(July 31 – 16:45 ET) -Versus Technologies Inc. is reporting continued strong revenue growth for the third quarter ended June 30. The provider of electronic tradings says revenues were $13 million for the third quarter of 2000, an increase of 86% from $7 million for the same period a year ago
Versus says revenue growth was strong in both its retail and institutional businesses as a result of increasing acceptance of its electronic trading service offerings and a continuing active securities market.
“This was a historical quarter. Not only was this an extremely active period,” said Doug Steiner, chairman and CEO. “But we also established significant strategic alliances and launched new products in our retail and institutional divisions. We see the E*TRADE Group, Inc. agreement to acquire VERSUS Technologies as the culmination of this success. We are now looking forward to the opportunity to work so closely with a company that shares our commitment to retail and institutional investors globally through the use of leading edge technology.”
VERSUS continues to invest in the development of technology focused on the electronic securities marketplace, as well as in aggressively marketing the E*TRADE Canada brand to drive rapid account growth. As a result of this investment, the it says it incurred a net loss of $2.9 million, 24¢ a share in the third quarter . This compares to a net loss of $1.6 million or 14¢ a share for the third quarter of fiscal 1999.
-IE Staff