- Achieved highest quarterly revenue, operating income, and net
income of 2019
- Net income increased 11% from the second quarter of 2019, with
revenue and operating income increasing marginally
- Entered into a binding agreement to purchase Weeden Prime, a
leading prime brokerage services provider, and anticipate the
acquisition closing by the end of 2019
Siebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of
financial services, today announced results for the third quarter
of 2019, reporting net income of $1.1 million, basic and diluted
earnings per share ("EPS") of $0.04, and revenue of $7.1
million.
“We are very pleased to achieve our best financial quarter of
2019 on the heels of exciting new developments for our company. A
major development this quarter was signing a binding agreement to
acquire Weeden Prime Services, LLC (“Weeden Prime”). This
acquisition will significantly increase and diversify our revenue,
as well as bring a very experienced and dynamic management team led
by their president, Andrew Formato, to the Siebert family. Weeden
Prime’s business is complementary to our existing revenue streams
and offers significant opportunities for our growth. We are waiting
for final regulatory approval and anticipate the acquisition
closing by the end of 2019,” said Gloria E. Gebbia, controlling
shareholder and board member of Siebert.
Andrew H. Reich, CFO of Siebert, elaborated on the results of
the quarter, saying, “We achieved our best financial quarter of
2019 in terms of revenue, operating income and net income. Notably,
net income increased 11% from the previous quarter, with revenue
and operating income increasing marginally. It is also incredible
to note that revenue and operating income grew every quarter of
2019. We are also excited about the Weeden Prime acquisition, as it
will add significant assets under management and will drive the
next level of overall growth for our company.”
Selected Financial Highlights
The following table summarizes the results for the below periods
(unaudited):
2019
Three Months Ended September
30
Three Months Ended June
30
Increase / (Decrease)
Revenue
$
7,144,000
$
7,061,000
$
83,000
Operating income
$
1,457,000
$
1,441,000
$
16,000
Net income
$
1,104,000
$
992,000
$
112,000
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 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, Siebert Technologies, LLC., is a developer of
robo-advisory technology. Siebert is headquartered in New York City
with 13 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 Weeden Prime Services, LLC
Weeden Prime is a technology-powered prime brokerage business
focused on providing institutional quality services to hedge funds
and family offices. With a focus on capital raising and
cutting-edge technology, Weeden Prime has successfully created an
ideal platform which clients can leverage in seeking to grow their
businesses. Weeden Prime offers a comprehensive global platform
that includes dynamic proprietary risk management and analytics
technology (“Armor”), institutional equity, outsourced trading,
automated allocation technology and sophisticated portfolio
reporting. More information is available at
www.weedenprime.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 judgment 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. John T. Gebbia (310)
432-2196
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