Recent Developments
- Achieved Profitability for Three
Straight Quarters since December 2016 Acquisition, with Third
Quarter Profits Exceeding $1 million
- Total Retail Customer Net Worth $7.5
Billion at September 30, 2017
- Received Regulatory Approval for
Approximately $3.8 Billion in Assets to be Transferred from
Stockcross Financial Services to Siebert During 4Q to Bring Total
AUM to More Than $11 Billion, Which Will Represent Over 50%
Increase in AUM and a Projected Revenue Increase of More Than
100%
- Continued Progress in Advancing
Strategic Initiatives and Business Development Projects
- Implemented Improvements to Streamline
Operational Efficiencies and Reduce Costs
- Further Strengthening of Relationships
with Existing Clients and Enhancing Customer Experience with New
Products and Technologies
Third Quarter Financial Highlights
- Q3 Total Revenues $3.1 million, a 38.9%
Increase from Q3 2016
- Q3 Total Expenses $2.1 million, a
decrease of 37.9% from Q3 2016
- Q3 Net Income $1,001,000, as compared
to a net loss of $1,140,000 for Q3 2016
First Nine Months Financial Highlights
- Total Revenues for the nine months
ended September 30, 2017 were $8.2 million, an increase of 13.6%
from the same period in 2016
- Total expenses for the nine months
ended September 30, 2017 were $6.7 million, a decrease of 29.5%
from the same period in 2016
- Net income of $1,425,000 for the nine
months ended September 30, 2017 as compared to a net loss of
$2,369,000 from the same period in 2016
- Stockholder’s Equity $4.5 million at
September 30, 2017
Siebert Financial Corp. (NASDAQ:SIEB) today reported financial
results for the three and nine months ended September 30, 2017.
Gloria E. Gebbia, majority shareholder and board member of
Siebert Financial said, "Our firm has a strong, stable foundation,
and our results for the first nine months of the year reflect the
quality of our efforts on behalf of our clients. As we continue to
make investments in our business, we are in an excellent position
to capitalize on growth opportunities to improve the customer
experience and further position us for the future.”
Siebert Financial Corp. has continuously served clients
throughout the United States and globally for five decades. The
firm will celebrate its 50th Anniversary with a New York Stock
Exchange bell ringing ceremony on December 22 to commemorate
founder Muriel Siebert’s groundbreaking achievement in becoming the
first woman to both own a seat on the NYSE and head one of its
member firms, Muriel Siebert & Co., Inc. in 1967. Muriel
Siebert overcame tremendous challenges to gain international
recognition as Wall Street’s First Woman of Finance and a
trailblazing icon of the financial world. She was also a pioneer in
the discount brokerage field, transforming her firm into a discount
brokerage in 1975 on the first day NYSE members were allowed to
negotiate commissions.
“For 50 years, Siebert Financial has maintained its steadfast
focus on excellence in serving our client's financial needs. Mickie
Siebert was a savvy visionary who established our firm on the core
values of integrity and the safety of investments, and we remain
deeply committed to upholding these standards while working to help
our clients achieve their financial goals. We are honored and look
forward to celebrating her legacy at the NYSE,” she added.
For additional information, please refer to our Quarterly Report
on Form 10-Q for the period ended September 30, 2017 filed with the
SEC on November 9, 2017. You may also access the Form 10-Q through
our website.
https://www.siebertnet.com/documents/Siebert_3Q17_11-09-17.pdf
About Siebert Financial Corp.
Siebert Financial is a holding company that conducts its retail
discount brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc. The firm became a member of the NYSE
in 1967, when Ms. Siebert became the first woman to own a seat on
the Exchange. In addition, in 2014 the Company began business as a
registered investment advisor through a wholly-owned subsidiary,
Siebert Investment Advisors, Inc. Siebert Financial is based in New
York City with additional retail branches in Boca Raton, FL and
Jersey City, NJ. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of
historical or current fact constitute “forward looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward looking statements involve risks and
uncertainties and known and unknown factors that could cause the
actual results of the Siebert Financial Corp. (the “Company”) to be
materially different from historical results or from any future
results expressed or implied by such forward looking statements,
including without limitation: changes in general economic and
market conditions; changes and prospects for changes in interest
rates; fluctuations in volume and prices of securities; changes in
demand for brokerage services; competition within and without the
brokerage business, including the offer of broader services;
competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence
of a flat fee environment; limited trading opportunities; the
method of placing trades by the Company’s customers; computer and
telephone system failures; the level of spending by the Company on
advertising and promotion; trading errors and the possibility of
losses from customer non-payment of amounts due; other increases in
expenses and changes in net capital or other regulatory
requirements. As a result of these and other factors, the Company
may experience material fluctuations in its operating results on a
quarterly or annual basis, which could materially and adversely
affect its business, financial condition, operating results, and
stock price, as well as other risks detailed in the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Accordingly, investors are cautioned not to place undue reliance on
any such “forward-looking statements. The Company undertakes no
obligation to update the information contained herein or to
publicly announce the result of any revisions to such
“forward-looking statements” to reflect future events or
developments. An investment in the Company involves various risks,
including those mentioned above and those, which are detailed from
time to time in the Company’s SEC filings, copies of which may be
obtained from the Company or through the SEC’s website.
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.
FOR: SIEBERT FINANCIAL CORP.120 Wall Street 25th FloorNew York,
NY 10005
Item 1. Financial Statements.
Siebert Financial Corp. & Subsidiaries
Consolidated Statements of Financial
Condition (Unaudited) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Cash and cash equivalents $ 3,215,000 $ 2,730,000 Receivable from
brokers 1,100,000 606,000 Securities owned, at fair value 0 92,000
Furniture, equipment and leasehold improvements, net 306,000 46,000
Prepaid expenses and other assets 354,000
342,000
4,975,000 3,816,000
Liabilities: Accounts payable and accrued liabilities
494,000 738,000 Accrued settlement liability 0
825,000 Total liabilities 494,000
1,563,000 Commitments and contingent liabilities
Stockholders' equity:
Common stock, $.01 par value; 49,000,000
shares authorized, 22,085,126 shares issued and22,085,126 shares
outstanding at September 30, 2017 and December 31, 2016,
respectively
221,000 221,000 Additional paid-in capital 7,692,000
6,889,000 Deficit (3,432,000 ) (4,857,000 )
4,481,000 2,253,000
$ 4,975,000 $ 3,816,000
Consolidated Statements of Operations
(Unaudited) - USD ($)
3 Months Ended
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues: Commissions and fees $
1,077,000 $ 1,078,000 $ 3,295,000 $ 3,519,000 Margin interest,
marketing and distribution fees 1,850,000 862,000 4,477,000
2,687,000 Investment banking 4,000 11,000 16,000 34,000 Trading
profits 154,000 131,000 360,000 521,000 Interest and dividends
4,000 141,000 9,000
422,000
3,089,000 2,223,000
8,157,000 7,183,000
Expenses: Employee compensation and benefits 1,031,000
1,236,000 3,069,000 3,723,000 Clearing fees, including floor
brokerage 252,000 203,000 819,000 677,000 Professional fees 372,000
1,178,000 1,265,000 2,763,000 Advertising and promotion 16,000
38,000 61,000 171,000 Communications 56,000 120,000 192,000 382,000
Occupancy 86,000 179,000 306,000 558,000 Other general and
administrative 275,000 409,000
1,020,000 1,278,000 Total
operating expenses 2,088,000 3,363,000
6,732,000 9,552,000
Income/(Loss) from continuing operations 1,001,000
(1,140,000 ) 1,425,000 (2,369,000 ) Income tax benefit/(expense) 0
0 0 0
Net income (loss) $
1,001,000 $ (1,140,000 ) $ 1,425,000 $
(2,369,000 ) Net income (loss) per share of common stock - Basic
and diluted $ 0.05 $
(0.05)
$ 0.06 $
(0.11)
Weighted average shares outstanding - Basic and
diluted 22,085,126 22,085,126
22,085,126 22,085,126
Consolidated Statements of Cash Flows
(Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities: Net income (loss) $
1,425,000 $ (2,369,000 )
Adjustments to reconcile net income
(loss) to net cash provided by (used in) operating
activities:
Depreciation and amortization 90,000 205,000 Interest accrued on
note receivable from business sold to former affiliate 0 (411,000 )
Changes in: Securities owned, at fair value 92,000 (96,000 )
Receivable from brokers (494,000 ) 46,000 Prepaid expenses and
other assets (12,000 ) 237,000 Accounts payable and accrued
liabilities (266,000 ) (652,000 ) Net cash provided
by (used in) operating activities 835,000
(3,040,000 )
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements
(350,000 ) (37,000 ) Collection of receivable from former affiliate
0 493,000 Net cash provided by (used
in) investing activities (350,000 ) 456,000
Net increase (decrease) in cash and cash equivalents 485,000
(2,584,000 ) Cash and cash equivalents - beginning of period
2,730,000 9,420,000 Cash and cash equivalents
- end of period 3,215,000 6,836,000
Supplemental Schedule Of Non-Cash Financing
Activities: Payment by parent of expenses $ 803,000 $ 0
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171109005967/en/
Investors:Siebert Financial Corp.Office of the
AdministratorYesenia Berdugo, 212-644-2435orMedia:LHK
Communications LLCLaura Hynes-Keller1500 Broadway, Ste. 505, New
York, NY 10036212-758-8602E: laurahk@lhkcommunications.com
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