LAKE SUCCESS, N.Y. - (03/17/06) DealerTrack Holdings, theprovider of online vehicle financing services, said net income forthe fourth quarter of 2005 declined to just $700,000, or two centsa share, from $6.3 million in the fourth quarter of 2004. Thecompany, which went public in the fourth quarter, attributed mostof the decline in earnings to a reversal of a deferred taxvaluation allowance of $4.7 million. Otherwise, revenues grew astrong 75% for the quarter to $33.4 million. Fourth quarter resultsincluded expenses of $600,000 related to the companysinitial public offering and the repayment of debit; $500,000 ofdeferred tax expense resulting from a change in the effective taxrate; and $400,000 in discretionary bonuses. For the year,DealerTrack reported a 70% surge in revenues to $120.2 million, buta 60% drop off in earnings to $4.5 million, or 12 cents a share,due to the $4 million tax charge.
-
While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
5h ago -
The Missouri bank surveyed consumers about what kind of financial management tools they use, then built its My Finance360 tool in response.
6h ago -
GodFather malware mimics and manipulates real financial apps on Android devices, exposing sensitive data without user suspicion.
8h ago -
As banks consider their strategies, other big names are also considering a role for digital assets.
9h ago -
The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
10h ago -
Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.
11h ago