Siebert Financial Corp. (SIEB, Financial) filed Quarterly Report for the period ended 2012-09-30.
Siebert Financial Corporation has a market cap of $33.2 million; its shares were traded at around $1.5 with and P/S ratio of 1.6.
Siebert received distributions from SBS of $95,000 during the nine months ended September 30, 2012, and Sieberts share of undistributed earnings from SBS amounted to $8,638,000 at September 30, 2012. Such amount may not be immediately available for distribution to Siebert for various reasons including the amount of SBSs available cash, the provisions of the agreement among Siebert and the principals of SBS and SBSs continued compliance with its regulatory and net capital requirements.
At September 30, 2012, SBSFPC had cumulative distributions in excess of cumulative earnings in the amount of $107,000 of which the Companys share was $36,000. The Company received a distributions from SBSFPC of $2,000 during the nine months ended September 30, 2012.
Our working capital is invested primarily in money market funds, so that liquidity has not been materially affected. The recent financial crisis did have the effect of reducing participation in the securities market by our retail and institutional customers, which had an adverse effect on our revenues. However the stock market has improved in the nine months ended September 30, 2012 consequently so have our revenues. Our affiliate, Siebert, Brandford, Shank & Co., L.L.C. (SBS) had income for the current nine month period of approximately $1.8 million as a result of industry volumes increasing in the current period this year as compared to a loss of $800,000 for the same period last year due to municipalities struggling with the fiscal crisis, concerns about defaults at the state and local level and the expiration of the Build America Bonds program in 2011. This increase in SBSs income resulted in income to the Company of $888,000 for the current nine month period. Our expenses include the costs of an arbitration proceeding commenced by a former employee following the termination of his employment, which remains unresolved. The Company believes that the action is without merit, but the costs of defense, which are included as professional expenses, have adversely affected the Companys results of operations and may continue to affect the results of operations until the action is completed. Competition in the brokerage industry remains intense.
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Siebert Financial Corporation has a market cap of $33.2 million; its shares were traded at around $1.5 with and P/S ratio of 1.6.
Highlight of Business Operations:
Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average outstanding common shares during the period. Diluted earnings per share is calculated by dividing net income by the number of shares outstanding under the basic calculation and adding all dilutive securities, which consist of options. There were no dilutive options for the three and nine months ended September 30, 2012. Accordingly, basic and diluted net income (loss) per common share are the same for each period. The Company incurred a net loss for the three and nine months ended September 30, 2011. Accordingly, basic and diluted net loss per common share are the same for each period as the effect of stock options is anti-dilutive. Shares of underlying stock options not included in the diluted computation amounted to 478,200 at September 30, 2012 and 1,228,200 at September 30, 2011.Siebert received distributions from SBS of $95,000 during the nine months ended September 30, 2012, and Sieberts share of undistributed earnings from SBS amounted to $8,638,000 at September 30, 2012. Such amount may not be immediately available for distribution to Siebert for various reasons including the amount of SBSs available cash, the provisions of the agreement among Siebert and the principals of SBS and SBSs continued compliance with its regulatory and net capital requirements.
At September 30, 2012, SBSFPC had cumulative distributions in excess of cumulative earnings in the amount of $107,000 of which the Companys share was $36,000. The Company received a distributions from SBSFPC of $2,000 during the nine months ended September 30, 2012.
Our working capital is invested primarily in money market funds, so that liquidity has not been materially affected. The recent financial crisis did have the effect of reducing participation in the securities market by our retail and institutional customers, which had an adverse effect on our revenues. However the stock market has improved in the nine months ended September 30, 2012 consequently so have our revenues. Our affiliate, Siebert, Brandford, Shank & Co., L.L.C. (SBS) had income for the current nine month period of approximately $1.8 million as a result of industry volumes increasing in the current period this year as compared to a loss of $800,000 for the same period last year due to municipalities struggling with the fiscal crisis, concerns about defaults at the state and local level and the expiration of the Build America Bonds program in 2011. This increase in SBSs income resulted in income to the Company of $888,000 for the current nine month period. Our expenses include the costs of an arbitration proceeding commenced by a former employee following the termination of his employment, which remains unresolved. The Company believes that the action is without merit, but the costs of defense, which are included as professional expenses, have adversely affected the Companys results of operations and may continue to affect the results of operations until the action is completed. Competition in the brokerage industry remains intense.
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