Market Technologies Record 2002 2nd Quarter Revenue
Company News and Press Releases
Market Technologies Announces Record 2nd Quarter Revenue
Wesley Chapel, FL, July 26, 2002 — Louis B. Mendelsohn, President and Chief Executive Officer, today reported that Market Technologies, a privately-held financial trading software firm, achieved record revenue for the second quarter ended June 30, 2002.
Mr. Mendelsohn indicated that “on a year-over-year basis 2Q 2002 revenue was more than double the same quarter revenue in the prior year. Revenue increased throughout the second quarter on a month-to-month basis, with June 2002 revenue 13% higher than April 2002 revenue. Additionally, 2nd quarter 2002 revenue was 45% higher than 1st quarter 2002 revenue”.
According to Mr. Mendelsohn “the firm is on track to realize record-breaking annual revenue in 2002”, as it continues to refine the quantitative models, which utilize neural networks to find hidden patterns and intermarket relationships, that are the foundation of the firm’s flagship software product, VantagePoint Intermarket Analysis software.
Michael Mathews, Chief Operating Officer, added that “fiscal year, 2002 annual revenue is expected to increase by nearly 40% over the previously record breaking revenue of 2001”, based on 1st half 2002 results.
He reiterated that for the remainder of 2002 his attention will be directed at expanding the company’s organizational infrastructure including its information management systems to accommodate the increase in trading software customers throughout the world. Mr. Mathews emphasized that Market Technologies’ growth would be managed in a deliberate manner, so that the firm continues to maintain its position of prominence in the financial software industry by making available highly accurate market forecasting technologies to individual traders and to providing its existing software customers with the highest quality software and support services in the industry.
Market Technologies is a world pioneer in technical analysis software. Headquartered in Tampa Bay since it was founded in 1979 by Mr. Mendelsohn, with software customers in more than forty countries worldwide, Market Technologies develops proprietary trend forecasting and market timing technologies that utilize intermarket analysis to forecast various financial markets, including interest rates, stock indexes, currencies, and the energy complex.