U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
Commission File Number 0-24634
TRACK DATA CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
22-3181095
(I.R.S. Employer Identification No.)
56 Pine Street
New York, NY 10005
(Address of principal executive offices)
(212) 422-4300
(Registrant's telephone number)
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 past 12 months (or 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. Yes /x/ No / /
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date: As of October 31, 2000 there
were 63,656,209 shares of common stock outstanding.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
See pages 2-9
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
See pages 10 - 12
Item 3. Quantitative and Qualitative Disclosures About Market Risk
See page 13
PART II. OTHER INFORMATION
See page 14
Track Data Corporation and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
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SEPTEMBER 30, DECEMBER 31,
2000 1999
------------- ------------
Unaudited Derived from
audited
financial
statements
ASSETS
CASH $ 2,814,731 $ 5,665,833
ACCOUNTS RECEIVABLE - net 1,363,127 1,541,217
MARKETABLE SECURITIES 3,521,460 3,675,240
FIXED ASSETS - net 5,955,685 6,680,952
INVESTMENT IN AFFILIATE 1,492,285 1,342,285
EXCESS OF COST OVER NET ASSETS ACQUIRED - net 2,437,155 2,747,523
NET DEFERRED INCOME TAX ASSETS 450,000 450,000
OTHER ASSETS 3,733,490 2,953,411
---------- -----------
TOTAL $21,767,933 $25,056,461
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued expenses $ 3,971,059 $ 4,352,959
Note payable - bank 2,096,164 2,535,056
Notes payable - other 817,022 762,083
Capital lease obligations 1,405,071 2,006,094
Other liabilities 457,276 403,459
----------- -----------
Total liabilities 8,746,592 10,059,651
----------- -----------
STOCKHOLDERS' EQUITY
Common stock - $.01 par value;
300,000,000shares authorized;
issued and outstanding,63,634,359
shares in 2000 and 63,070,056
shares in 1999 636,344 630,701
Additional paid-in capital 26,042,199 24,944,796
Accumulated other comprehensive income 2,107,040 2,205,144
Deficit (15,764,242) (12,783,831)
----------- -----------
Total stockholders' equity 13,021,341 14,996,810
----------- -----------
TOTAL $21,767,933 $25,056,461
=========== ===========
<FN>
See notes to condensed consolidated financial statements
</TABLE>
Track Data Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(unaudited)
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2000 1999
----------- -----------
REVENUES $40,794,294 $34,835,084
----------- -----------
OPERATING COSTS AND EXPENSES:
Direct operating costs 23,014,199 20,618,258
Selling and administrative expenses 16,952,037 13,886,889
Marketing and advertising 4,761,871 3,776,967
Gain on real property lease buyout - (350,000)
Gain on sale of marketable securities (912,488) -
Interest expense - net 220,086 219,241
----------- -----------
Total 44,035,705 38,151,355
----------- -----------
LOSS BEFORE EQUITY IN NET INCOME
OF AFFILIATE AND INCOME TAXES (3,241,411) (3,316,271)
EQUITY IN NET INCOME OF AFFILIATE 261,000 255,000
----------- -----------
LOSS BEFORE INCOME TAXES (2,980,411) (3,061,271)
INCOME TAXES - -
----------- -----------
NET LOSS $(2,980,411) $(3,061,271)
=========== ===========
BASIC AND DILUTED NET LOSS PER SHARE $ (.05) $ (.05)
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 63,589,000 60,736,000
=========== ===========
ADJUSTED DILUTIVE SHARES OUTSTANDING 63,741,000 60,736,000
=========== ===========
<FN>
See notes to condensed consolidated financial statements
</TABLE>
Track Data Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(unaudited)
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2000 1999
----------- -----------
REVENUES $14,871,050 $11,518,014
----------- -----------
OPERATING COSTS AND EXPENSES:
Direct operating costs 8,668,155 6,558,762
Selling and administrative expenses 4,676,494 4,778,949
Marketing and advertising 400,325 2,567,850
Gain on sale of marketable securities (429,645) -
Interest expense - net 90,759 31,272
----------- -----------
Total 13,406,088 13,936,833
----------- -----------
INCOME (LOSS) BEFORE EQUITY IN NET INCOME
OF AFFILIATE AND INCOME TAXES 1,464,962 (2,418,819)
EQUITY IN NET INCOME OF AFFILIATE 176,000 79,000
----------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 1,640,962 (2,339,819)
INCOME TAXES - -
----------- -----------
NET INCOME (LOSS) $ 1,640,962 $(2,339,819)
=========== ===========
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE $ .03 $ (.04)
=========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 63,793,000 62,170,000
=========== ===========
ADJUSTED DILUTIVE SHARES OUTSTANDING 64,250,000 62,170,000
=========== ===========
<FN>
See notes to condensed consolidated financial statements
</TABLE>
Track Data Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS'
EQUITY AND COMPREHENSIVE LOSS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(unaudited)
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Accumulated
Additional Other Compre-
Common Paid-in Comprehensive hensive
Stock Capital Income Deficit Loss
---------- ----------- -------------- ------- -------
BALANCE,
JANUARY 1, 2000 $630,701 $24,944,796 $2,205,144 $(12,783,831)
Net loss (2,980,411) $(2,980,411)
Issuance of common
stock in exchange
for investment
in private companies 3,263 466,580
Stock options exercised 5,791 1,174,681
Purchase and retirement
of treasury stock (3,411) (478,455)
Reversal of tax effect
on stock options
exercised (65,403)
Unrealized loss on
marketable securities
- net of taxes (98,104) (98,104)
-----------
Comprehensive loss $(3,078,515)
-------- ----------- ---------- ------------ ===========
BALANCE,
SEPTEMBER 30, 2000 $636,344 $26,042,199 $2,107,040 $(15,764,242)
======== =========== ========== ============
<FN>
See notes to condensed consolidated financial statements
</TABLE>
Track Data Corporation and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(unaudited)
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2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(2,980,411) $(3,061,271)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and amortization 2,433,396 2,814,963
Services performed in exchange
for common stock - 93,750
Equity in net income of affiliate (261,000) (255,000)
Gain on sale of marketable securities (912,488) -
Changes in operating assets and liabilities:
Accounts receivable 178,090 (214,185)
Other assets 45,960 86,424
Accounts payable and accrued expenses (385,520) (131,683)
Other liabilities 243,798 176,643
----------- -----------
Net cash used in operating
activities (1,638,175) (490,359)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets (816,785) (725,431)
Loans to related parties - (30,902)
Loans to others 13,029 (35,122)
Net proceeds (purchase) of
marketable securities 443,313 (28,260)
----------- -----------
Net cash used in investing
activities (360,443) (819,715)
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments under capital lease
obligations (1,122,317) (1,342,341)
Net payments on note
payable - bank (438,893) (2,003,419)
Net proceeds from notes
payable - other 54,939 47,639
Net (payment) proceeds on loans from
employee savings program (178,651) 79,556
Purchase of treasury stock (478,246) (23,113)
Proceeds from issuance of stock - 4,976,258
Proceeds from exercise of stock options 1,302,572 2,527,569
----------- -----------
Net cash (used in) provided by
financing activities (860,596) 4,262,149
----------- -----------
EFFECT OF EXCHANGE RATE DIFFERENCES
ON CASH 8,112 (7,918)
----------- -----------
NET (DECREASE) INCREASE IN CASH (2,851,102) 2,944,157
CASH AND EQUIVALENTS, BEGINNING OF PERIOD 5,665,833 883,580
----------- -----------
CASH AND EQUIVALENTS, END OF PERIOD $ 2,814,731 $ 3,827,737
=========== ===========
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid for:
Interest $ 324,393 $ 265,365
Income taxes $ - $ -
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
AND FINANCING ACTIVITIES:
Equipment acquisitions financed by
capital leases $ 519,215 $ 759,567
Investment in private companies
acquired through issuance of
common stock $ 469,843 $ 500,000
<FN>
See notes to condensed consolidated financial statements
</TABLE>
Track Data Corporation and Subsidiaries
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
(unaudited)
1. In the opinion of the Company, the accompanying unaudited condensed
consolidated financial statements contain all adjustments (consisting of only
normal recurring accruals) necessary to present fairly the financial position as
of September 30, 2000, and the results of operations for the three and nine
month periods ended September 30, 2000 and 1999 and of cash flows for the nine
months ended September 30, 2000 and 1999. The results of operations for the
nine months ended September 30, 2000 are not necessarily indicative of results
that may be expected for any other interim period or for the full year.
These financial statements should be read in conjunction with the financial
statements and notes thereto for the year ended December 31, 1999 included in
the Company's Annual Report on Form 10-K. The accounting policies used in
preparing these financial statements are the same as those described in the
December 31, 1999 financial statements.
2. During the nine months ended September 30, 2000, options to purchase
579,134 shares were exercised at prices of $0.50 to $5.00, aggregating net
proceeds to the Company of $1,180,472. During the nine months ended September
30, 2000, the Company granted options to purchase 1,155,700 shares of its common
stock at $1.50 per share to its officers and employees.
3. The Company charges all costs incurred to establish the technological
feasibility of a product or product enhancement to research and development
expense. Research and development expenses were $251,800 and $274,358 for the
nine months ended September 30, 2000 and 1999, respectively.
4. Segment Information
The Company operates in one business segment providing real-time financial
market data, fundamental research, news, charting, and analytical services to
institutional and individual investors through dedicated telecommunication lines
and the Internet.
The Company's revenues are derived from the following sources:
<TABLE>
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Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Institutional $ 7,947,799 $ 7,325,923 $22,529,629 $21,773,916
Individual 6,923,251 4,192,091 18,264,665 13,061,168
------------ ----------- ----------- -----------
$14,871,050 $11,518,014 $40,794,294 $34,835,084
=========== =========== =========== ===========
</TABLE>
5. The Company owns 741,360 shares of Edgar Online, Inc. ("EOL"), an
Internet-based supplier of business, financial and competitive intelligence
derived from U.S. Securities and Exchange Commission data. EOL completed a
public offering of its common stock in May 1999. During the nine months ended
September 30, 2000, the Company sold 69,212 shares of EOL, realizing a gain of
$637,628. The Company carries this investment at $3,521,460, the market value
at September 30, 2000. The difference between the cost and fair market value of
these securities, net of deferred taxes, is classified as accumulated other
comprehensive income as a component of stockholders' equity.
6. The Company has a software development agreement with Third Millennium
Technology, Inc. ("TMT"), a corporation controlled by a former director of the
Company. Fees paid to TMT consist of a declining scale fee per user of the
Company's myTrack service and certain additional fees are payable in connection
with revenues from online trading. Such fees amounted to $132,976 and $70,217
for the nine months ended September 30, 2000 and 1999, respectively. In
addition, the Company paid a termination fee of $40,000 during the second
quarter of 2000. Under the termination agreement, monthly fees continue through
June 2001.
Until August 2000, the Company offered online trading through its myTrack
service utilizing Track Securities Corporation ("TSC") as its broker-dealer. TSC
is a broker-dealer owned and operated by a director of the Company. The Company
licensed its myTrack trading system to a subsidiary of TSC. The Company received
$2.25 per trade pursuant to the agreement, which aggregated $2,279,878 in 2000.
In addition, TSC pays a share of the marketing and advertising costs incurred by
the Company, which aggregated $775,304 in 2000. At September 30, 2000, the
amount due from TSC of $880,187 is included in other assets and was paid in
October, 2000. Further, the director has a five-year consulting agreement with
the Company pursuant to which he is to be paid an annual fee of the greater of
$50,000 or 5% of the after-tax earnings, if any, from trading activities. The
fee was $37,500 for the nine months ended September 30, 2000. The Company
obtained its own broker-dealer license and after registration in all states
terminated the license agreement with TSC.
7. In May 2000, the Company acquired approximately 2% of iAnalyst, Inc.
("IA") and Silicon Summit Technologies Inc. ("SST"), both privately held
companies, in exchange for an aggregate of 326,280 shares of the Company's
common stock. The Company registered these shares. IA provides the individual
investor Internet-based access to independent equity research analysts. SST is
a leading provider of e-finance solutions and services for B4B electronic
securities trading. Further, in May 2000, the Company's preliminary agreements
to acquire 10% of MainStreetIPO.com and FlexTrader.com were terminated.
8. Since obtaining its broker-dealer license and registration in all of the
states, the Company earns commissions as an introducing broker for the
transactions of its customers. Commissions and related clearing expenses are
recorded on a trade-date basis as securities transactions occur. The Company's
customer securities activities are transacted on either a cash or margin basis.
In margin transactions, the clearing brokers extend credit to the Company's
customers, subject to various regulatory margin requirements, collateralized by
cash and securities in the customers' accounts. However, the Company is
required to either obtain additional collateral or to sell the customer's
position if such collateral is not forthcoming. The Company is responsible for
any losses on such margin loans, and has agreed to indemnify its clearing broker
for losses that the clearing broker may sustain from the customer accounts
introduced by the Company.
9. Comprehensive income (loss) is as follows:
<TABLE>
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Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Net income (loss) $1,640,962 $(2,339,819) $(2,980,441) $(3,061,271)
Unrealized gain
(loss) on marketable
securities-net
of taxes 599,291 (155,098) (98,104) 2,060,582
---------- ----------- ----------- ------------
Comprehensive
income (loss) $2,240,253 $(2,494,917) $(3,078,515) $(1,000,689)
========== =========== =========== ============
</TABLE>
Track Data Corporation and Subsidiaries
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
General
The Company provides real-time financial market data, news, fundamental
research, charting and analytical services to institutional and individual
investors through dedicated telecommunication lines and the Internet. The
Company offers online trading through its myTrack Internet-based personal
investment service. myTrack is an Internet-based software application that is
not restricted by the limitations of an HTML browser-based static system offered
by virtually all of its well-known competitors. myTrack delivers a continuous
dynamic stream of live market data and investors' real-time online trading
activity.
Results of Operations
Three Months ended September 30, 2000 and 1999
Revenues for the three months ended September 30, 2000 and 1999 were
$14,871,050 and $11,518,014, respectively, an increase of 29%. The revenue
increase in 2000 is due to myTrack's online trading and market data services.
The Company obtained its own broker-dealer license and its registration in all
of the states by August 2000. Prior thereto, trading revenues include only
revenues from the licensing of its trading system, rather than a full amount of
commissions paid by customers, which represented approximately $1,993,000 of the
total increase.
Direct operating costs were $8,668,155 for the three months ended September
30, 2000 and $6,558,762 for the similar period in 1999. Direct operating costs
as a percentage of revenues were 58% in 2000 and 57% in 1999. Direct operating
costs include direct payroll, direct telecommunication costs, computer supplies,
depreciation and equipment lease expense and the amortization of software
development costs. Since August 2000 when the Company commenced recording the
full commissions from customers, direct costs also include costs of clearing,
back office payroll and other direct broker-dealer expenses.
Selling and administrative expenses were $4,676,494 and $4,778,949 in the
2000 and 1999 periods, respectively. The decrease in 2000 compared to 1999 was
principally due to the reclassification of certain payroll and related expenses
for myTrack's online trading services after receiving its broker-dealer license
and state registrations. Selling and administrative expenses as a percentage of
revenues was 31% in 2000 and 41% in 1999 due principally to the higher revenues
in 2000.
Marketing and advertising costs decreased significantly in 2000 to $400,325
from $2,567,850 in 1999. The decrease in 2000 was primarily due to the
Company's decision to reduce television advertising for its online trading in
the third quarter, reduced agency fees and reduced marketing for certain other
products.
In the third quarter of 2000, the Company realized a net gain of $429,645
from the sale of marketable securities, principally from Innodata Corporation.
Interest expense increased to $90,759 from $31,272 in the third quarter of 2000
compared to 1999 due to increased borrowings.
As a result of the above mentioned factors, the Company realized income
before equity in net income from an affiliate of $1,464,962 in the 2000 period
compared to a loss of $(2,418,819) in 1999.
The equity in net income from an affiliate was $176,000 and $79,000 in 2000
and 1999, respectively.
Nine Months ended September 30, 2000 and 1999
Revenues for the nine months ended September 30, 2000 and 1999 were
$40,794,294 and $34,835,084, respectively, an increase of 17%. The revenue
increase in 2000 is due principally to myTrack's online trading and market data
services. The Company obtained its own broker-dealer license and its
registration in all of the states by August 2000. Prior thereto, trading
revenues include only revenues from the licensing of its trading system, rather
than a full amount of commissions paid by customers.
Direct operating costs were $23,014,199 for the first nine months of 2000
and $20,618,258 for the similar period in 1999, an increase of 12%. Since
August 2000 when the Company commenced recording the full commissions from
customers, direct costs include costs of clearing, back office payroll and other
direct broker-dealer expenses. Direct operating costs as a percentage of
revenues were 56% in 2000 and 59% in 1999.
Selling and administrative expenses were $16,952,037 and $13,886,889 in the
2000 and 1999 periods, respectively, an increase of 22%. Selling and
administrative expenses as a percentage of revenues was 42% in 2000 and 40% in
1999. The dollar and percentage increase in 2000 compared to 1999 was
principally due to increased payroll and related expenses for myTrack's online
trading and market data services. Online trading was first introduced in the
second quarter of 1999.
Marketing and advertising costs increased significantly in 2000 to
$4,761,871 from $3,776,967 in 1999. These costs were incurred in connection
with the Company's myTrack online trading and market data systems. The level of
expenditures in the third quarter of 2000 was substantially below the
expenditures in the first half of 2000. Such reduced amounts are expected to
continue in the fourth quarter.
In 1999, the Company relocated certain of its personnel to other office
space and realized a gain on the landlord buy-out of the lease of approximately
$350,000.
In 2000, the Company realized a gain of approximately $912,488 on the sale
of certain shares of Edgar Online, Inc., Innodata Corporation and other
miscellaneous marketable securities.
As a result of the above mentioned factors, the Company realized a loss
before equity in net income from an affiliate of $(3,241,411) in the 2000 period
compared to a loss of $(3,316,271) in 1999.
The equity in net income from an affiliate was $261,000 and $255,000 in
2000 and 1999, respectively.
Liquidity and Capital Resources
During the nine months ended September 30, 2000 cash used by operating
activities was $1,638,175 compared to cash used in operating activities of
$490,359 in the nine months ended September 30, 1999. The increase in 2000 was
primarily due to the greater loss from operations in that period, after
excluding a gain on marketable securities. Cash flows used in investing
activities was $360,443 and $819,715 for the nine months ended September 30,
2000 and 1999, respectively. Cash flows from investing activities in 2000
included net proceeds from the sale of marketable securities of $443,313. Cash
flows used in financing activities in the nine months ended September 30, 2000
was $860,596 compared to cash flow from financing activities of $4,262,149 in
the 1999 period. The 1999 period included proceeds from the sale of the
Company's common stock of $4,976,258.
The Company has a line of credit with a bank. The line is collateralized by
the assets of the Company and is guaranteed by its principal stockholder.
Interest is charged at 1.75% above the bank's prime rate and is due on demand.
The Company may borrow up to 80% of eligible accounts receivable and is required
to maintain a compensating balance of 10% of the outstanding loans. The line of
credit is sufficient for the Company's present cash requirements. The Company
reduced its advertising costs in the third quarter and continues to do so in the
fourth quarter and may seek additional financing and or dispose of certain of
its marketable securities to support increased advertising costs in the future.
There are no major capital expenditures anticipated beyond the normal
replacement of equipment and additional equipment to meet customer requirements.
Inflation and Seasonality
To date, inflation has not had a significant impact on the Company's
operations. The Company's revenues are not affected by seasonality.
Disclosures in this Form 10-Q contain certain forward-looking statements,
including without limitation, statements concerning the Company's operations,
economic performance and financial condition. These forward-looking statements
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The words "believe," "expect," "anticipate" and
other similar expressions generally identify forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of their dates. These forward-looking statements are based
largely on the Company's current expectations and are subject to a number of
risks and uncertainties, including without limitation, changes in external
market factors, changes in the Company's business or growth strategy or an
inability to execute its strategy due to changes in its industry or the economy
generally, the emergence of new or growing competitors, various other
competitive factors and other risks and uncertainties indicated from time to
time in the Company's filings with the Securities and Exchange Commission.
Actual results could differ materially from the results referred to in the
forward-looking statements. In light of these risks and uncertainties, there can
be no assurance that the results referred to in the forward-looking statements
contained in this Form 10-Q will in fact occur.
Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to interest rate change market risk with respect to
its credit facility with a financial institution which is priced based on the
prime rate of interest. At September 30, 2000, $2,096,164 was outstanding under
the credit facility. Changes in the prime interest rate during fiscal 2000 will
have a positive or negative effect on the Company's interest expense. Such
exposure will increase accordingly should the Company maintain higher levels of
borrowing during 2000.
The Company has investments in marketable securities consisting principally of
its investments in Innodata Corporation and Edgar Online, Inc., both publicly
traded companies listed on Nasdaq. The market value of such securities is
dependent on future market conditions for these companies over which the Company
has little or no control.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings. Not Applicable
Item 2. Changes in Securities. Not Applicable
Item 3. Defaults upon Senior Securities. Not Applicable
Item 4. Submission of Matters to a Vote of Security Holders.
The following matters were voted on at the October 26, 2000 Annual Meeting
of Stockholders. The total shares voted were 49,255,508.
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For Against Abstain
---------- ------- -------
Election of Directors:
E. Bruce Fredrikson 48,940,823 314,685
Barry Hertz 48,889,927 365,581
Martin Kaye 48,946,273 309,235
Isaac Schlesinger 48,940,823 314,685
Jack Spiegelman 48,944,073 311,435
Stanley Stern 48,875,023 380,485
Appointment of Auditors: 48,987,726 146,542 121,24
</TABLE>
Item 5. Other Information. Not Applicable.
Item 6. (a) Exhibits.
Exhibit 27. Financial Data Schedule.
(b) Reports on Form 8-K. None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TRACK DATA CORPORATION
<TABLE>
<CAPTION>
<S> <C> <C>
Date: 11/13/00 /s/
-------- ----------------------------
Barry Hertz
Chairman of the Board
Chief Executive Officer
Date: 11/13/00 /s/
-------- ----------------------------
Martin Kaye
V.P. Finance,
Principal Financial Officer
</TABLE>
