Siebert Financial Corp. Reports Financial Results for Second Quarter of 2019

Siebert Financial Corp. (NASDAQ:SIEB) (“Siebert”), a provider of financial services, today announced results for the second quarter of 2019, reporting net income of $1.0 million, basic and diluted earnings per share (EPS) of $0.04, and revenue of $7.1 million.

“This was a tremendous quarter with many milestones to celebrate. From the financial perspective, in comparison to the first quarter of 2019, revenue was up 10% and operating profit was up 5%. In addition, we are proud to be included in the Russell 2000 Index as part of the 2019 Russell U.S. Indexes reconstitution,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert.

Mrs. Gebbia continued, “A major development to enhance our growth was signing a binding letter of intent to acquire the remaining 85% of StockCross. The acquisition of StockCross will add market-making, equity stock plan services, IRA custodianship, securities lending, and clearing capability to Siebert. At the close of the transaction, Siebert will gain $1 billion in customer assets, three retail branches, as well as additional service personnel and depth of management.

“We believe that this transaction will enhance our recent revenue growth and provide significant opportunities for cost synergies. The acquisition of StockCross will create a better capitalized and more efficient company that is optimally positioned to meet the rapidly changing marketplace and our customers’ needs,“ added Mrs. Gebbia.

Selected Financial Highlights

The following table summarizes the results for the below periods (unaudited):

		2019
		Three Months Ended June 30			Three Months Ended March 31			Increase / (Decrease)
Revenue		$	7,061,000		$	6,429,000		$	632,000
Operating profit		$	1,441,000		$