Track Data (Track Data) Operating Income : $1.70 Mil (TTM As of Sep. 2009)

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What is Track Data Operating Income?

Track Data's Operating Income for the three months ended in Sep. 2009 was $0.80 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2009 was $1.70 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Track Data's Operating Income for the three months ended in Sep. 2009 was $0.80 Mil. Track Data's Revenue for the three months ended in Sep. 2009 was $10.21 Mil. Therefore, Track Data's Operating Margin % for the quarter that ended in Sep. 2009 was 7.87%.

Track Data's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Track Data's annualized ROC % for the quarter that ended in Sep. 2009 was 5.24%. Track Data's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2009 was 24.73%.

Track Data Operating Income Historical Data

The historical data trend for Track Data's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Track Data Operating Income Chart

Track Data Annual Data

Trend

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Operating Income

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1.72

-2.29

-0.30

-2.34

1.55

Track Data Quarterly Data
	Dec04	Mar05	Jun05	Sep05	Dec05	Mar06	Jun06	Sep06	Dec06	Mar07	Jun07	Sep07	Dec07	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09
Operating Income	Get a 7-Day Free Trial															0.71	0.13	-0.02	0.79	0.80

Track Data Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2009 adds up the quarterly data reported by the company within the most recent 12 months, which was $1.70 Mil.

Track Data (OTCPK:TRAC) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Track Data's annualized ROC % for the quarter that ended in Sep. 2009 is calculated as:

	ROC % (Q: Sep. 2009 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2009 )	+	Invested Capital (Q: Sep. 2009 ))	/ count )
=	3.212 * ( 1 - 40.02% )	/	( (34.922	+	38.629)	/ 2 )
=	1.9265576	/	36.7755
=	5.24 %

where

	Invested Capital		(Q: Jun. 2009 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	47.669	-	4.826	-	( 7.921	-	max(0, 20.854	-	29.419	+	7.921	))
=	34.922

	Invested Capital		(Q: Sep. 2009 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	52.052	-	4.913	-	( 8.51	-	max(0, 23.438	-	36.168	+	8.51	))
=	38.629

Note: The Operating Income data used here is four times the quarterly (Sep. 2009) data.

2. Joel Greenblatt's definition of Return on Capital:

Track Data's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2009 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2009 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2009		Q: Sep. 2009
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3.388	/	( ( (15.139 + max(-16.137, 0))	+	(12.257 + max(-21.35, 0)) )	/	2 )
=	3.388	/	( ( 15.139	+	12.257 )	/	2 )
=	3.388	/	13.698
=	24.73 %

where Working Capital is:

	Working Capital		(Q: Jun. 2009 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.917	+	0	+	0)	-	(4.826	+	0.687	+	11.541)
=	-16.137

	Working Capital		(Q: Sep. 2009 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.763	+	0	+	0)	-	(4.913	+	0	+	17.2)
=	-21.35

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2009) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Track Data's Operating Margin % for the quarter that ended in Sep. 2009 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2009 )	/	Revenue (Q: Sep. 2009 )
	=	0.803	/	10.209
	=	7.87 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Track Data Operating Income Related Terms

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Track Data (Track Data) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Track Data Corp (OTCPK:TRAC) » Definitions » Operating Income

Traded in Other Exchanges

N/A

Address

95 Rockwell Place, Brooklyn, NY, USA, 11217

Website

http://www.trackdata.com

Track Data Corp is a financial services company. It provides real-time financial market data, fundamental research, charting and analytical services to institutional and individual investors through telecommunication lines and the Internet.

Executives

E Bruce Fredrikson	director	95 ROCKWELL PLACE, NEW YORK NY 11217
Abraham Biderman	director	C/O LIPPER & CO, 101 PARK AVE 6TH FLOOR, NEW YORK NY 10179
Charles Zabatta	director	C/O GUSRAE KAPLAN NUSBAUM PLLC, 120 WALL STREET, NEW YORK NY 10005
Stanley Stern	director, officer: Senior Vice President	C/O THCG, INC, 650 MADISON AVENUE, 21ST FL, NEW YORK NY 10022

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