ___________ ___________
OPERATING (LOSS)
Profit 107 7,970 40,789 (4,765)
NET (LOSS)
PER COMMON SHARE
Before
extraordinary loss 0.00 0.01 0.04 (0.00)
=========== =========== =========== ===========
Net Total Other
Income
(Expense) 40 40 78 (2,036)
NET INCOME
(LOSS) 147 8,010 40,868 (6,801)
NET (LOSS)
PER COMMON
SHARE 0.00 0.00 0.04 (0.00)
Weighted Average
Shares
Outstanding 1,005,744 16,756,000 1,005,744 16,756,000
=========== =========== =========== ===========
</TABLE>
MARKET DATA CORPORATION
STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED MARCH 31, 1998 and 1997
(Unaudited)
<TABLE>
<S> <C> <C>
For the three months ending
March 31, March 31,
1998 1997
______________ ____________
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) $ 147 $ 8,040
Adjustments to reconcile net (loss) to
net cash (used in) operating
activities:
Depreciation and amortization 0 7,665
(Increase) Decrease in:
Accounts receivable 0 (2,304)
Officer receivable 0 0
Federal Income tax receivables 0 0
Inventory 0 0
Prepaid expense (3,615) (2,175)
Other Assets 0 0
Accounts payable and accrued expenses (33,363) (14,434)
Net cash provided (used in)
operating activities (36,831) 3,208
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment 0 0
Purchase of Goodwill 0 0
Organizational Costs 0 0
Advances on note receivable 0 0
Net Cash (used in) investing activities 0 0
Net cash provided by Financing Activities
Proceeds from issuance of stock 0 0
Note payable to bank 0 0
Net increase (decrease) in cash or
cash equivalents (36,831) 3,208)
Beginning of the period 76,682 25,293
Cash and Cash Equivalents -
End of Period $ 39,851 $ 28,501
</TABLE>
MARKET DATA CORP.
NOTE TO FINANCIAL STATEMENTS
MARCH 31, 1998
(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
On a consolidated basis, total revenues decreased to $173,023 in
the quarter ended March 31, 1998. Compared to the second
quarter, total revenues were down $100,284 or 36.6%. Of this
amount the Marketing JV income was down 47% or $67,719. This
decrease in the direct mail marketing income was expected due to
seasonal decline.
Loan origination revenues declined 30.7% or $16,925. Again,
normal seasonal factors contributed to this decline. Loan
closings typically decline in January and February. March's loan
closings were equal to January and February combined.
The Text Division's revenues declined for the quarter $13,353 or
22%. This reflects the continued decline of revenue from the
Prodigy contract. Prodigy has lost customers and "Wall Street
Edge" revenues have run parallel to this trend. The "Wall Street
Whispers" Web site with direct subscriptions continues to grow.
On the expense side, overall expenses dropped 8.3% or $15,612.
Revenue for real estate was $11,363.
Other Information
1. Negotiations with sellers on the purchase of additional
real estate are on going, but no transaction is currently in
escrow.
2. Management intends to sell two of the current properties
held to increase cash to allow for further purchases.
3. The company has entered into an agreement to sell the
Houston office and its business, the Wall Street Whispers. This
division will be sold to a Houston based company named JWEB.
This company is better equipped to market the Wall Street
Whispers. The sale price for the business is $125,000 cash.
4. The company has opened two net branch loan offices in
Southern California that will help increase mortgage revenue with
no significant increase in expenses.
5. The company holds 9,156 warrants in Data Broadcasting Co.
at $4.51. The DBCC stock is currently at $5.75. Its high was
$9.00 with a low of $4.50. The company intends to convert these
warrants and sell the DBCC stock.
Subsequent Events:
None
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:
The Company has hired Makefield Securities to find a potential
merger candidate for a reverse merger that will increase the
value of the stock.
The Company has changed their name to TIME FINANCIAL SERVICES,
INC., a Nevada corporation, through merger of the Texas company,
Market Data Corp., into TIME FINANCIAL. The trading symbol is
"TIMF" on the Bulletin Board.
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: June 18, 1998 Market Data Corp.
(Registrant)
Michael F. Pope
(Signature)
Philip C. LaPuma
(Signature)
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<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> MAR-31-1998
<CASH> 39851
<SECURITIES> 150
<RECEIVABLES> 0
<ALLOWANCES> 0
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<PP&E> 10102
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<CURRENT-LIABILITIES> 8185
<BONDS> 0
16756
0
<COMMON> 0
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<TOTAL-LIABILITY-AND-EQUITY> 840137
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<CGS> 0
<TOTAL-COSTS> 489917
<OTHER-EXPENSES> (78)
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<INCOME-PRETAX> 40868
<INCOME-TAX> 0
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