Wesley Chapel, FL, November 12, 2001 -- Louis B. Mendelsohn, President and Chief Executive Officer, today reported that Market Technologies, a privately-held trading software firm, achieved record revenue for the third quarter ended September 30, 2001.
This is the third consecutive quarter in which the Company has achieved record revenue, representing a 17% increase over the second quarter’s previous record setting amount. On a year-over-year basis, the results were even more striking with 3Q 2001 revenue 123% higher than the same quarter last year. Mr. Mendelsohn indicated that revenue increased significantly throughout the third quarter, with September, 2001 revenue representing the highest monthly revenue in the twenty-two year history of the firm. September, 2001 revenue was 165% higher than that of September, 2000, while revenue for the first nine months of 2001 was 83% higher than for the same period one year ago.
According to Mr. Mendelsohn, this is attributed to the fact that increasing numbers of traders, recognizing how critical the intermarket analysis approach is to successful trading in today’s global trading environment, are seeking tools that effectively apply this approach. The company’s software trading program, VantagePoint, has achieved a substantial degree of predictive accuracy at forecasting various financial markets utilizing intermarket analysis, and provides traders with an easy-to-use and flexible tool that allows them to incorporate this approach into their trading.
"We were extremely pleased with the outstanding third quarter results, particularly in light of the overall weakness in the domestic economic climate during the quarter," said Michael Mathews, Chief Operating Officer. He expressed confidence that the firm would continue to break quarterly and annual revenue records as more and more traders embrace the intermarket analysis approach, and the firm continues to refine and expand its intermarket analysis and predictive models. Company projections for the remainder of 2001 indicate that 2001 annual revenue will nearly double that of 2000, which had itself broken previous annual revenue records.
Market Technologies is a world pioneer in technical analysis software. Headquartered in Tampa Bay since it was founded in 1979 by Mr. Mendelsohn, with customers in more than thirty countries worldwide, Market Technologies develops proprietary trend forecasting and market timing technologies that utilize intermarket analysis to predict various financial markets, including interest rates, stock indices, currencies, and the energy complex.