-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LSHueVGcJY0hr6J1bG9jjpo5PusP7zJQqtp8YEkEJICJ26sttvsNQqm+U1ywEHf0 cifHjecJzKzK7PmbhVI+Kg== 0000891092-97-000460.txt : 19971118 0000891092-97-000460.hdr.sgml : 19971118 ACCESSION NUMBER: 0000891092-97-000460 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971117 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIEBERT FINANCIAL CORP CENTRAL INDEX KEY: 0000065596 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 111796714 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: SEC FILE NUMBER: 000-05703 FILM NUMBER: 97723076 BUSINESS ADDRESS: STREET 1: 885 THIRD AVENUE STREET 2: SUITE 1720 CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2126442400 MAIL ADDRESS: STREET 1: 182 SMITH ST CITY: BROOKLYN STATE: NY ZIP: 11201 FORMER COMPANY: FORMER CONFORMED NAME: MICHAELS J INC DATE OF NAME CHANGE: 19950221 10QSB/A 1 AMENDMENT TO FORM 10QSB SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-QSB/A1 Amendment No. 1 to Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended Commission file number 0-5703 September 30, 1997 SIEBERT FINANCIAL CORP. (Exact name of small business issuer as specified in its charter) New York 1-1796714 (State or other jurisdiction of (I.R.S. Employer Identification Number) incorporation or organization) 885 Third Avenue, Suite 1720 New York, New York 10022 (Address of principal executive offices) Issuer's telephone number, including area code: (212) 644-2400 Former name, former address and former fiscal year, if changed since last report: Not Applicable Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _X_ No ____ State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date: 5,237,610 shares of Common Stock outstanding on November 7, 1997. Transitional Small Business Disclosure Format: Yes ___ No _X_ EXPLANATORY NOTE This Form 10-QSB/A1 is being filed by Siebert Financial Corp., a New York corporation (the "Company"), as an amendment to its Quarterly Report on Form 10-QSB for the quarterly period ended September 30, 1997, filed November 14, 1997, to (1) refile the Company's unaudited Consolidated Statements of Income for the three and nine months ended September 30, 1996 and 1997 to correct an error contained therein and (2) include Exhibit 27 inadvertently omitted therefrom. PART I - FINANCIAL INFORMATION Item 1. Financial Statements SIEBERT FINANCIAL CORP. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
For the Three Months Ended For the Nine Months Ended September 30, September 30, ---------------------------- ------------------------------- 1997 1996 1997 1996 ---------- ---------- ----------- ----------- Revenues: Commissions $5,040,511 $4,185,811 $14,499,306 $15,049,674 Trading gains, net 328,032 195,679 1,147,709 645,345 Interest and dividends 246,646 152,206 530,484 498,060 Investment banking 1,627,056 717,569 2,975,917 1,880,730 ---------- ---------- ----------- ----------- Total revenues 7,242,245 5,251,265 19,153,416 18,073,809 ---------- ---------- ----------- ----------- Expenses: Compensation and benefits 2,019,456 1,454,083 5,825,992 4,759,256 Clearing fees and floor brokerage 1,242,845 1,014,741 3,415,125 3,431,071 Advertising and promotion 641,413 724,621 2,180,593 2,700,392 Communications 371,088 303,698 1,211,702 968,164 Interest 99,586 73,365 306,427 212,368 Rent and occupancy 163,927 90,354 490,025 271,436 Other general and administrative 869,122 339,033 2,371,610 1,478,062 ---------- ---------- ----------- ----------- Total expenses 5,407,437 3,999,895 15,801,474 13,820,749 ---------- ---------- ----------- ----------- Income before provision for taxes 1,834,808 3,351,942 Provision for income taxes - current 801,485 1,474,571 ----------- ----------- Net income $ 1,033,323 $ 1,877,371 =========== =========== Net income - historical 1,251,370 4,253,060 Pro forma provision for income taxes (1) 550,603 1,871,346 ---------- ----------- Net income - pro forma $ 700,767 $ 2,381,714 ========== =========== Per share of common stock: Net income $ 0.20 $ 0.36 Net Income - pro forma $ 0.13 $ 0.45 Weighted average common shares deemed outstanding 5,237,610 5,235,897 5,237,290 5,235,897
(1) The pro forma provision for income taxes represents income taxes which would have been provided had Siebert operated as a C corporation. The accompanying notes to financial statements are an integral part hereof. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 - Financial Data Schedule (Edgar filing only) (b) Reports on Form 8-K None SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this Amendment No. 1 to report to be signed on its behalf by the undersigned, thereunto duly authorized. SIEBERT FINANCIAL CORP. Date: November 17, 1997 By: /s/ Muriel F. Siebert -------------------------------------- Muriel F. Siebert Chair and President (on behalf of the registrant) Date: November 17, 1997 By: /s/ Richard M. Feldman -------------------------------------- Richard M. Feldman Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) EX-27 2 FDS --
5 9-MOS DEC-31-1996 SEP-30-1997 1,761,236 11,574,447 3,644,735 0 0 16,980,418 398,202 108,334 18,394,162 5,144,167 4,300,000 0 0 52,376 8,897,619 18,394,162 0 19,153,416 0 15,801,474 0 0 0 3,351,942 1,474,571 0 0 0 0 1,877,371 .36 .36
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