Connect with us

Business Wire

Siebert Financial Corp. Reports Financial Results for Second Quarter of 2019

Business Wire

Published

4 days ago

on

Reading Time: 4 minutes
  • Revenue increased 10% from the first quarter of 2019, with operating profit increasing 5%
  • Significant events:

    • Signed binding letter of intent to acquire StockCross
    • Included in the Russell 2000 ® Index as part of the 2019 Russell U.S. Indexes reconstitution

NEW YORK–(BUSINESS WIRE)–$Nasdaq #Nasdaq–Siebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of financial services, today announced results for the second quarter of 2019, reporting net income of $1.0 million, basic and diluted earnings per share (EPS) of $0.04, and revenue of $7.1 million.

“This was a tremendous quarter with many milestones to celebrate. From the financial perspective, in comparison to the first quarter of 2019, revenue was up 10% and operating profit was up 5%. In addition, we are proud to be included in the Russell 2000 ® Index as part of the 2019 Russell U.S. Indexes reconstitution,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert.

Mrs. Gebbia continued, “A major development to enhance our growth was signing a binding letter of intent to acquire the remaining 85% of StockCross. The acquisition of StockCross will add market-making, equity stock plan services, IRA custodianship, securities lending, and clearing capability to Siebert. At the close of the transaction, Siebert will gain $1 billion in customer assets, three retail branches, as well as additional service personnel and depth of management.

“We believe that this transaction will enhance our recent revenue growth and provide significant opportunities for cost synergies. The acquisition of StockCross will create a better capitalized and more efficient company that is optimally positioned to meet the rapidly changing marketplace and our customers’ needs,“ added Mrs. Gebbia.

Selected Financial Highlights

The following table summarizes the results for the below periods (unaudited):

 

2019

 

Three Months Ended

June 30

 

Three Months Ended

March 31

 

Increase /

(Decrease)

Revenue

 

$

7,061,000

 

$

6,429,000

 

$

632,000

Operating profit

 

$

1,441,000

 

$

1,375,000

 

$

66,000

Basic and diluted EPS

 

$

0.04

 

$

0.04

 

$

—

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 discount 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. 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’s fourth wholly-owned subsidiary, KCA Technologies, LLC, is a developer of robo-advisory technology. Siebert is headquartered in New York City with 12 offices throughout the continental U.S. Siebert is under common control with StockCross Financial Services, Inc. More information is available at www.siebertnet.com.

About StockCross Financial Services, Inc.

StockCross Financial Services, Inc. (“StockCross”) is one of the largest privately-owned brokerage firms in the nation. Established in 1971, it has spent many years providing financial guidance and excellent customer service to its clients. Branch offices are located throughout the nation and are staffed with knowledgeable and experienced representatives. Online investment services and phone support offer clients around the world instant and current information on their accounts. StockCross consistently delivers on its full scope of offerings including market making, fixed-income products, online or broker-assisted equity trading, securities lending, and equity stock plan services across the globe through advanced online trading capabilities. StockCross is a clearing broker-dealer and IRA custodian providing clearing and custody services for its clients and Muriel Siebert & Co., Inc. StockCross is headquartered in Beverly Hills. Member FINRA | SIPC | EST. 1971.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit www.ftserussell.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 judgement 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 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.

The forward-looking statements contained herein speak only as of the date on which the statements were made. 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.

Contacts

Siebert Financial Corp.

120 Wall Street

New York, NY 10005

Investor Relations:

Siebert Financial Corp.

Yesenia Berdugo, (212) 644-2435

Office of the Administrator

Related Topics:
Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Advertisement

Business Wire

Sense.Chat – A Secure Way To Chat & Earn

Business Wire

Published

2 hours ago

on

August 19, 2019

By

Reading Time: 2 minutes

Sense.Chat Launches A Secure Messenger & EOS Wallet Utilizing Blockchain Technology

SANTA MONICA, Calif.–(BUSINESS WIRE)–$SENSE #EOS—Available now on Android and iOS, Sense.Chat allows you to securely chat and transact with your friends, family, and even strangers in the global messenger community. The Sense.Chat Encryption Protocol uses advanced cryptography combined with the EOS Blockchain to deliver messages so that users will be able to maintain their privacy in an unparalleled, highly secure application. Within seconds, users can create a private account with no phone number or email required, start chatting, and share cryptocurrencies with the built-in digital wallet.

“The world is becoming decentralized. I am excited to support this amazing application. Sense.Chat improves human connections by allowing private, seamless messaging and payments,” said Tim Draper, notable investor and Director of the Board of Sense Chat Labs.

Sense.Chat is a dApp (decentralized application) built on EOSIO software, initially created by Block.One, whose CTO Daniel Larimer is a known pioneer of scalable blockchain technology. His product developments are the most successful social blockchain solutions created to date and now he is continuing his work with Voice.

Features & Benefits of Sense.Chat

–Private Messaging: Video and text chat with your friends and family securely using our advanced encryption protocol. We never read or censor your messages, unlike WeChat.

–Crypto Wallet: Send, receive, and store cryptocurrencies while you chat.

–Super Secure: Each party can encrypt messages with public keys in a true peer-to-peer connection. Only you and your contact can decrypt messages.

-Public Channels: Discover exciting conversations, new friends and earn SENSE tokens by chatting in public channels.

-Secure Connection: Chat in real time video and audio calls, connected over data or wifi with no carrier fees.

“You shouldn’t have to compromise your digital self to have a conversation online,” said Sense.Chat CEO Crystal Rose. “With blockchain technology, the digital world can react in the same way as the physical world. Conversations on Sense.Chat are like having a conversation in real life. No middlemen spying on your messages or selling your data.”

Sense.Chat is available on iOS and Android.

Please visit www.sense.chat for more information on Sense.Chat, videos, screenshots, social media, press and more.

ABOUT SENSE

Sense Chat Labs, a venture-backed technology company with investors such as Draper Associates, builds tools for connecting humans worldwide and exchanging value in real time. Its main application, Sense.Chat, is the first of its kind: a truly private, crypto-enabled video messenger.

Contacts

Zac Harding

press@makesense.com

Continue Reading

Business Wire

Photos of the Back-to-School Event at Nintendo NY Store Are Available on Business Wire’s Website

Business Wire

Published

5 hours ago

on

August 18, 2019

By

Reading Time: 2 minutes

–(BUSINESS WIRE)–Photos of the Back-to-School Event at Nintendo NY Store Are Available on Business Wire’s Website

Photo 1

In this photo provided by Nintendo of America, families line up to celebrate the start of the back-to-school season during a special event at the Nintendo NY store in Rockefeller Plaza on Aug. 18, 2019.

Photo 2

In this photo provided by Nintendo of America, Emily S, age 12, celebrates the back-to-school season with the Super Mario Maker 2 game during a special event at the Nintendo NY store in Rockefeller Plaza on Aug. 18, 2019. Super Mario Maker 2 is now available for the Nintendo Switch system.

Photo 3

In this photo provided by Nintendo of America, siblings Gavin, age 9, Glen, age 7, and Grace, age 5, with Maximo J., age 7, participate in a Super Mario Maker 2 Puzzle Challenge during a special event at the Nintendo NY store in Rockefeller Plaza on Aug. 18, 2019. Super Mario Maker 2 is now available for the Nintendo Switch system.

Photo 4

In this photo provided by Nintendo of America, families celebrate the back-to-school season with a Nintendo Labo: VR Kit demonstration led by teacher Bill Vacca of Bradt Primary School in New York, showing Nintendo Labo Toy-Con Garage where players can use their imagination to invent new ways to play. Nintendo Labo: VR Kit is now available for the Nintendo Switch system.

Photo 5

In this photo provided by Nintendo of America, families celebrate the back-to-school season with fun school-themed activities and hands-on time with Nintendo Labo: VR Kit during a special event at the Nintendo NY store in Rockefeller Plaza on Aug. 18, 2019. Nintendo Labo offers kids the opportunity to make, play and discover as they go into the new school year. Nintendo Labo: VR Kit is now available for the Nintendo Switch system.

Restrict display of VR images for children 6 and under by accessing the in-game settings using the goggles icon. Nintendo Switch system required (sold separately). Parental supervision recommended.

Contacts

Golin

Ashley Edwards, 212-373-6021

AEdwards@golin.com

Continue Reading

Business Wire

SAEX FILING NOTICE: Rosen, A Top Ranked Law Firm, Files First Securities Class Action Lawsuit Against SAExploration Holdings, Inc Seeking Recovery of Investor Losses – SAEX

Business Wire

Published

7 hours ago

on

August 18, 2019

By

Reading Time: 2 minutes

NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of SAExploration Holdings, Inc. (NASDAQ: SAEX) from March 15, 2016 through August 15, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for SAExploration investors under the federal securities laws.

To join the SAExploration class action, go to https://www.rosenlegal.com/cases-register-1657.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly did not classify Alaska Seismic Ventures, LLC (“ASV”) as a variable interest entity; (2) the Company had a controlling financial interest in ASV, which required the Company to consolidate ASV in its financial statements; (3) the Company had deficient internal controls over financial reporting; (4) these practices were likely to lead to an investigation of the Company by the SEC; (5) SAExploration would be forced to delay the filing of its quarterly report for the quarter ended June 30, 2019; and (6) as a result, Defendants’ statements about SAExploration’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to https://www.rosenlegal.com/cases-register-1657.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Contacts

The Rosen Law Firm, P.A.

Laurence Rosen, Esq.

Phillip Kim, Esq.

275 Madison Avenue, 34th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

lrosen@rosenlegal.com

pkim@rosenlegal.com

cases@rosenlegal.com

www.rosenlegal.com

Continue Reading

Font Resizer

A Decrease font size. A Reset font size. A Increase font size.

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Business Wire2 hours ago

Sense.Chat – A Secure Way To Chat & Earn
Business Wire5 hours ago

Photos of the Back-to-School Event at Nintendo NY Store Are Available on Business Wire’s Website
Business Wire7 hours ago

SAEX FILING NOTICE: Rosen, A Top Ranked Law Firm, Files First Securities Class Action Lawsuit Against SAExploration Holdings, Inc Seeking Recovery of Investor Losses – SAEX
Business Wire1 day ago

GRANITE CONSTRUCTION SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Granite Construction Incorporated – GVA
Business Wire1 day ago

GEICO’s Schneider Elected Assistant Vice President ​
Business Wire1 day ago

DealerSocket CEO Sejal Pietrzak Ranks Number Seven on Top SaaS CEOs List
IT Industry2 days ago

UPDATE – ChinaCache Announces Changes to the Composition of the Company’s Board of Directors
Business Wire2 days ago

Mill Point Capital Completes Carve-Out of Pioneer Transformers
Business Wire2 days ago

CVS SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against CVS Health Corporation – CVS
Business Wire2 days ago

JOHNSON & JOHNSON INVESTIGATION UPDATE by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of Johnson & Johnson – JNJ

Follow our Tweets

Trending

Please turn AdBlock off