A.B. Watley Group Inc. Reports Record Fiscal Year End Revenue of $20,987,613 and a 292% Increase in Trade Volume.NEW YORK--(BUSINESS WIRE)--Nov. 9, 1999-- President of parent of online brokerage firm to host conference call on Tuesday Tuesday: see week. , November November: see month. 9th at 5:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy , on Vcall (www.vcall.com) A.B. Watley Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABWG) a premier provider of Online and Institutional trading services through its brokerage firm A.B. Watley, Inc. (www.abwatley.com) today announced total revenues of $20,987,613 for the fiscal year, which ended September September: see month. 30, 1999. This is an increase of 130% from $9,119,268 during the previous fiscal year, which ended September 30, 1998. Loss before an extraordinary item was $624,477, equivalent to $0.09 per share. Net loss was $801, 602, or $0.11 per share, as compared to last year's net loss of $632,410, equivalent to $0.12 loss per share. The trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. of A.B. Watley Group Inc.'s online brokerage subsidiary, A.B. Watley, Inc. has increased dramatically. For fiscal 1999, A.B. Watley, Inc. had total transactions of 664,595 an increase of 292% from 169,405 transactions in fiscal 1998. "This has been a fantastic year for A.B. Watley. With the implementation of our new free Level II service we have experienced record trade volumes in October the New Year." said Steven Malin, Chairman and . We believe that A.B. Watley is in a position ources, marketing, overseas expansion and its technological infrastructure. Most notably, the company has increased its personnel to 123 persons at fiscal year end as cork cork, in botany cork, protective, waterproof outer covering of the stems and roots of woody plants. Cork is a specialized secondary tissue produced by the cork cambium of the plant (see meristem, bark). Life. As part of the Company's investmetelephony integration and sales force automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. . The Company also significantly increased its sales and marketing expenditures in the fourth quarter. "The investments wemarket presence and brand recognition both withh fiscal quarter increased by 101% and is expected to grow further during the next fiscal year to include incinvestments, A.B. Watley's CFO See Chief Financial Officer. Joseph Ramos states, "We wisely invested in building an infrastructure that would allow us to support not only our record increase in trading volume of 292%, but will support what we anticipate to be record 1st, 1999 - Launches new website, www.abwatley.com. - March 1st, 1999 - Relocates to 40 Wall Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY. - April 20th, 1999 - Completes Initial Public Offering. - May 25th, 1999 - Posts Second Quarter Net Income and Recc., capitalizing on brand name recognition. - f $6,551,126 for the fourth quarter of fiscal 1th 1999. ABOUT A.B. WATLEY GROUP INC. UltimateTrader(R) and WatleyTrader(TM), that provide realtime data feed and instantaneous in·stan·ta·ne·ous adj. 1. Occurring or completed without perceptible delay: Relief was instantaneous. 2. execution for the most active segment of the online trading community An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. . The A.B. Watley, Inc. Institutional Sales and Trading Division specializes in Company completed its initial public offering of 2,300,000 shares of common stock on April 20, 1999. Its recent third quarter earnings reported a revenue growth of 148% vate Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995). Any number of conditions may occur which would materially affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, customeith strategic partnerships, various project-assolisted from time to time in the A.B. Watley Group Inc.'s filings and reports with the Securities and Exchang Year ended September 30 $ 4,017,787 Data service revenues 1,640095 Interest income - related party 6,180 6,380 6,000 ------------------------------------------- Total revenues 20,987,613 9,119,268 4,532,532 Interest expense 333,457 244,322 197,359 Interest expense - related party 15,000 15,000 15,000 ------------------------------------------- Net revenues 20,639,156 8,859,946 4,320,173 ------------------------------------------- Expenses: Commissions, floor brokerage, and clearing charges 7,967,765 3,425,725 1,844,927 Employee compensation and related costs 5,306,590 2,247,963 1,297,575 Communications 1,236,449 757,391 337,584 Business development 2,016,372 980,651 441,424 Professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. 1,532,994 971,494 894,920 Occupancy and equipment costs 1,907,080 444,169 149,580 Depreciation and amortization 621,188 363,207 198,980 Other expenses 661,171 288,991 212,380 ------------------------------------------- Total expenses 21,249,609 9,479,591 5,377,370 ------------------------------------------- Loss before income tax and extraordinary loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt (610,453) (619,645) (1,057,197) Income tax provision 14,024 12,765 2,776 ------------------------------------------- Loss before extraordinary loss on early extinguishmen tof debt (624,477) (632,410) (1,059,973) Extraordinary loss on early extinguishment of debt 177,125 ------------------------------------------- Net Loss $ (801,602) $ (632,410) $ (1,059,973) =========================================== Basic earnings before extraordinary item per common share (0.09) - - Basic earnings per common share (0.11) (0.12) (0.30) Weighted average shares outstanding - basic 7,136,434 5,171,182 3,508,560 |
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