NEW YORK–(BUSINESS THREAD)–Siebert Financial Corp. (NASDAQ: SIEVE) (“Siebert”), a mission-driven financial services provider, today reported financial results for the second quarter ended June 30, 2022.
Financial data for the second quarter of 2022
Revenue of $11.7 million compared to $16.8 million in Q2 2021 Operating loss* of $0.5 million compared to operating income of $1.9 million Q2 2021. of $1.4 million in Q2 2021 Earnings per share of $0.02 compared to $0.05 in Q2 2021 Retail customer net worth of 13.8 thousand million compared to $16.8 billion at the end of 2021
Management comment
“During the first half of 2022, we have adapted to the changing business and economic conditions that have affected the capital markets and our clients,” said Gloria E. Gebbia, Siebert’s controlling shareholder and board member. “The diversity of our business led to improved financial results compared to last quarter as clients turned to us for our expertise and guidance in this volatile environment. We remain focused on our strategy of growth and in the investments we have made to modernize our offering and meet customer demand. As we enter the second half of the year, we are confident in our ability to navigate this environment and are well positioned to capitalize on evolving needs of our clients as a mission-driven company. We look forward to launching our correspondent compensation services that will further diversify our business. We are embracing this challenging environment to work closely with our clients throughout while staying focused on our long-term growth opportunities.”
Andrew Reich, CFO of Siebert, commented: “We delivered solid results this quarter despite continued pressure from difficult market conditions. The strong performance of our financing and securities advisory businesses helped to partially offset related weaker revenues with commissions and fees, principal transactions and market making relative to the prior-year period.Our securities finance division achieved another record quarter with revenue growth of 85% year-over-year in the second quarter and 89% from the prior year relative to the first half of 2021. Our operating loss improvement this quarter included an unrealized loss of $0.6 million on our US government securities portfolio in compared to $2.2 billion in the first quarter of 2022. Looking ahead, we remain focused on sustained revenue growth and managing dis cost control while adapting to changing market conditions. This quarter we started to benefit from the rising interest rate environment and we expect this trend to continue in the second half of the year.” **
*Operating income and operating loss represents the “Income (Loss) Before Provision for Income Taxes” line item in Siebert’s 2Q10-Q 2022 earnings statements.
**See Siebert’s 2022 Q2 10-Q, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Notice to investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company that has been in business and a member of the NYSE since 1967, when Muriel Siebert became the first woman to hold a seat on the NYSE and the first woman to lead one of its companies member
Siebert operates through its subsidiaries Muriel Siebert & Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., Rise Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. Through these entities, Siebert offers a full range of financial advisory and brokerage services including securities brokerage, investment advisory and insurance offerings, prime brokerage, capital introduction and plan administration solutions. corporate actions. For more than 50 years, Siebert has been a mission-driven company that values its customers, shareholders and employees. More information available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release, which are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. The statements Forward-looking statements include forward-looking statements. for, followed by or including the words “may”, “could”, “could”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “goal”, “project”, “attempt” and similar words or expressions. In addition, all statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements, which reflect the beliefs, objectives and expectations of our management as of the date hereof, are based on the best judgment of our management. All forward-looking statements speak only as of the date they are made. These forward-looking statements are subject to certain risks, uncertainties and assumptions related to factors that could cause actual results to differ materially from those anticipated in these statements, including, without limitation, the following: economic, social and political conditions, global economic recession. arising from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with customers and counterparties; risk of liability for errors in compensation functions; systemic risk; systems failures, delays and capacity limitations; network security risks; competition; dependence on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal issues; not maintain relationships with employees, customers, business partners or government entities; the inability to achieve synergies or implement integration plans and other consequences associated with the risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q.
We caution that the above list of factors is not exclusive, and new factors may emerge, or changes in the above factors may occur, which could affect our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by federal securities laws.
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