Rushmore Financial Group, Inc. Announces Estimated 4th Quarter and Year-End 2001 Results.Business EditorsDALLAS--(BUSINESS WIRE)--Feb. 14, 2002 Increased Revenues, Improved Operating Results, RushTrade(TM) Technology and Products Developed Rushmore Financial Group, Inc. (Nasdaq:RFGI) today reported its unaudited operating results for the three and twelve months ending December 31, 2001. Rushmore Financial Group made steady improvement in 2001 operating results quarter to quarter with reductions in operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. from $800,000 in the first quarter, to $534,000 in the second quarter, to $563,000 in the third quarter to an operating loss of approximately $200,000 in the fourth quarter. The improvements have come from aggressive cost reduction programs initiated in the second and third quarters, with the planned reduction in software and technology development costs as RushTrade neared various stages of completion. For the three months ending December 31, 2001 revenue increased to $1.7 million, more than a 100% increase over the same period last year. The Company incurred a net loss of approximately $200,000 versus a loss of $557,000 in the prior-year period. For the twelve months ending December 31, 2001 revenue increased to $7.7 million up from $4.3 million for the prior-year period. The Company incurred a net loss of approximately $5,130,000 in 2001, including a one-time loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $2,990,000. The loss for 2000 was $1.1 million, including a one-time gain of $770,000 on the sale of software. Excluding these one-time items, the loss for 2001 was $2.1 million versus a loss of $1.9 million in 2000. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. with the overall increase in sales and development of our new product during 2001. The year was a tough one in our country and in our industry. The Company's liquidity position declined as a result of the net losses, and we believe our reduction in General & Administrative expenses and the results of on-going equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. transactions will provide the liquidity we need going into 2002," stated D. M. (Rusty) Moore, Jr., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Rushmore Financial Group, Inc. RushTrade recently announced the release of RushTrade Direct Pro designed for active traders with the need for sophisticated decision support tools. The system features a fast, reliable order entry system utilizing RushTrade's Direct Access Routing Technology, DART(TM), its proprietary intelligent execution engine. The platform also includes multiple order entry tools, sophisticated basket trading capabilities, conditional orders, parametric alerts, and stock market screening tools. The RushTrade system was built with a focus on high reliability, scalability and security performance by utilizing leading technology providers such as MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade Windows 2000 Server and SQL Server An earlier relational DBMS from Sybase and from Microsoft. Sybase introduced SQL Server in 1988 for various Unix versions. In that same year, with help from IBM, Sybase created an OS/2 version that Microsoft licensed and branded as Microsoft SQL Server. (TM) 2000 by Microsoft Corp. "RushTrade believes that it is positioned to become a low cost provider of real-time Level II quotes, news and data delivery with a customer commission cost structure that compares very favorably to our competitors. With the introduction of RushTrade Direct Pro and its favorable fit into the marketplace, Rushmore Financial Group expects to see an increase in revenue during the coming months. That, along with controlling operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , should result in increased income. This is what we have been preparing the company for over the past two years. We have made the investment necessary to deliver a superior competitive product and I believe now we are positioned to reap the rewards, " stated D. M. (Rusty) Moore, Jr., CEO of Rushmore Financial Group, Inc. About RushTrade.com RushTrade.com, a division of Rushmore Securities Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Rushmore Financial Group, Inc., is a Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. based online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. system providing advanced direct access trading Direct access trading is a technology which allows stock traders to trade directly with market makers or specialists, rather than trading through stock brokers.[1] technologies to active online investors. Both RushTrade Direct, a Web-browser based product, and RushTrade Direct Pro, a downloaded trading software package, provide real-time quotes; fast, reliable access to multiple market makers; a 30-second trade execution guarantee, and advanced decision support tools. For more information, please visit www.rushtrade.com. About Rushmore Financial Group, Inc. Rushmore Financial Group, Inc., (Nasdaq:RFGI) a Dallas-based 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. holding company, provides, through its subsidiaries, a wide range of investment and insurance services and products to its clients via the Internet and through a national distribution network of securities representatives and insurance agents. Its investment services business consists of online brokerage, retail securities brokerage services, mutual fund distribution, variable life insurance and annuity sales, fee-based advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , and other financial services. For more information, please visit www.rushgroup.com. This press release includes statements that may constitute "forward-looking" statements, usually containing the word "believe", "estimate", "project", "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's product and services in the marketplace, competitive factors, changes in regulatory environments, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. SOURCE: Note: Microsoft is a registered trademark of Microsoft Corp. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or other countries. RushTrade Direct Pro will be featured in booths 520 and 521 at the Online Trading Expo at the Marriott Marquis Hotel on February 17-19, 2002. |
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