Business
Siebert Financial Corp. Reports Financial Results for Third Quarter of 2019
Achieved highest quarterly revenue, operating income, and net income of 2019 Net income increased 11% from the second quarter of 2019, with revenue and
About this update from Siebert Financial Corp.
[{"type":"text","content":"\n\nAchieved highest quarterly revenue, operating income, and net income of 2019\n\n\nNet income increased 11% from the second quarter of 2019, with revenue and operating income increasing marginally\n\n\nEntered into a binding agreement to purchase Weeden Prime, a leading prime brokerage services provider, and anticipate the acquisition closing by the end of 2019\n\n\n NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of financial services, today announced results for the third quarter of 2019, reporting net income of $1.1 million, basic and diluted earnings per share (\"EPS\") of $0.04, and revenue of $7.1 million.\n\n\n“We are very pleased to achieve our best financial quarter of 2019 on the heels of exciting new developments for our company. A major development this quarter was signing a binding agreement to acquire Weeden Prime Services, LLC (“Weeden Prime”). This acquisition will significantly increase and diversify our revenue, as well as bring a very experienced and dynamic management team led by their president, Andrew Formato, to the Siebert family. Weeden Prime’s business is complementary to our existing revenue streams and offers significant opportunities for our growth. We are waiting for final regulatory approval and anticipate the acquisition closing by the end of 2019,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert.\n\n\nAndrew H. Reich, CFO of Siebert, elaborated on the results of the quarter, saying, “We achieved our best financial quarter of 2019 in terms of revenue, operating income and net income. Notably, net income increased 11% from the previous quarter, with revenue and operating income increasing marginally. It is also incredible to note that revenue and operating income grew every quarter of 2019. We are also excited about the Weeden Prime acquisition, as it will add significant assets under management and will drive the next level of overall growth for our company.”\n\n\nSelected Financial Highlights\n\n\nThe following table summarizes the results for the below periods (unaudited):\n\n\n\n\n \n\n\n \n\n\n\n\n2019\n\n\n\n\n\n\n\nThree Months Ended\nSeptember 30\n\n\n\n\nThree Months Ended\nJune 30\n\n\n\n\nIncrease /\n(Decrease)\n\n\n\n\n\nRevenue\n\n\n\n\n$\n\n\n\n7,144,000\n\n\n\n\n$\n\n\n\n7,061,000\n\n\n\n\n$\n\n\n\n83,000\n\n\n\...