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MCF Corp (MERR) filed Quarterly Report for the period ended 2011-09-30.
Merriman Holdings Inc has a market cap of $1.43 million; its shares were traded at around $0.56 with and P/S ratio of 0.05.
This is the annual revenues and earnings per share of MERR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of MERR.
Highlight of Business Operations:
Our total revenues were $4,087,000 for the three months ended September 30, 2011, which represented a 4% decrease over the same period in 2010. This decrease was primarily attributable to a decline in our commission business and to unrealized losses from our warrant portfolio. Our commission revenues for the same period decreased 3% year-over-year, due primarily to lower trading volume. Investment banking revenue increased by 68% year over year primarily due to an increase in banking transactions. Additionally, for the three months ended September 30, 2011, we incurred a net loss of $910,000 from principal transactions, $934,000 of which was due to net unrealized losses on our investment portfolio and $24,000 of which was attributable to net gains from our trading and proprietary operations. This compared to a net loss of $309,000 for the same period in 2010, which was comprised of a net loss of $234,000 from our investment portfolio and a net loss of $75,000 from our trading and proprietary operations. For the three months ended September 30, 2011, net loss from operations was $1,840,000 or $0.69 per share.Our total revenues during the third quarter of 2011 decreased by $150,000, or 4% compared to the same period in 2010. Of the total decrease in revenues, commissions were lower by $126,000 while principal transactions contributed to an additional $601,000 decrease. However, investment banking revenues were $364,000, or 68% higher during the third quarter of 2011 as compared to the same period in 2010. Other revenues also increased by 433%, or $213,000 mostly due to the expansion of our OTCQX advisory services as we sponsored more companies in the OTCQX Markets.
Our investment banking revenue was $901,000, or 22% of our total revenue during the third quarter of 2011, representing a 68% increase from the same quarter in 2010, which were all generated by MC. The increase in the investment banking revenues generated by MC in the third quarter of 2011 was primarily due to more transactions during the third quarter of 2011 and higher fees generated per transaction as compared to the third quarter of 2010. There were no investment banking revenues generated by Riverbank during the third quarter of 2011.
Principal transactions revenue consists of four different activities - customer principal trades, market making, trading for our proprietary account, and realized and unrealized gains and losses in our investment portfolio. As a broker-dealer, we account for all of our marketable security positions on a trading basis and as a result, all security positions are marked to fair market value each day. Returns from market making and proprietary trading activities tend to be more volatile than acting as agent or principal for customers. For the three months ended September 30, 2011, we incurred a net loss of $910,000 from principal transactions, $934,000 of which was due to net unrealized losses on our investment portfolio and $24,000 of which was attributable to net gains from our trading and proprietary operations. This compared to a net loss of $309,000 for the same period in 2010, which was comprised of a net loss of $234,000 from our investment portfolio and a net loss of $75,000 from our trading and proprietary operations
In December 2008, management determined that the sale of Panel would reduce investments required to develop Panel s business and generate capital necessary for the Company s core business. The sale of Panel was completed in January 2009. Management determined that the plan of sale criteria in ASC 360, “Property, Plant and Equipment”, had been met. As a result, the revenue and expenses of Panel have been reclassified and included in discontinued operations in the consolidated statements of operations. For the three and nine months ended September 30, 2010, income from discontinued operations related to Panel was $0 and $33,000, respectively. For the three and nine months ended September 30, 2011, income from discontinued operations related to Panel was $0.
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