Siebert Reports Strong Results for the First Quarter of 2021
May 17 2021 - 08:42AM
Business Wire
- Revenue of $18.9 million, up $4.1 million or 28% from the prior
year
- Operating income of $3.0 million compared to $1.5 million in
the first quarter of 2020
- Operating income on track to outpace the entire 2020 fiscal
year by the second quarter of 2021
- Earnings per share of $0.07, an increase of approximately
133%
- Securities Finance Group achieved revenue of $1.8 million, its
highest quarterly revenue
Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider
of financial services, today announced great results for the first
quarter of 2021, reporting revenue of $18.9 million, an increase of
28% from the first quarter of 2020. In addition, operating income
was $3.0 million and basic and diluted earnings per share was
$0.07.
Gloria E. Gebbia, controlling shareholder and board member of
Siebert, commented on the results of the quarter saying, “We are
incredibly excited about such a strong start to 2021. Our strategic
acquisitions and initiatives have been driving growth and continue
to impact our bottom line. Our investments in personnel and key
areas of the business have yielded positive results and have more
than offset any reduction in revenue associated with lower interest
rates. We are seeing this play out in a huge way with our
Securities Finance Group and market making division. We are on path
towards a great year and are well-positioned to achieve even
greater success going forward.”
Andrew Reich, CFO of Siebert, commented on Siebert’s performance
during the quarter saying, “We had stellar results this quarter as
operating income is on track to outpace the entire 2020 fiscal year
by the second quarter of 2021. Despite the lower interest rate
environment, our revenue increased by $4.1 million, or 28% from the
prior year.
Our Securities Finance Group achieved revenue of $1.8 million,
again beating its highest quarterly revenue due to the onboarding
of key personnel and expansion of the stock loan functions. In
addition, we have implemented cost saving measures such as reducing
our occupancy expenses which are just starting to impact our bottom
line.”
Expansion of Clearing Operations
Siebert has also implemented initiatives to enhance its clearing
capabilities and provide additional services to clients, corporate
services companies, and counterparties. By the fourth quarter of
2021, Siebert is planning to offer clearing services to introducing
firms to clear their business through MSCO.
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. Siebert 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 conducts operations through its
wholly-owned subsidiary, Siebert Technologies, LLC., a developer of
robo-advisory technology. Siebert also offers prime brokerage
services through its fifth wholly-owned subsidiary, WPS Prime
Services, LLC, a broker-dealer registered with the SEC. Siebert is
headquartered in New York City with offices throughout the
continental U.S. More information is available at
www.siebert.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, global economic downturns
resulting from extraordinary events such as the COVID-19 pandemic
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.
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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version on businesswire.com: https://www.businesswire.com/news/home/20210517005541/en/
Investor Relations: Siebert Financial Corp. John T. Gebbia (310)
432-2196
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