JERSEY CITY, N.J., Oct. 11 /PRNewswire/ -- Knight/Trimark Group, Inc. (Nasdaq: NITE) announced today that it expects to report diluted earnings per share estimates in the range of $0.17 to $0.19 for the third quarter ended September 30, 1999. This earnings per share estimate is below analyst expectations. The company reported $0.13 earnings per share for the third quarter of 1998.

The company expects revenues for the third quarter this year to approximate $138 million, a 49 percent increase over revenues of $92.4 million for the same period in 1998. Trades executed during the third quarter of 1999 amounted to 20.4 million, a 95 percent increase over the number executed in the third quarter of 1998. In addition, the company traded approximately 17.8 billion shares in the third quarter of 1999, an 88 percent increase over the number of shares traded in the third quarter of 1998.

Final results for the third quarter 1999 will be announced before the opening of the market on October 13, 1999.

"The marketplace underwent a fundamental shift in the third quarter of 1999 compared to the first six months of the year. During the past quarter, there were decreased trading volumes and volatility as a result of lower retail volume and greater than expected seasonality in the marketplace," said Kenneth D. Pasternak, the Company's President and Chief Executive Officer. "This fundamental shift in the marketplace, coupled with changes made in our execution methodologies to provide enhanced price improvement to our customers, resulted in decreased volume and profitability metrics from the second quarter of 1999."

"Our revenues, number of trades executed, shares traded and pre-tax profits for the third quarter 1999 will demonstrate strong year-over-year gains. We remain committed to our business model and industry leading execution criteria -- providing our customers with immediacy, enhanced liquidity and price improvement. These core competencies will prove to be very successful in two new strategic business opportunities, the options and international equities markets. We are highly confident that Knight will continue to experience year-over-year increases in volumes and earnings in excess of 30 percent as it diversifies its revenue stream and expands its market share."

Knight/Trimark, headquartered in Jersey City, N.J., is the parent company of Knight Securities and Trimark Securities. Knight Securities makes markets in over 7,100 equity securities listed on Nasdaq and on the OTC Bulletin Board (OTCBB) of the National Association of Securities Dealers (NASD). Trimark trades NYSE- and AMEX-listed equity securities over the counter -- the Third Market. As the number one destination for on-line trade executions, Knight/Trimark is the processing power behind the explosive growth in securities trading via the Internet. The four-year-old company employs more than 580 people worldwide with offices in Jersey City, N.J.; Jericho and Purchase, N.Y.; Chicago, Ill.; Boston, Mass.; and London, England.

Copies of this press release and other information on Knight/Trimark can be obtained via the Internet at http://www.knight-sec.com or toll-free on the Company's investor information line at 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.

SOURCE Knight/Trimark Group, Inc.