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                                                                      Exhibit 99



                       SECURITIES AND EXCHANGE COMMISSION


                             WASHINGTON, D.C. 20549



                                   FORM 11- K



                   Annual Report Pursuant to Section 15(d) of
                       THE SECURITIES EXCHANGE ACT OF 1934



                   For the fiscal year ended December 31, 1999




                  COMPUTRAC, INC. EMPLOYEE STOCK PURCHASE PLAN
                1991 COMPUTRAC, INC. EMPLOYEE STOCK PURCHASE PLAN

                            (Full title of the plan)



                                 COMPUTRAC, INC.

          (Name of issuer of the securities held pursuant to the plans)



          COMPUTRAC, INC. 222 MUNICIPAL DRIVE, RICHARDSON, TEXAS 75080

                     (Address of principal executive office)


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Item 1.   Changes in the Plans

          There were no material changes in the provisions of the plans during
          the year ended December 31, 1999.

Item 2.   Changes in Investment Policies

          There were no changes in the investment policies of the plans during
          the year ended December 31, 1999.

Item 3.   Contributions under the Plan

          The Company's contributions are not discretionary and are a specified
          percentage of the employe's contributions.

Item 4.   Participating Employees

          There were 9 participating employees as of December 31, 1999.

Item 5.   Administration of Plans

          (a)  The plans are administered by a committee designated by the board
               of Directors and composed of the following members:


<TABLE>
<CAPTION>
Name and Address                    Position                  Position with Issuer
----------------                    --------                  --------------------
<S>                                 <C>                       <C>
Harry W. Margolis                   Member                    Chairman of the Board
222 Municipal Drive                                           and Director
Richardson, TX 75080

Shawn Anderson                      Member                    Controller
222 Municipal Drive
Richardson, TX 75080
</TABLE>

          (b)  No member of the committee received any compensation from the
               plans during the year ended December 31, 1999.


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Item 6.   Custodian of Investments


          (a)  Alliance Trust Company is the custodian of investments. The
               address of Alliance is, 4835 LBJ Freeway, Suite 632, Dallas,
               Texas 75244.


          (b)  The plans paid no compensation to the custodian for service in
               any capacity for the year ended December 31, 1999.


Item 7.   Reports to Participating Employees

          During the year ended December 31, 1999, the plans provided
          participants with a quarterly statement of activity, as well as an
          annual report of the individual account activity.


Item 8.   Investment of Funds

          No substantial part of the assets of the plans are invested in
          securities other than the Registrant's.


Item 9.   Financial Statements and Exhibits

          (a)  Financial Statements:                                      Page


              Statements of Net Assets Available for Plan
                    Benefits- December 31, 1999 and 1998                  4
              Statement of Changes in Net assets Available
                    for Plan Benefits for the three years ended
                    December 31, 1999                                     5
              Notes to Financial Statements                               6

          (b)  Exhibits:

               None


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                                 COMPUTRAC, INC.

                          EMPLOYEE STOCK PURCHASE PLANS

               Statement of Net Assets Available for Plan Benefits
                                   (unaudited)

<TABLE>
<CAPTION>
                                                            December 31,
                                                         1999         1998
                                                        -------     -------
<S>                                                     <C>         <C>
Assets:

Cash                                                    $     7     $     8

Common stock of CompuTrac, Inc., 37,415 and 38,219
  shares in 1999 and 1998, respectively, at market,
  cost was $ 27,648 and $24,892, respectively            28,061      33,442
                                                        -------     -------

               Total assets                              28,068      33,450

Liabilities:                                                 --          --

                                                        -------     -------
               Total liabilities                             --          --

Net assets available for plan benefits                  $28,068     $33,450
                                                        =======     =======
</TABLE>


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<PAGE>   5


                                 COMPUTRAC, INC.

                          EMPLOYEE STOCK PURCHASE PLANS

         Statement of Changes in Net Assets Available for Plan Benefits
                                   (unaudited)

<TABLE>
<CAPTION>
                                                                    December 31,
                                                          1999          1998         1997
                                                        --------      --------     --------
<S>                                                     <C>           <C>          <C>
Net assets available for plan benefit, January 31       $ 33,450      $  6,765     $ 32,339

Additions:

     Employer cash contributions                          14,845        15,766       21,191

     Employee cash contributions                          44,581        47,346       63,635

     Other miscellaneous receipts                             88             8            1

     Unrealized appreciation (depreciation) of
        common stock of CompuTrac, Inc.                   (8,137)       10,390      (52,517)
                                                        --------      --------     --------

                  Total additions                         51,377        73,510       32,310
                                                        --------      --------     --------

Deductions:

     Distributions to participants                        56,668        46,823       57,873

     Other distributions                                      91             2           11
                                                        --------      --------     --------

                  Total deductions                        56,759        46,825       57,884
                                                        --------      --------     --------

Net assets available for plan benefits, December 31     $ 28,068      $ 33,450     $  6,765
                                                        ========      ========     ========
</TABLE>


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                          EMPLOYEE STOCK PURCHASE PLANS

                          NOTES TO FINANCIAL STATEMENT


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A) CompuTrac, Inc. (the "Company") established the Employee Stock Purchase
Plans to provide its employees with an employee benefit plan whereby its
employees can participate in the equity and growth of the Company.


(B) The investment in common stock of the Company is stated at market value
based upon the closing sales prices as transacted on the American Stock
Exchange. Such closing price was $.75 and $.875 per share at December 31, 1999
and 1998, respectively.


(C) The financial statements have been prepared on the accrual basis of
accounting.


NOTE 2 - THE PLAN:


     The Company's Board of Directors adopted the CompuTrac, Inc. Employee Stock
Purchase Plan in December 1985 and in May 1991, adopted the CompuTrac, Inc. 1991
Employee Stock Purchase Plan. The Company reserved 300,00 and 500,000 shares of
its Common Stock for purchase by its employees pursuant to the terms of the
plans, respectively. Under the plans, eligible participating employees of the
Company can purchase Common Stock from the Company through salary withholding.
The plans are not subject to the provisions of the Employee Retirement Income
Securities Act of 1974, nor are they intended to qualify for special tax under
Section 401 (a) of the Internal Revenue Code. The Company filed registration
Statement in January 1986, and May 1991 and August 1995 covering stock that can
be purchased under the plans.

     Each participating employee may elect to have an amount up to, but not in
excess of, 10% of his or her regular salary or wages withheld for the purpose of
purchasing the Company's Common Stock. On each monthly stock purchase date, the
Company contributes to each participating employee's account an amount equal to
33 1/3% of the aggregate contributions of such participant since the immediately
preceding stock purchase date, and funds then accumulated in the participant's
account, including the Company's contribution, are used to purchase authorized
but unissued shares of the Common Stock of the Company. Any funds remaining in
the participant's account after the purchase of the maximum number of the full
shares of Common Stock are retained in the participant's account and treated as
part of the accumulation for the next succeeding calendar month.

     The purchase price of the Common Stock purchased pursuant to the plans is
the lessor of the average of the closing sales prices during the preceding
calendar month for the average of the closing sales prices for the last five
trading days proceeding the stock purchase date. No fees, commissions, or other
charges are paid by, or otherwise charged to, the participants or their accounts
in connection with the purchase of Common Stock under the plans. All expenses of
administering the plans are paid by the Company.

     All Common Stock of the Company purchased by participating employees
pursuant to the plans may be voted by the employee or as directed by the
employee.


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     The Employee Stock Purchase Plans do not discriminate, in scope, terms, or
operation, in favor of officers or directors of the Company and are available,
subject to the eligibility rules of the plans, to all employees of the Company
on the same basis.

NOTE 3 - FEDERAL INCOME TAXES:

     The Employee Stock Purchase Plans are not subject to federal income taxes.
Under current federal income tax law, the difference between the fair market
value of the shares acquired under the plans, and the amount contributed by the
employee is treated as ordinary income to the employee for federal income tax
purposes. Accordingly, the Company withholds all applicable taxes from the
participating employee's salary. The fair market value of the shares is
determined as of the stock purchase date. The plans are not intended to qualify
for special tax treatment under Section 401(a) of the Internal Revenue Code.


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                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed by the undersigned,
thereunto duly authorized.

                  COMPUTRAC, INC. EMPLOYEE STOCK PURCHASE PLAN
                1991 COMPUTRAC, INC. EMPLOYEE STOCK PURCHASE PLAN



                             By: /s/ Shawn Anderson
                                --------------------
                                 Shawn Anderson
                                   Controller
                              Date: April 27, 2000