Ashton Technology Reports Second Quarter Financial Results.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Nov. 10, 2000 The Ashton Ash·ton , Sir Frederick 1904-1988. British choreographer whose ballets include The Dream (1964) and A Month in the Country (1976). Noun 1. Ashton - British choreographer (1906-1988) Sir Frederick 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 second fiscal quarter ended September 30, 2000 totaled $4,292,872 compared to a net loss of $4,695,074 in the same quarter of its prior fiscal year. The net loss applicable to common stock for the quarter ended September 30, 2000 totaled $.16 per share, compared to $.24 per share in the three months ended September 30, 1999. For the six months ended September 30, 2000, the net loss totaled $7,407,034 compared to a net loss of $7,468,111 for the six months ended September 30, 1999. The net loss per share applicable to common stock was $.28 and $.37 for the six months ended September 30, 2000 and 1999, respectively. During the three months ended September 30, 2000, Ashton recorded a loss on trading activities of $154,702 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant Trading LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a broker-dealer Broker-Dealer A person or firm in the business of buying and selling securities operating as both a broker and dealer depending on the transaction. Notes: Technically, a broker is only an agent who executes orders on behalf of clients, whereas a dealer acts as a principal acquired by Ashton in July 2000. ATG Trading is expected to provide contra-side liquidity on a neutral basis to Ashton's Intelligent Matching System(TM) (iMATCH(TM)) products, including the eVWAP(TM) (electronic volume weighted average price) 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. . Additionally, Ashton recorded a charge of $106,875 in the three months ended September 30, 2000 related to the issuance of 30,000 shares of its common stock in the acquisition of ATG Trading. Ashton also recognized a $432,852 loss in affiliates during the quarter, representing Ashton's portion of the net loss of Kingsway ATG 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 a decrease in the market value of KAA's trading securities portfolio. On December 31, 1999, Ashton's ownership percentage in its subsidiary, Gomez, Inc. (formerly Gomez Advisors, Inc.) was reduced below 50% as a result of the private placement 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. . As a result, Ashton began accounting for its investment in Gomez using the equity method of accounting, rather than consolidating the results of Gomez with those of Ashton. Excluding the results of ATG Trading, KAA and Gomez, Inc., the net loss for the three months ended September 30, 2000 totaled $3,705,318, or $.13 per share, compared to $2,662,642 or $.11 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. (eMC(TM)) subsidiary. Ashton Technology is an eCommerce company developing a 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. . Ashton companies build and market technology-based products and services enabling businesses and consumers to execute better-informed transactions within global electronic marketplaces. Ashton creates electronic transaction and distribution systems 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 utilizing advanced telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , computing computing - computer , data and information security, and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technologies. The forgoing for·go also fore·go tr.v. for·went , for·gone , for·go·ing, for·goes To abstain from; relinquish: unwilling to forgo dessert. 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); 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 Six Months Ended
September 30, September 30,
2000 1999 2000 1999
------------------ -----------------
Revenues $37,778 $1,057,508 $83,895 $1,879,547
---------- ---------- ---------- ----------
Expenses:
Costs of revenues -- 71,442 -- 130,630
Development costs -- 47,915 -- 95,592
Depreciation and
amortization 156,264 275,416 274,930 413,084
Non-cash
compensation
charges 10,027 135,989 20,054 285,208
Loss on trading
activities 154,702 -- 519,317 --
Selling, general
and
administrative 3,837,429 5,070,154 6,691,772 8,359,408
---------- ---------- ---------- ----------
Total costs and
expenses 4,158,422 5,600,916 7,506,073 9,283,922
---------- ---------- ---------- ----------
Loss from
operations (4,120,644) (4,543,408) (7,422,178) (7,404,375)
---------- ---------- ---------- ----------
Interest income 368,362 264,966 767,843 352,896
Interest expense (863) -- (7,985) --
Other Expense (106,875) (416,632) (106,875) (416,632)
Equity and loss
of affiliates (432,852) -- (637,839) --
---------- ---------- ---------- ----------
Net Loss (4,292,872) (4,695,074) (7,407,034) (7,468,111)
---------- ---------- ---------- ----------
Net loss
applicable to
common stock $(4,614,400) $(5,727,261) $(8,081,933) $(8,500,298)
========== ========== ========== ==========
Net loss per
common share $(0.16) $(0.24) $(0.28) $(0.37)
========== ========== ========== ==========
Weighted average
number of
common shares
outstanding 28,642,880 24,420,929 28,405,330 23,276,653
========== ========== ========== ==========
Sept. 30 2000 Mar. 31 2000
(Unaudited) (Audited)
--------------------------------
Cash and cash equivalents $ 8,099,374 $ 15,365,439
Securities available-for-sale 9,954,400 9,906,220
Total assets 24,272,169 31,023,911
Total Liabilities 1,313,658 861,304
Minority interest 5,000,000 5,000,000
Total stockholders' equity 17,958,511 25,162,607
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