Siebert Reports Second Quarter 2021 Financial Results
August 16 2021 - 8:30AM
Business Wire
Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a
provider of financial services, today announced results for the
second quarter ended June 30, 2021.
Second Quarter 2021 Financial Highlights
- Revenue of $16.8 million, up 33% from the prior year
period
- Pre-tax income of $1.9 million, up 291% from the prior year
period
- Pre-tax margin of 11.4%, an improvement compared to 3.9% in the
prior year period
- Earnings per share of $0.05 increased from $0.02 in the prior
year period
- Retail customer net worth of $16.0 billion, an improvement
compared to $14.6 billion at the end of 2020
“We delivered strong results in the second quarter as the
strategic acquisitions and initiatives we’ve made continue to
benefit our bottom line and enhance our customer offerings,” said
Gloria E. Gebbia, controlling shareholder and board member of
Siebert. “During the quarter, we delivered year-over-year revenue
growth across our key divisions, putting us in a strong position to
capitalize on market conditions through 2021. The growth in retail
customer net worth reinforces our belief that our offerings are
resonating with customers, and we look forward to capitalizing on
opportunities to meet the ever-changing needs of our
customers.”
Andrew Reich, CFO of Siebert, commented: “We had strong results
during the second quarter, highlighted by a 33% year-over-year
increase in revenue, driven by our Securities Finance and Market
Making divisions. Our Securities Finance division generated revenue
of $2.2 million in the quarter, beating its revenue in the prior
year period by 191% due to the onboarding of key personnel and
expansion of stock loan functions. Our Market Making division has
been performing well reflected by the 186% growth in revenue,
driven by robust market conditions. During the first six months of
2021, we delivered a 54% increase in pre-tax income compared to the
full year of 2020. Our financial performance in the quarter and
first half of the year is encouraging and we continue to identify
opportunities to drive revenue, profitability, and improve
efficiencies, including implementing cost-saving measures to reduce
our occupancy expenses and reduce fixed vendor costs.”
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210816005126/en/
Investor Relations: Alex Kovtun and Matt Glover Gateway
Group, Inc. 949-574-3860 sieb@gatewayir.com
Siebert Financial (NASDAQ:SIEB)
Historical Stock Chart
From Aug 2024 to Sep 2024
Siebert Financial (NASDAQ:SIEB)
Historical Stock Chart
From Sep 2023 to Sep 2024