Business
Siebert Reports Fourth Quarter and Full Year 2022 Financial Results
NEW YORK--(BUSINESS WIRE)-- Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial
About this update from Siebert Financial Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a diversified provider of financial services, today reported financial results for the fourth quarter and full year ended December 31, 2022.\n\nFull Year 2022 Financial Highlights\n\n\nRevenue of $50.1 million compared to $67.5 million in 2021\n\n\nPretax loss* of $4.3 million compared to pretax income of $6.8 million in 2021\n\n\nSiebert achieved pretax income of $4.3 million in 2022 excluding certain non-operating expenses of $4.7 million and an unrealized loss on its U.S. government securities of $3.9 million\n\n\nNet loss available to common stockholders of $2.0 million compared to net income available to common stockholders of $5.1 million in 2021\n\n\nLoss per share of $0.06 compared to earnings per share of $0.16 in 2021\n\n\nManagement Commentary\n\n“During a volatile and challenging market environment in 2022, Siebert continued to build the foundation for future growth,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert. “While our performance this year was disappointing primarily due to certain expenses that are not ongoing, we remain confident in our offerings and have numerous initiatives underway to build a more diversified business, capitalize on the evolving needs of our clients and position Siebert for success. We continue to expand our corporate services offering and broker-dealer capabilities while strengthening Siebert’s presence in the Greater Miami area to have further geographical reach for our clients. Looking ahead, we remain well-positioned to empower our clients’ success and will continue to build on Muriel Siebert’s legacy and modernize our offerings to meet client demand.”\n\nAndrew Reich, CFO of Siebert, commented: “While we had an net loss in 2022, a substantial portion of this loss was driven by certain non-operating expenses of $4.7 million as well as a temporary unrealized loss of $3.9 million on our U.S. government securities portfolio, which we anticipate to be reversed over the maturities of the securities (the large majority of which mature by the end of 2023). Siebert achieved pretax income of $4.3 million in 2022 excluding these items.\n\nOur Securities Finance division delivered 22% topline growth in 2022 and remains a key growth driver for Siebert. We also benefited from the rising i...