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Siebert Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 14, 2009 06:18PM

Siebert Financial Corp. (SIEB) filed Quarterly Report for the period ended 2009-06-30. Siebert Financial Corp. is a holding company that conducts its retail discount brokerage and investment banking business through its wholly-owned subsidiary Muriel Siebert & Co. Inc. Siebert Financial Corp. has a market cap of $37.7 million; its shares were traded at around $1.7 with a P/E ratio of 56.7 and P/S ratio of 1.3. The dividend yield of Siebert Financial Corp. stocks is 5.8%. Siebert Financial Corp. had an annual average earning growth of 79.8% over the past 5 years.

Highlight of Business Operations:

Investment banking revenues for the three months ended June 30, 2009 were $1.6 million, an increase of $369,000 or 31.1% from the same period in 2008 due to our participation in more new issues in the equity and debt capital markets.

Income from Siebert’s equity investment in Siebert Brandford Shank & Co., LLC, an entity in which Siebert holds a 49% equity interest (“SBS”), for the three months ended June 30, 2009, was $1.6 million, a decrease of $85,000 or 5.2% from the same period in 2008. SBS serves as an underwriter for municipal bond offerings. This decrease was due to SBS participating as manager or co-manager in fewer transactions. Loss from the our equity investment in SBS Financial Products Company, LLC, an entity in which we hold a 33% equity interest (“SBSFPC”) for the three months ended June 30, 2008, was $115,000 as compared to a loss of $9,000 from the same period in 2008. This loss was due to the mark to market loss in positions. We consider income and loss from equity investees to be integral to our operations and material to the results of operations.

The tax provision for the three months ended June 30, 2009 and 2008 was $422,000 and $367,000, respectively, due to our income before income tax of $986,000 and $935,000, respectively.

Income from the Siebert’s equity investment in Siebert Brandford Shank & Co., LLC, an entity in which Siebert holds a 49% equity interest (“SBS”) for the six months ended June 30, 2009, was $2.5 million, an increase of $873,000 or 54.7% from the same period in 2008. This increase was due to an increase in SBS participating in more municipal bond offerings as senior managers. SBS serves as an underwriter for municipal bond offerings. Loss from our equity investment in SBS Financial Products Company, LLC an entity in which we hold a 33% equity interest (“SBSFPC”) for the six months ended June 30, 2009, was $182,000 as compared to a loss of $18,000 from the same period in 2008. This loss was due to the mark to market loss in positions. We consider income and loss from equity investees to be integral to our operations and material to the results of operations.

The tax provisions for the six months ended June 30, 2009 and 2008 were $222,000 and $313,000, respectively, based on our income before income tax of $454,000 and $753,000, respectively.

Siebert is subject to the net capital requirements of the SEC, the NYSE and other regulatory authorities. At June 30, 2009, Siebert’s regulatory net capital was $24.4 million, $24.1 million in excess of its minimum capital requirement of $250,000.

Read the The complete Report



Stocks Discussed: SIEB,
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