- Revenue increased 10% from the first quarter of 2019, with
operating profit increasing 5%
- Significant events:
- Signed binding letter of intent to acquire StockCross
- Included in the Russell 2000 ® Index as part of the 2019
Russell U.S. Indexes reconstitution
Siebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of
financial services, today announced results for the second quarter
of 2019, reporting net income of $1.0 million, basic and diluted
earnings per share (EPS) of $0.04, and revenue of $7.1 million.
“This was a tremendous quarter with many milestones to
celebrate. From the financial perspective, in comparison to the
first quarter of 2019, revenue was up 10% and operating profit was
up 5%. In addition, we are proud to be included in the Russell 2000
® Index as part of the 2019 Russell U.S. Indexes reconstitution,”
said Gloria E. Gebbia, controlling shareholder and board member of
Siebert.
Mrs. Gebbia continued, “A major development to enhance our
growth was signing a binding letter of intent to acquire the
remaining 85% of StockCross. The acquisition of StockCross will add
market-making, equity stock plan services, IRA custodianship,
securities lending, and clearing capability to Siebert. At the
close of the transaction, Siebert will gain $1 billion in customer
assets, three retail branches, as well as additional service
personnel and depth of management.
“We believe that this transaction will enhance our recent
revenue growth and provide significant opportunities for cost
synergies. The acquisition of StockCross will create a better
capitalized and more efficient company that is optimally positioned
to meet the rapidly changing marketplace and our customers’ needs,“
added Mrs. Gebbia.
Selected Financial Highlights
The following table summarizes the results for the below periods
(unaudited):
2019
Three Months Ended
June 30
Three Months Ended
March 31
Increase /
(Decrease)
Revenue
$
7,061,000
$
6,429,000
$
632,000
Operating profit
$
1,441,000
$
1,375,000
$
66,000
Basic and diluted EPS
$
0.04
$
0.04
$
—
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert Financial Corp. is a holding company that conducts its
retail discount brokerage business through its wholly-owned
subsidiary, Muriel Siebert & Co., Inc., which became a member
of the New York Stock Exchange (“NYSE”) in 1967 when Ms. Siebert
became the first woman to own a seat on the NYSE and the first to
head one of its member firms. The company conducts its investment
advisory business through its wholly-owned subsidiary, Siebert
AdvisorNXT, Inc., a registered investment advisor, and its
insurance business through its wholly-owned subsidiary, Park
Wilshire Companies Inc., a licensed insurance agency. Siebert’s
fourth wholly-owned subsidiary, KCA Technologies, LLC, is a
developer of robo-advisory technology. Siebert is headquartered in
New York City with 12 offices throughout the continental U.S.
Siebert is under common control with StockCross Financial Services,
Inc. More information is available at www.siebertnet.com.
About StockCross Financial Services, Inc.
StockCross Financial Services, Inc. (“StockCross”) is one of the
largest privately-owned brokerage firms in the nation. Established
in 1971, it has spent many years providing financial guidance and
excellent customer service to its clients. Branch offices are
located throughout the nation and are staffed with knowledgeable
and experienced representatives. Online investment services and
phone support offer clients around the world instant and current
information on their accounts. StockCross consistently delivers on
its full scope of offerings including market making, fixed-income
products, online or broker-assisted equity trading, securities
lending, and equity stock plan services across the globe through
advanced online trading capabilities. StockCross is a clearing
broker-dealer and IRA custodian providing clearing and custody
services for its clients and Muriel Siebert & Co., Inc.
StockCross is headquartered in Beverly Hills. Member FINRA | SIPC |
EST. 1971.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide.
FTSE Russell calculates thousands of indexes that measure and
benchmark markets and asset classes in more than 70 countries,
covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. For over 30 years,
leading asset owners, asset managers, ETF providers and investment
banks have chosen FTSE Russell indexes to benchmark their
investment performance and create ETFs, structured products and
index-based derivatives.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgement of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions and other securities industry
risks; interest rate risks; liquidity risks; credit risk with
clients and counterparties; risk of liability for errors in
clearing functions; systemic risk; systems failures, delays and
capacity constraints; network security risks; competition; reliance
on external service providers; new laws and regulations affecting
our business; net capital requirements; extensive regulation,
regulatory uncertainties and legal matters; failure to maintain
relationships with employees, customers, business partners or
governmental entities; the inability to achieve synergies or to
implement integration plans and other consequences associated with
risks and uncertainties detailed in our filings with the SEC,
including our most recent filings on Forms 10-K and 10-Q.
The forward-looking statements contained herein speak only as of
the date on which the statements were made. We caution that the
foregoing list of factors is not exclusive, and new factors may
emerge, or changes to the foregoing factors may occur, that could
impact our business. We undertake no obligation to publicly update
or revise these statements, whether as a result of new information,
future events or otherwise, except to the extent required by the
federal securities laws.
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Siebert Financial Corp. 120 Wall Street New York, NY 10005
Investor Relations: Siebert Financial Corp. Yesenia Berdugo,
(212) 644-2435 Office of the Administrator
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