NEW YORK--(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.
