Ashton Technology Reports First Quarter Financial Results.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--Aug. 11, 2000 The Ashton Technology 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 : ASTN ASTN Automatic Switched Transport Network (optical networks) ASTN Automatically Switched Transport Network (ITU-T) ASTN Automotive Satellite Television Network ASTN Astern ASTN Astronomic ) today announced that its net loss for its first fiscal quarter ended June 30, 2000 totaled $3,114,162 compared to a net loss of $2,773,038 in the same quarter of its prior fiscal year. The net loss applicable to common stock for the three months ended June 30, 2000 totaled $0.12 per share, compared to $0.13 per share in the three months ended June 30, 1999. Excluding Gomez Advisors, Inc., the net loss for the three months ended June 30, 1999 totaled $1,975,998 or $.09 per share. On December 31, 1999, Gomez Advisors completed a closing of its Series C Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. sale, which reduced Ashton's ownership percentage in Gomez Advisors to below 50%. As a result, Ashton began accounting for its investment in Gomez Advisors using the equity method of accounting, rather than consolidating the results of Gomez Advisors with those of Ashton. During the three months ended June 30, 2000, Ashton recorded a loss on trading activities of $364,615 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Ashton's trading account Trading Account 1. An account similar to a traditional bank account, holding cash and securities, and is administered by an investment dealer. 2. An account held at a financial institution and administered by an investment dealer that the account holder uses to employ a with a broker-dealer acquired by Ashton on July 25, 2000. The trading account with the broker-dealer is used by Ashton to provide contra-side liquidity on a neutral basis to Ashton's eVWAP(TM) (electronic volume-weighted average price volume-weighted average price The average price of a stock calculated by dividing the daily trading volume into the dollar value of daily transactions. ) trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . The loss on trading activities represents realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. and losses on trades, related broker commissions, and clearing charges. Ashton also recognized a $204,987 loss in affiliates representing Ashton's portion of the net loss of Kingsway ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant Asia, Ltd (KAA KAA Kick Ass Anime (fansubbing group) KAA Khor Abd Allah (Waterway in Southern Iraq) KAA Kenya Airport Authority KAA Korean American Alliance KAA Kayne Anderson Associates KAA Kdrive Acceleration Architecture ), one of Ashton's equity investments. This loss was primarily a result of unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on KAA's trading securities portfolio. Excluding the results of the trading activities, KAA and Gomez Advisors, the net loss for the three months ended June 30, 2000 totaled $2,544,560, or $.09 per share, compared to $1,975,998, or $.09 per share, for the same period of 1999. The increase in the net loss is principally due to an increase in staffing at Ashton and its subsidiaries, as Ashton has continued to invest in building the infrastructure of its technology and marketing groups as well as commencing development of its Electronic Market Center, Inc. subsidiary. The Ashton Technology Group is an evolving network of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. that develop and market technology-based products and services to enable businesses and consumers to execute better-informed transactions within global electronic marketplaces. Ashton utilizes advanced telecommunication, computing, data and information security, and Internet technologies, to develop electronic transaction and distribution systems and products for the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. The forgoing press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on current management expectations. A variety of important factors could cause results to differ materially from such statements. Factors that could cause actual results to differ from current expectations include the Company's ability to achieve expected future levels of revenue; dependence on proprietary technology; ability to successfully deploy eVWAP(TM); market risk from trading activities; technological changes and costs of technology; industry trends; and competition. These and other risks are described in greater detail in the Company's filings with the Securities and Exchange Commission including those on forms 10-K and 10-Q. (Financial tables follow)
THE ASHTON TECHNOLOGY GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA (Unaudited)
Three Months Ended June 30,
---------------------------
2000 1999
------------ ------------
Revenues $ 46,117 $ 794,101
Loss on trading
activities 364,615 --
Selling, general
and administrative
expenses 2,854,343 3,289,254
Interest income 399,481 87,930
Equity in loss of
affiliates 2,854,343 --
Net loss (3,114,162) (2,773,038)
Net loss applicable
to common stock $ (3,467,533) $ (2,882,575)
Net loss per common
share - basic and diluted $ (0.12) $ (0.13)
============ ============
Weighted average number of
common shares outstanding 28,172,767 22,141,287
============ ============
June 30, March 31,
2000 2000
------------ ------------
Cash and cash equivalents $ 12,562,525 $ 15,365,439
Securities available-for-sale 9,923,820 9,906,220
Total assets 27,800,814 31,023,911
Total liabilities 697,280 861,304
Minority interest 5,000,000 5,000,000
Total stockholders' equity 22,103,534 25,162,607
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