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

Business Wire

Published

4 months 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

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Business and Management

MMSI LOSS NOTICE: TOP RANKED ROSEN LAW FIRM Reminds Merit Medical Systems, Inc. Investors of Important Deadline in Securities Class Action – MMSI

Business Wire

Published

5 hours ago

on

December 14, 2019

By

Reading Time: 3 minutes

NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Merit Medical Systems, Inc. (NASDAQ:MMSI) between February 26, 2019 and October 30, 2019, inclusive (the “Class Period”) of the important February 3, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Merit Medical investors under the federal securities laws.

To join the Merit Medical class action, go to http://www.rosenlegal.com/cases-register-1736.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 integrations of Cianna and Vascular Insights, including their products, sales people, and R&D facilities, had caused operational disruptions, reduced sales, and were months behind schedule; (2) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during fiscal 2019; (3) in light of the foregoing, Merit Medical’s reported financial guidance for fiscal 2019 and 2020 was made without a reasonable basis; and (4) as a result, Merit Medical’s public statements were materially false and misleading 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 February 3, 2020. 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 http://www.rosenlegal.com/cases-register-1736.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, 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. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contacts

The Rosen Law Firm, P.A.

Laurence Rosen, Esq.

Phillip Kim, Esq.

275 Madison Avenue, 40th 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

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FIAT LOSS NOTICE: TOP RANKED ROSEN LAW FIRM Reminds Fiat Chrysler Automobiles N.V. Investors of Important Deadline in Securities Class Action – FCAU

Business Wire

Published

6 hours ago

on

December 14, 2019

By

Reading Time: 2 minutes

NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Fiat Chrysler Automobiles N.V. (NYSE:FCAU) from February 26, 2016 and November 20, 2019, inclusive (the “Class Period”) of the important January 31, 2020 lead plaintiff deadline in securities class action. The lawsuit seeks to recover damages for Fiat investors under the federal securities laws.

To join the Fiat class action, go to http://www.rosenlegal.com/cases-register-1732.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) Fiat employed a bribery scheme to obtain favorable terms in its collective bargaining agreement with International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; (2) high-ranking Fiat officials were aware of and authorized the scheme; and (3) due to the foregoing, defendants’ statements about Fiat’s receivables, 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 January 31, 2020. 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 http://www.rosenlegal.com/cases-register-1732.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, 40th 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

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Business and Management

Republic Bank Opens New West Broadway Banking Center inside Republic Bank Foundation YMCA

Business Wire

Published

8 hours ago

on

December 14, 2019

By

Reading Time: 2 minutes

LOUISVILLE, Ky.–(BUSINESS WIRE)–Republic Bank announced today that it has opened a new banking center inside the Republic Bank Foundation YMCA at 1720 W. Broadway, Suite 103.

“We are thrilled to open this new Republic Bank location in Louisville on West Broadway,” said Jammie Williams, Business Development Manager – Broadway. “Our strong team of local bankers are invested in the community and committed to taking care of our clients in this neighborhood. The opening of this new banking center is just one way we make banking ‘easier’ for our clients through the combination of both bank lobby service and extended service hours offered by our Interactive Teller Machine.”

“Our new West Broadway location inside the Republic Bank Foundation YMCA will enhance our successful community banking model in Louisville,” said Republic Bank Chairman and CEO Steve Trager. “We look forward to helping businesses and consumers achieve their financial goals and extending friendly, local lending.”

In addition to traditional bank lobby hours from 9:00 a.m. to 4:00 p.m. Monday – Thursday, 9:00 a.m. to 5:00 p.m. on Friday, and 9:00 a.m. to 12:00 noon on Saturday, this location will feature both a walk-up and drive-thru Interactive Teller Machine (“ITM”). ITMs feature live customer service representatives available through real-time video, allowing for extended banking hours and greater customer convenience. ITMs allow clients to easily make deposits without an envelope or deposit slip, cash checks for exact change, and make loan payments. Transactions are processed the same day, even after regular banking hours. The Republic Bank ITM offers convenient banking from 7:30 a.m. to 6:00 p.m. on weekdays and 8:30 a.m. to 1:00 p.m. on Saturday.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 41 full-service banking centers and two loan production offices throughout five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace, and one loan production office in Oldsmar; two banking centers in Tennessee (Nashville MSA) – Cool Springs (Franklin) and Green Hills (Nashville), and one loan production office in Brentwood; and one banking center in Norwood (Cincinnati), Ohio. The Bank offers internet banking at www.republicbank.com. The Bank also offers separately branded, nation-wide digital banking at www.mymemorybank.com. The Company has $6.1 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

Republic Bank. It’s just easier here.®

Contacts

Michael Sadofsky

Chief Marketing Officer

Louisville, Kentucky

(502) 561-7125

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