Business
Siebert Reports Second Quarter 2021 Financial Results
NEW YORK--(BUSINESS WIRE)-- Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, today announced results for the second
About this update from Siebert Financial Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nSiebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, today announced results for the second quarter ended June 30, 2021.\n\nSecond Quarter 2021 Financial Highlights\n\n\nRevenue of $16.8 million, up 33% from the prior year period\n\n\nPre-tax income of $1.9 million, up 291% from the prior year period\n\n\nPre-tax margin of 11.4%, an improvement compared to 3.9% in the prior year period\n\n\nEarnings per share of $0.05 increased from $0.02 in the prior year period\n\n\nRetail customer net worth of $16.0 billion, an improvement compared to $14.6 billion at the end of 2020\n\n\n“We delivered strong results in the second quarter as the strategic acquisitions and initiatives we’ve made continue to benefit our bottom line and enhance our customer offerings,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert. “During the quarter, we delivered year-over-year revenue growth across our key divisions, putting us in a strong position to capitalize on market conditions through 2021. The growth in retail customer net worth reinforces our belief that our offerings are resonating with customers, and we look forward to capitalizing on opportunities to meet the ever-changing needs of our customers.”\n\nAndrew Reich, CFO of Siebert, commented: “We had strong results during the second quarter, highlighted by a 33% year-over-year increase in revenue, driven by our Securities Finance and Market Making divisions. Our Securities Finance division generated revenue of $2.2 million in the quarter, beating its revenue in the prior year period by 191% due to the onboarding of key personnel and expansion of stock loan functions. Our Market Making division has been performing well reflected by the 186% growth in revenue, driven by robust market conditions. During the first six months of 2021, we delivered a 54% increase in pre-tax income compared to the full year of 2020. Our financial performance in the quarter and first half of the year is encouraging and we continue to identify opportunities to drive revenue, profitability, and improve efficiencies, including implementing cost-saving measures to reduce our occupancy expenses and reduce fixed vendor costs.”\n\nNotice to Investors\n\nThis communication is provided for informational purposes only and is neither an offer to...