NEW YORK, NY / ACCESSWIRE / May 15, 2018 / Siebert Financial Corp. (SIEB), a provider of financial and advisory services filed its 10-Q and reported results for its first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
Total revenues increased to $8,177,000 from $2,379,000 in Q1 2017
Net income of $1,693,000 or $0.06 per diluted share from $58,000 or $0.00 per diluted share in Q1 2018
Retail customer accounts with positions for Q1 2018 increased to 42,899 from 29,739 for Q1 2017
Gloria E. Gebbia our control shareholder and a board member of Siebert Financial Corp said:
"We are pleased with our continued growth and profitability which is consistent with our customer growth and the increase in retail trades we process. Our customer account values have increased to over $11,000,000,000 with debits and credits also growing."
First Quarter 2018 Financial Results
Total revenues for the three months ended March 31, 2018 increased to $8,177,000 from $2,379,000 for the same year-ago period, primarily driven by an increase in revenues related to the Company's acquisition of retail assets from StockCross Financial Services Inc.
The Company recorded $1,693,000 in net income for the first quarter of 2018 or $0.06 per diluted share.This compares to $58,000 in net income or $0.00 per diluted share in the same year-ago period.
As of March 31, 2018, the Company had $5,400,000 in highly liquid cash and cash equivalents. Total stockholders' equity was $6,905,000 as of March 31, 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 March 31, 2018 filed with the SEC on May 15, 2018.You may also access the Form 10-Q through our website.
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.The Company's subsidiary Siebert AdvisorNXT, Inc. is a registered investment advisor.Siebert Financial is based in New York City with additional 10 retail branches throughout the continental U.S. 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 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 of advertising and promotion; trading errors and the possibility of losses from customer non-payment 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 Floor
New York, NY 10005
Siebert Financial Corp.
Office of the Administrator
Yesenia Berdugo, 212-644-2435
SOURCE: Siebert Financial Corp.