JERSEY CITY, N.J., April 21 /PRNewswire/ -- Knight/Trimark Group, Inc. today reported record results for the first quarter ended March 31, 1999. Knight/Trimark Group is the leading market maker in both Nasdaq securities and the over-the-counter market for New York Stock Exchange- and American Stock Exchange-listed securities.

First Quarter 1999 vs. First Quarter 1998
-- 188% growth in revenues -- 147% growth in trades executed
-- 344% growth in net income (A) -- 115% growth in shares traded

First Quarter 1999 vs. Fourth Quarter 1998
-- 53% growth in revenues -- 35% growth in trades executed
-- 113% growth in net income -- 33% growth in shares traded

                              	First Quarter   	Fourth Quarter  	First Quarter
                             	1999                    1998                    1998

    Revenues ($)                182,664,136     	119,278,424    	63,532,217
    Net income (A)($)           37,406,875 		17,536,859	8,426,713
    Diluted EPS ($)             0.67           	 	0.33          	0.20
    Trades executed             18,691,368      	13,796,127     	7,571,665
    Average daily trades        306,416         	215,564       	124,126
    Shares traded            	15,943,152,289  	12,017,814,616 	7,406,163,856

Revenues for the first quarter of 1999 rose 188% to $182.7 million, compared to $63.5 million for the first quarter of 1998. Net income(A) for the first quarter of 1999 totaled $37.4 million, or $0.67 per share on a diluted basis, a 344% increase from $8.4 million, or $0.20 per share on a diluted basis for the same period a year ago. Return on equity for the first quarter of 1999, stated on an annualized basis, was 64%.

In addition to the improvements in year-over-year results, the Company also achieved sequential quarterly gains as revenues and net income for the first quarter of 1999 rose 53% and 113%, respectively, over the fourth quarter of 1998. The Company also achieved pre-tax margins of 35% in the first quarter of 1999, up from 25% in the fourth quarter of 1998.

''We are very proud of our results during this quarter. As the largest execution destination for all equity transactions originated over the Internet, we feel that Knight/Trimark is uniquely positioned to continue to benefit from the unprecedented growth in online trading,'' said Kenneth D. Pasternak, the Company's President and CEO. ''Achieving pre-tax margins of over 35% in the first quarter is testament to the success of our business model and the operating leverage we can achieve with our record-breaking volumes.''

Knight/Trimark Group executed over 306,000 trades per day on average during the first quarter of 1999, a 42% increase from the fourth quarter of 1998. Additionally, the Company executed 520,000 trades on April 19, 1999, a Company record.

First quarter revenues from the Company's institutional business grew 39% from the fourth quarter, and represented 17% of the Company's first quarter trading revenues. Additionally, the Company announced on April 14th that its new London-based subsidiary, Knight Securities International, Ltd., received regulatory approval from the Securities and Futures Authority in the United Kingdom. Commencing operations in May 1999, Knight Securities International will initially operate as an institutional sales office, arranging transactions in U.S. equity securities between European institutional customers and Knight Securities.

The Company also announced that its Board of Directors approved a two-for- one stock split of the Company's Class A and Class B Common Stock. Shareholders of record as of the close of business on April 30, 1999 will receive, in the form of a stock dividend, one additional share for each share held by them. On or about May 14, 1999, the transfer agent will distribute the additional shares. Upon completion of the split, the Company will have 110,899,204 shares of common stock outstanding.

''We are pleased with the recent performance of our stock and feel that this illustrates the investing public's better understanding of Knight/Trimark's business model. This stock split reflects the Company's continued confidence in the success of our business strategy and our commitment to making Knight/Trimark's stock broadly accessible to individuals as well as institutional investors while maintaining a strong stock price,'' said Mr. Pasternak.

In April, the Company announced the rollout of its proprietary eKNIGHT(TM) Web product, a sophisticated Internet-based electronic order entry and order management product. This secure proprietary Internet product will provide Knight/Trimark's customers (broker-dealers and institutions) with electronic access to its trading systems, enabling them to initiate and monitor securities transactions from their desktops.

The AutEx Group (''AutEx'')(B) ranked Knight Securities, Inc. (''Knight''), the OTC market-making subsidiary of Knight/Trimark Group, as the largest market-maker in Nasdaq/OTC securities for March 1999 with 3.6 billion shares traded, which represented a 15.04% total market share. This represents a 52% increase in market share from March 1998 when Knight traded 1.9 billion shares, representing a 9.91% total market share, as reported by AutEx. Additionally, in March 1999, AutEx ranked Knight/Trimark Group number two in listed securities volume with 1.3 billion shares traded representing a 6.88% total market share.

Knight/Trimark Group is the leading market maker in both Nasdaq securities and the over-the-counter market for New York Stock Exchange (NYSE)- and American Stock Exchange (AMEX)-listed equity securities -- the Third Market. Knight/Trimark is the parent company of Knight Securities and Trimark Securities. Knight Securities trades in approximately 7,000 equity securities listed on Nasdaq and on the OTC Bulletin Board (OTCBB) of the National Association of Securities Dealers (NASD). Trimark Securities trades NYSE- and AMEX-listed equity securities over the counter. Knight/Trimark Group is ''Dedicated to Execution Solutions(TM).''

Copies of this earnings release and other information on the Company can be obtained via the Internet at www.knight-sec.com or toll-free on the Company's investor information line at 1-877-INFO-NITE.

The matters described herein contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control which could cause actual results to differ materially from historical results, performance or other expectations and from any opinions or statements expressed with respect to future periods. These factors include, but are not limited to, the Company's ability to implement its growth strategies, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, intellectual property rights, and other factors detailed in the Company's registration statement and periodic reports filed with the Securities & Exchange Commission.

    (A) 	Net Income for the quarter ended March 31, 1998 was adjusted to
        	reflect pro forma income taxes for the full period related to the
        	Company's reorganization from a limited liability company to a C
        	corporation in connection with the Company's initial public offering
        	on July 8, 1998.

    (B) 	The AutEx Group is a widely-recognized industry reporting services
        	that provides daily statistics on trading activity and broker-dealer
        	market-share, as reported by broker-dealers.


                            	 KNIGHT/TRIMARK GROUP, INC.
                              Consolidated Statements of Income
                                        (Unaudited)

                                              	Three Months 		Ended March 31,
                                                1999                    1998

    Revenues
    Net trading revenue                      	$178,550,421     	$62,967,499
    Commissions and fees                        2,527,182          	39,067
    Interest, net                               1,586,533         	525,651
      Total revenues                          	182,664,136      	63,532,217

    Expenses

    Employee compensation and benefits   	57,292,284      	16,168,160
    Payments for order flow                    	32,427,827      	16,256,518
    Execution and clearance fees               	17,957,167      	10,240,677
    Communications and data processing     	3,939,054       	2,169,675
    Depreciation and amortization               1,951,291       	1,291,164
    Occupancy and equipment rentals      	1,823,889       	1,081,542
    Professional fees                           1,058,827         	262,746
    Business development                          660,487         	376,850
    Interest on Preferred Units                      --         	416,486
    Other                                        828,881         	484,692
     Total expenses                           	117,939,707      	48,748,510

    Net income before taxes                    	64,724,429      	14,783,707
    Income tax expense                         	27,317,554                 --

    Net income                                	$37,406,875     	$14,783,707
    Basic earnings per share                        $0.70
    Diluted earnings per share                      $0.67

    Pro forma adjustment:*
    Net income before taxes                   	$14,783,707
      Pro forma income tax expense              6,356,994
      Pro forma net income                      $8,426,713

    Pro forma basic and diluted                 $0.20
    earnings per share
    Shares used in the computation of
     basic earnings per share **              	53,801,736
    Shares used in the computation of
     diluted earnings per share **             	55,786,025
    Pro forma shares outstanding for basic 
    and diluted earnings per share***           42,801,636

    *   Before its reorganization to a C Corporation on July 13, 1998, the
        Company, as a limited liability company, was not subject to income
        taxes.Pro forma income tax expense was computed based on an effective
        tax rate of 43% for the entire quarter ended March 31, 1998.
    **  The shares used to calculate basic earnings per share for the quarter
        ended March 31, 1999 reflect the weighted average shares outstanding
        during the period.The shares used to calculate diluted earnings per
        share include the effect of dilutive stock options.
    *** Pro forma shares outstanding for the quarter ended March 31, 1998
        have been determined as if the Company's reorganization to a C
        Corporation occurred as of January 1, 1998, but do not include shares
        issued in connection with the Company's initial public offering on
        July 13, 1998.

                            	     KNIGHT/TRIMARK GROUP, INC.
                         Consolidated Statements of Financial Condition
                                           (Unaudited)

                                              	March 31,       	December 31,
                                             	1999                    1998

    ASSETS
    Cash and cash equivalents               	$251,228,271     	$117,381,556
    Securities owned, at market value         	97,403,167      	100,476,151
    Receivable from clearing brokers          	83,981,104      	107,503,274
    Fixed assets and leasehold
     improvements at cost, less
     accumulated depreciation                 	11,684,273       	12,014,991
    Goodwill, less accumulated amortization 	16,924,297       	16,036,859
    Other assets                              	10,258,811        	5,447,544

    Total assets                            	 471,479,923     	$358,860,375

    LIABILITIES & STOCKHOLDERS' EQUITY
    Liabilities
     Securities sold, not yet purchased,
     at market value                   		$72,220,537     	$108,909,217
     Short-term borrowings                           --       		10,000,000
     Accrued compensation expense             	28,626,766       	16,529,004
     Accrued execution and clearance fees    	7,431,620        	6,898,095
     Accrued payments for order flow          	10,526,616        	8,672,668
     Accounts payable, accrued
      expenses and other liabilities           	5,767,423        	5,445,112
     Income taxes payable                     	28,257,193        	2,285,620
        Total liabilities                    	152,830,155      	158,739,716

    Stockholders' equity
      Class A Common Shares                      528,569          	490,622
      Class B Common Shares                      25,927           	39,427
      Additional paid-in capital             	250,877,716      	169,779,929
      Retained earnings                       	67,217,556       	29,810,681
        Total stockholders' equity           	318,649,768      	200,120,659

    Total liabilities and
     stockholders' equity                   	$471,479,923     	$358,860,375