VantagePoint : Market Technologies, LLC Announces Record Breaking 3rd Quarter Revenue
Company News and Press Releases
Market Technologies Announces Record Breaking 3rd Quarter Revenue
Wesley Chapel, FL, October 18, 2002 — Louis B. Mendelsohn, President and Chief Executive Officer, today reported that Market Technologies, a privately-held trading software firm, achieved record third quarter revenue for the period ended September 30, 2002.
This is the third consecutive quarter in 2002 in which the Company has achieved record revenue. Third quarter revenue represented a 29% increase over the second quarter’s previous record setting amount. On a year-over-year basis, the results were even more impressive with 3Q 2002 revenue 120% higher than the same quarter last year, while revenue for the first nine months of 2002 was 107% higher than for the same period in year 2001.
Mr. Mendelsohn attributes the record revenue mainly to two related factors. First, an increasing number of traders now recognize the limitations of various single-market approaches to technical analysis which have proven unsuccessful in recent years. Secondly, more traders are now searching for innovative approaches such as intermarket analysis, which can offer a competitive edge in today’s volatile, global financial markets.
“We have continued to be extremely pleased with the outstanding revenue growth in 2002 and particularly with the third quarter results, in light of the overall weakness in the domestic economic climate during the period as well as the uncertainty prevalent in the markets themselves,” said Michael Mathews, Chief Operating Officer. He reaffirmed guidance that the firm would continue to break annual revenue records as more traders adopt intermarket analysis in their trading, and as the firm continues to refine and expand its intermarket analysis and predictive models to the financial markets. Projections for 4Q 2002 indicate that 2002 annual revenue will substantially outpace that of 2001, which had itself broken previous annual revenue records.
Market Technologies is a world leader in technical analysis software. Headquartered in Tampa Bay since it was founded in 1979 by Mr. Mendelsohn, with clients in more than forty 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. The company’s software trading program, VantagePoint, which pioneered intermarket analysis through the use of neural networks when it was first introduced eleven years ago, has demonstrated its highly accurate trend forecasting capabilities utilizing pattern recognition to implement intermarket analysis.