Siebert Financial Corp. Files 10Q and Reports Financial Results for Second Quarter of 2018
August 13 2018 - 1:20PM
Business Wire
Siebert Financial Corp. (NASDAQ:SIEB), a provider of financial
and advisory services, filed its 10Q and reported results for its
second quarter ended June 30, 2018.
Gloria E. Gebbia, controlling shareholder and board member of
Siebert Financial Corp., said, “I’m incredibly proud of what our
company has been able to accomplish. The outstanding results this
quarter are a testament to many recent improvements and innovations
at Siebert. In addition, the impact we are seeing from the
acquisition of the StockCross retail assets is incredibly exciting,
and we look forward to the next quarter and the coming year.”
Second Quarter 2018 Financial Highlights
Three Months Six Months
Ended June 30, Ended June 30, Financial
Highlights
2018
2017
% Change
2018
2017
% Change Total Revenue $ 7,488,000 $
2,689,000 178 % $ 15,665,000 $ 5,068,000 209 % Net Income $
1,799,000 $ 365,000 393 % $ 3,492,000 $ 424,000 724 % Earnings per
share (rounded) $ 0.07 $ 0.02 250 % $ 0.13 $ 0.02 550 %
Retail Customer Balances 2018
2017 % Change Retail customer accounts
with positions 39,877 28,953 38 % Retail customer net worth (in
billions) $ 11.2 $ 7.3 53 %
Second Quarter 2018 Financial Results
Total revenue for the three months ended June 30, 2018 increased
to $7,488,000 from $2,689,000 for the corresponding period in 2017,
primarily driven by an increase in revenue related to our
acquisition of retail assets from StockCross Financial Services
Inc.
Net income for the three months ended June 30, 2018 increased to
$1,799,000 or $0.07 per share from $365,000 or $0.02 per share for
the corresponding period in 2017.
As of June 30, 2018, we had $6,686,000 in highly liquid cash and
cash equivalents. Total stockholders' equity was $8,705,000 as of
June 30, 2018 as compared to $5,212,000 as of December 31,
2017.
For additional information please refer to our Quarterly Report
on Form 10-Q for the period ended June 30, 2018 filed with the SEC
on August 13, 2018. You may also access the Form 10-Q through our
website at www.siebertnet.com.
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 NYSE in 1967 when Ms. Siebert became the first woman to own
a seat on the Exchange. 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
Financial Corp. is based in New York City with 11 retail branches
throughout the continental United States. More information is
available at www.siebertnet.com.
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.
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 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 change in interest
rates; fluctuations in volume and price 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 amounts due; and 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180813005511/en/
Investors:Siebert Financial Corp.Yesenia Berdugo,
212-644-2435Office of the AdministratororMedia:LHK Communications,
LLCLaura Hynes-Keller, 212-758-8602
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