NEW YORK--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, today announced results for the third quarter ended September 30, 2021.
Third Quarter 2021 Financial Highlights
- Revenue of $17.1 million, up 36% from the prior year period
- Pre-tax income of $1.1 million, up 1,095% from the prior year period
- Pre-tax margin of 6.7%, an improvement compared to 0.8% in the prior year period
- Earnings per share of $0.03 increased from $0.02 in the prior year period
- Total customer net worth of $17.6 billion, an improvement compared to $16.2 billion at the end of 2020
“We continued to see momentum in our business strategies during the quarter, delivering 36% growth in revenue and positioning Siebert for a strong finish to the year,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert. “Our third quarter results continue to demonstrate the diversity of our business model and the initiatives we’ve made this year are resonating with customers. We look forward to working together to meet the evolving needs of investors.”
Andrew Reich, CFO of Siebert, commented, “The strong revenue performance during the quarter was driven by both customer and counterparty growth as well as robust market conditions within our Securities Finance and Market Making divisions which grew revenue by 173% and 258% respectively over the prior year period. Year-to-date, Siebert delivered a 189% increase in pre-tax income compared to the first nine months of 2020, and we remain focused on identifying opportunities to further drive revenue growth and improve profitability.”
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 judgment 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.
