-----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, SamKp44PugvzCk4ie2dpbiJquCcah3rrNlprsS46eCj22ghuuZR3ANvj/maAOTHF i0FhA6XYzMOIGawaUI1CDA== 0000083125-00-000009.txt : 20000519 0000083125-00-000009.hdr.sgml : 20000519 ACCESSION NUMBER: 0000083125-00-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST MONTAUK FINANCIAL CORP CENTRAL INDEX KEY: 0000083125 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 221737915 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-06729 FILM NUMBER: 639255 BUSINESS ADDRESS: STREET 1: 328 NEWMAN SPRINGS RD STREET 2: PKWY 109 OFFICE CTR CITY: RED BANK STATE: NJ ZIP: 07701 BUSINESS PHONE: 7328424700 MAIL ADDRESS: STREET 1: 328 NEWMAN SPRINGS RD STREET 2: PKWY 109 OFFICE CTR CITY: RED BANK STATE: NJ ZIP: 07701 FORMER COMPANY: FORMER CONFORMED NAME: MCC PRESIDENTIAL INC DATE OF NAME CHANGE: 19871203 FORMER COMPANY: FORMER CONFORMED NAME: RENAULT WINERY INC DATE OF NAME CHANGE: 19740725 FORMER COMPANY: FORMER CONFORMED NAME: PRESIDENTIAL APARTMENTS INC DATE OF NAME CHANGE: 19740327 10-Q 1 QUARTERLY REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ------------------ to ------------------ Commission File No. 0-6729 FIRST MONTAUK FINANCIAL CORP (Exact name of registrant as specified in its charter) New Jersey 22-1737915 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) Parkway 109 Office Center, 328 Newman Springs Rd., Red Bank, NJ 07701 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (732) 842-4700 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 9,888,627 Common Shares, no par value, were outstanding as of May 18, 2000. 02 FIRST MONTAUK FINANCIAL CORP. FORM 10-Q MARCH 31, 2000 INDEX Page PART I. FINANCIAL INFORMATION: Item 1. Financial Statements Consolidated Statements of Financial Condition as of March 31, 2000 and December 31, 1999 .................... 3 Consolidated Statements of Income for the Three Months Ended March 31, 2000 and 1999 .................... 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2000 and 1999 .................... 5 Notes to Financial Statements .................................. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations .................... 7-9 PART II. OTHER INFORMATION: Item 5. Other Information ......................................... 10 Item 6. Exhibits and Reports on Form 8-K ......................... 11 Signatures ....................................................... 12 03 FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION March 31, December 31, ASSETS 2000 1999 Cash $ 410,537 $ 686,980 Due from clearing firm 8,926,927 6,462,346 Trading and investment account securities 7,286,899 3,475,891 Commissions receivable 208,139 345,996 Global leases receivable 662,784 824,313 Notes receivable 330,884 482,531 Employee and broker receivables 488,091 452,285 Property and equipment - net 2,487,587 2,193,506 Due from officers 130,868 132,754 Deferred tax asset-net 849,884 664,256 Other assets 1,554,620 1,338,326 --------- --------- Total assets $ 23,337,220 $17,059,184 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Securities sold, but not yet purchased, at market $ 1,797,645 $ 180,280 Notes payable 1,326,178 1,477,428 Commissions payable 4,249,656 2,710,736 Accounts payable 1,193,407 525,809 Accrued expenses 1,252,323 1,072,552 Income taxes payable 1,391,824 510,226 Other liabilities 1,117,225 952,015 --------- --------- Total liabilities 12,328,258 7,429,046 --------- --------- Common stock issued with guaranteed selling price - no par value, 18,000 shares issued and outstanding 36,500 36,500 Commitments and contingencies (See Notes) Stockholders' equity Convertible preferred stock, 5,000,000 shares authorized, $.10 par value, 349,511 shares issued and outstanding, respectively; stated at liquidation value 34,951 34,951 Common Stock, no par value, 30,000,000 shares authorized, 9,594,427 and 10,035,943 shares issued and outstanding, respectively 5,204,078 5,185,818 Additional paid-in capital 4,112,489 4,080,730 Retained earnings 2,885,838 1,023,057 Less: Deferred compensation (473,052) (508,294) Less: Treasury stock (791,842) (222,624) --------- --------- Total stockholders' equity 10,972,462 9,593,638 --------- --------- --------- --------- Total liabilities and stockholders' equity $ 23,337,220 $ 17,059,184 ========= ========= See notes to financial statements.
04 FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Three months ended March 31, 2000 1999 Revenues: Commissions $ 16,964,578 $ 9,777,468 Principal transactions 5,437,252 2,266,084 Investment banking 1,231,177 77,024 Interest and other income 853,899 400,724 -------------- ---------------- 24,486,906 12,521,300 -------------- ---------------- Expenses: Commissions, employee compensation and benefits 17,582,502 9,490,279 Clearing and floor brokerage 1,395,130 1,108,935 Communications and occupancy 711,557 641,035 Legal matters and related costs 232,505 46,558 Other operating expenses 1,358,642 540,845 Interest 47,944 42,727 -------------- ---------------- 21,328,280 11,870,379 -------------- ---------------- Income before income taxes 3,158,626 650,921 Income taxes 1,270,306 2,952 -------------- ---------------- Net income $ 1,888,320 $ 647,969 ============== ================ Net income available to common stockholders $ 1,862,781 $ 647,969 ============== ================ Per share of Common Stock: Basic $ 0.19 $ 0.07 ============== ================ Diluted $ 0.17 $ 0.06 ============== ================ Weighted average common shares outstanding-basic 9,718,651 9,836,442 ============== ================ Weighted average common shares outstanding-diluted 11,524,388 10,562,910 ============== ================ See notes to financial statements. 05 FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Three months ended March 31, 2000 1999 INCREASE (DECREASE) IN CASH Cash flows from operating activities: Net income $ 1,888,320 $ 647,969 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 140,345 97,359 Amortization 76,160 55,429 Bad debt reserves 346,145 - Increase (decrease) in cash attributable to changes in operating assets and liabilities: Due from clearing firm (2,661,086) (39,705) Trading and investment account securities (3,811,008) (996,979) Commissions receivable 137,857 64,204 Due from officers 1,886 (757) Employee and broker receivables (35,806) 74,506 Other assets (216,294) 283,800 Deferred income taxes (185,628) - Securities sold but not yet purchased 1,617,365 157,156 Commissions payable 1,538,920 465,875 Accounts payable 667,600 (310,858) Accrued expenses 179,771 (275,774) Income taxes payable 881,598 - Other liabilities 141,208 (132,749) --------- --------- Total adjustments (1,180,967) (558,493) --------- --------- Net cash provided by operating activities 707,353 89,476 --------- --------- Cash flows from investing activities: Issuance of notes receivable - (167,000) Collection of notes receivable 2,006 24,268 Collection of Global leases receivable 161,529 - Additions to property and equipment (442,950) (144,865) Dispositions of property and equipment 8,523 - --------- --------- Net cash used in investing activities (270,892) (287,597) --------- --------- Cash flows from financing activities: Payment of notes payable-bank (106,788) (73,981) Payment of capital lease payable (29,619) (27,027) Proceeds from exercise of common stock options - 57,072 Payment of preferred stock dividend (25,539) - Exercise of stock options 18,260 - Repurchase of common stock (569,218) - --------- --------- Net cash used in financing activities (712,904) (43,936) --------- --------- Net decrease in cash (276,443) (242,057) Cash at beginning of 686,980 613,513 --------- --------- Cash at end of period $ 410,537 $ 371,456 ========= ========= Supplemental disclosures of cash flow information: Cash paid during the period for: Interest $ 47,944 $ 42,727 ========= ========= Income taxes $ 574,285 $ 2,952 ========= ========= See notes to financial statements.
06 FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - MANAGEMENT REPRESENTATION The accompanying financial statements are unaudited for the interim period, but include all adjustments (consisting only of normal recurring accruals) which management considers necessary for the fair presentation of results at March 31, 2000 and 1999. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period. Actual results could vary from these estimates. These financial statements should be read in conjunction with the Company's Annual Report at, and for the year ended December 31, 1999, as filed with the Securities and Exchange Commission on Form 10-K. The results reflected for the three-month period ended March 31, 2000, are not necessarily indicative of the results for the entire fiscal year to end on December 31, 2000. NOTE 2 - EARNINGS PER SHARE Basic EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution from the exercise stock options and the deemed conversion of preferred stock and convertible debt. NOTE 3 - SHARE REPURCHASE During the quarter ended March 31, 2000, the Company repurchased 294,200 shares of its common stock for $569,217 under a share repurchase program authorized in 1999. NOTE 4 - SUBSEQUENT EVENT - NEW CLEARING/FINANCIAL AGREEMENT In May 2000, the Company entered into a 10-year clearing agreement with Fiserv Securities, Inc. under which Fiserv will act as the Company's primary clearing broker. In connection with the clearing agreement, the Company and Fiserv also entered into a financial agreement under which Fiserv will provide a cash advance of $4,000,000 to the Company upon the date of conversion to Fiserv. The funds, net of federal and state income taxes, will be used primarily to enable the Company to pay for the cost of conversion to Fiserv and expand the Company's business. For financial reporting purposes, the Company will earn the advance in accordance with an amortization schedule established by the parties; however, the Company will incur an income tax liability at its effective tax rate on the entire advance in the year in which it is received. The Company is required to repay any unearned portion of the $4,000,000 in the event it fails to achieve certain minimum performance criteria or terminates the agreement under certain circumstances prior to the expiration date as well as penalties for early termination. Fiserv has also agreed to provide certain additional advances to the Company in the second, third and fourth years of the agreement under similar conditions provided the Company achieves certain performance criteria and subject to certain other conditions. These advances, if received, will also be amortized to income as earned during the term of the clearing agreement. The Company believes that the advance received net of taxes will be sufficient to pay for the anticipated costs of conversion. 07 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Results of Operations The Company achieved its most profitable period in its history for the quarter ended March 31, 2000 (the "2000 period"). Total revenues were a record $24,487,000, an increase of 96%, as compared to $12,521,000 for the 1999 period. Net income for the 2000 period was $1,863,000, or $.19 and $.17 per basic and diluted share, respectively, as compared to $648,000, or $.07 and $.06 per basic and diluted share respectively, in the comparable 1999 period. The Company attributes the dramatic results in both revenues and earnings to extraordinary demand for equity securities during the 2000 period, and the ability of our growing network of affiliated financial professionals to capitalize on favorable market conditions. Additionally, gains from proprietary trading and market-making activities also experienced substantial increases both in dollar terms and as a percentage of total revenues. For the 2000 period, principal transactions increased to $5,437,000, a 140% increase over the comparable period in 1999. Gains from equity transactions accounted for the largest increases, reflecting the positive momentum in Nasdaq-listed stocks during the current quarter. Commission revenues from the sale of listed and over-the-counter securities, mutual funds, insurance products, fees from managed accounts and other agency transactions increased to $15,918,000 (65% of total revenues) during the 2000 period as compared to $9,266,000 (74% of total revenues) in the 1999 period. The dollar increase resulted primarily from agency equity transactions as retail investment volume continued at strong levels during the 2000 period. Revenues from insurance-related products increased by $400,000, a 57% increase over the 1999 period. This illustrates the Company's continued commitment to diversifying into growing the insurance segment of its business. Investment banking revenues increased in the first quarter of 2000 to $1,231,177 from $77,000 in the 1999 period, an increase of over 1400%. This is attributable to a significant increase in investment banking activity during the 2000 period, which included the completion of an initial public offering for Jeremy's MicroBatch Ice Creams, Inc. and various private financings, from which the Company earned underwriting fees and concessions. During the 2000 period the Company paid commissions, employee compensation and employee benefits of $17,583,000 (72% of total revenues) as compared to $9,490,000 (76% of total revenues) in the 1999 period. This category includes salaries, commission expense, payroll taxes and fringe benefits for salaried employees. The Company paid salaries of $1,789,000 for management, operations and clerical personnel, as compared to $1,148,000 in 1999. The increase is the result of the combination of the hiring of additional management and clerical personnel and employee performance bonuses of approximately $325,000. Commissions paid to registered representatives for the 2000 period totaled $15,298,000 (62% of total revenues) as compared to $7,973,000 (64% of total revenues) in 1999. Commission compensation is directly related to the level of revenues generated from firm principal and agency trading, as well as the commission payout percentage to individual registered representatives. Commission expense as a percentage of total revenues will fluctuate within a narrow range depending upon the product mix of commission-based business and principal transactions. This percentage will also fluctuate based upon the relative contribution to revenues from the Company's in-house brokers and affiliate offices. In-house brokers usually receive a lower commission payout than independent affiliates but are not generally required to pay their own overhead. Clearing costs increased in 2000 to $1,395,000 (6% of total revenues) from $1,109,000 (9% of total revenues) in 1999. The dollar increase is directly related to the level of transaction volume and is attributable to a larger number of overall transactions by the firm's registered representatives. The percentage increase of clearing costs to gross revenues can and do fluctuate depending upon the product mix. Some transactions, such as options and bonds, have a higher execution and clearing cost than others. The Company has recently entered into a new clearing agreement with Fiserv Securities, Inc. (Fiserv). The Company will move its clearing from Schroder & Co. during the third quarter of 2000. (See "Liquidity and Capital Resources"). Communications and occupancy costs were $712,000 (3% of total revenues) for the 2000 period as compared to $641,000 (5% of total revenues) for the 1999 period. This is primarily due to increases in the areas of technology support, data market services and software enhancements. Legal matters and related costs during the 2000 period were $232,000 as compared to $47,000 for the same period in 1999. The majority of these expenses were attributable to defense costs involving various customer arbitrations and litigations related to its securities business. These claims are in various stages and are being vigorously contested. 08 The Company has filed suit against one of its insurance carriers to compel coverage of several settled claims. There can be no assurance that the Company will be successful in its efforts to recover funds from its insurers on settled claims, or that monetary losses, if any, from future claims, settlements or adverse awards or judgments will be covered under the Company's existing insurance policies. Other operating expenses increased to $1,359,000 (6% of total revenues) in 2000 from $541,000 (4% of total revenues) in 1999. Consulting fees, which increased to $163,000, included the hiring of outside consultants to assist in the upgrading of information retrieval systems and reporting capabilities, and the use of an outside firm to handle compliance audits of affiliated offices. Also included in other operating expenses is a charge of $464,000 for broker loans and other receivables which management deemed to be uncollectible. As anticipated, costs for marketing and advertising increased by $100,000, as the Company launched its advertising and business development campaign for its Century Discount Investments division. The effective tax rate for the three months ended March 31, 2000 was 40% as compared to less than 1% in the comparable 1999 period. The 1999 provision reflects minimum state taxes only. Tax expense accrued at regular statutory rates on 1999 income was entirely offset by the reduction of deferred tax valuation allowances established in fiscal 1998. Operating results will continue to be dependant upon general economic and securities market conditions, and management's ability to continue to recruit successful registered representatives and contain administrative costs. Subsequent to March 31, 2000, the U.S. stock markets experienced significant price and volume declines, as well as a loss of liquidity resulting from a more cautious investor outlook. These factors are expected to slow the unprecedented pace of revenue and income growth that the Company experienced in the first quarter of 2000. Liquidity and Capital Resources The Company maintains a highly liquid balance sheet with 72% of the Company's assets consisting of cash, securities owned, and receivables from the Company's clearing firm and other broker-dealers. Market-making and other securities dealer activities require the Company to carry significant levels of securities inventory in order to meet customer and internal trading needs. The balances in the Company's cash, inventory and clearing firm accounts can and do fluctuate significantly from day to day, depending on market conditions, daily trading activity, and investment opportunities. The Company monitors these accounts on a daily basis in order to ensure compliance with regulatory capital requirements and to preserve liquidity. Net cash from operating activities during the 2000 period provided cash of $707,000. Cash was generated primarily from net income of $1,888,000, the increase in securities sold but not yet purchased, and commissions payable of $1,617,000 and $1,539,000, respectively, and non-cash adjustments of $563,000. Non-cash adjustments consisted of depreciation charges, amortization of stock option compensation, non-cash losses and loan reserves. These inflows were partially offset by an increase in long inventory positions of $3,811,000 and the receivable from the Company's clearing firm of $2,661,000. The Company also paid down accounts payable and other current liabilities by $1,870,000 during the 2000 period. Investing activities required cash of $271,000 during the first quarter of 2000. Additions to capital expenditures consumed $443,000, primarily for the purchase of a specialized telecommunications system for trading operations, and computers and office equipment for administrative use. The Company projects expenditures for technology and other capital needs to be approximately $500,000 for the remainder of fiscal 2000. The collection of Global leases receivable provided cash of $162,000. Financing activities used cash of $713,000 during the 2000 period. A total of $569,000 was used to repurchase 294,200 of the Company's outstanding shares pursuant to a stock repurchase program authorized by the board of directors in August 1999. In addition, the Company made notes and capital lease repayments of $136,000 and dividend payments to preferred stockholders of $26,000. A total of $18,000 was received from the exercise of 14,800 stock options by various individuals during the year. 09 In May 2000, the Company entered into a 10-year clearing agreement with Fiserv Securities, Inc. under which Fiserv will act as the Company's primary clearing broker. In connection with the clearing agreement, the Company and Fiserv also entered into a financial agreement under which Fiserv will provide a cash advance of $4,000,000 to the Company upon the date of conversion to Fiserv. The funds, net of federal and state income taxes, will be used primarily to enable the Company to pay for the cost of conversion to Fiserv and expand the Company's business. For financial reporting purposes, the Company will earn the advance in accordance with an amortization schedule established by the parties; however, the Company will incur an income tax liability at its effective tax rate on the entire advance in the year in which it is received. The Company is required to repay any unearned portion of the $4,000,000 in the event it fails to achieve certain minimum performance criteria or terminates the agreement under certain circumstances prior to the expiration date as well as penalties for early termination. Fiserv has also agreed to provide certain additional advances to the Company in the second, third and fourth years of the agreement under similar conditions provided the Company achieves certain performance criteria and subject to certain other conditions. These advances, if received, will also be amortized to income as earned during the term of the clearing agreement. The Company believes that the advance received net of taxes will be sufficient to pay for the anticipated costs of conversion. 10 PART II OTHER INFORMATION Item 5. Other Information. In May 2000, the Company entered into a 10-year clearing agreement with Fiserv Securities, Inc. under which Fiserv will act as the Company's primary clearing broker. In connection with the clearing agreement, the Company and Fiserv also entered into a financial agreement under which Fiserv will provide a cash advance of $4,000,000 to the Company upon the date of conversion to Fiserv. The funds, net of federal and state income taxes, will be used primarily to enable the Company to pay for the cost of conversion to Fiserv and expand the Company's business. For financial reporting purposes, the Company will earn the advance in accordance with an amortization schedule established by the parties; however, the Company will incur an income tax liability at its effective tax rate on the entire advance in the year in which it is received. The Company is required to repay any unearned portion of the $4,000,000 in the event it fails to achieve certain minimum performance criteria or terminates the agreement under certain circumstances prior to the expiration date as well as penalties for early termination. Fiserv has also agreed to provide certain additional advances to the Company in the second, third and fourth years of the agreement under similar conditions provided the Company achieves certain performance criteria and subject to certain other conditions. These advances, if received, will also be amortized to income as earned during the term of the clearing agreement. The Company believes that the advance received net of taxes will be sufficient to pay for the anticipated costs of conversion. During the quarter ended March 31, 2000, the Company repurchased 294,200 shares of its common stock for $569,217 under a share repurchase program authorized in 1999. 11 Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit 11 - Computation of Earnings Per Share Exhibit 27 - Financial Data Schedule (b) Reports on Form 8-K There were no reports on Form 8-K filed. 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FIRST MONTAUK FINANCIAL CORP. (Registrant) Dated: May 18, 2000 /s/ William J. Kurinsky ------------------------- William J. Kurinsky Secretary/Treasurer Chief Financial Officer and Principal Accounting Officer /s/ Herbert Kurinsky ------------------------- Herbert Kurinsky President 13 EXHIBIT INDEX ------------- Exhibit 11 - Computation of Earnings Per Share Exhibit 27 - Financial Data Schedule EX-11 2 COMPUTATION OF EARNINGS PER SHARE Exhibit 11 First Montauk Financial Corp. Computation of Earnings Per Share Three months ended March 31, 2000 1999 Numerator: Basic: Net income (loss) $ 1,888,320 $ 647,969 Deductions: Preferred stock dividends (25,539) - ----------- --------- Net income (loss) for basic computation [A] $ 1,862,781 $ 647,969 =========== ========= Diluted: Net income (loss) for basic computation $ 1,862,781 $ 647,969 Additions: Preferred stock dividends 25,539 - Interest on convertible debt, net of taxes 14,046 12,968 ---------- ---------- Net income (loss) for diluted computation [B] $ 1,902,366 $ 660,937 ========== ========== Denominator: Basic: Weighted average common shares outstanding [C] 9,718,651 9,836,442 ========== ========== Diluted: Weighted average common shares outstanding-basic 9,718,651 9,836,442 Additions: Incremental shares from assumed conversion of stock options and warrants using the treasury stock method 381,452 346,468 Incremental shares from assumed conversion of convertible debt and preferred stock using the if-converted method 1,424,285 380,000 ---------- ---------- Weighted average common and common equivalent shares outstanding-diluted [D] 11,524,388 10,562,910 ========== ========== Per share: Basic [A]/[C] $ 0.19 $ 0.07 Diluted [B]/[D] $ 0.17 $ 0.06
EX-27 3 FDS --
BD This Schedule contains summary financial information extracted from Consolidated Statement of Financial Condition at March 31, 2000 and Consolidated Statement of Income -- Three Months ended March 31, 2000 and is qualified in its entirety by reference to such financial statements included in Form 10-Q for March 31, 2000. 1,000 0000083125 First Montauk Financial Corp. 3-mos Dec-31-2000 Jan-1-2000 Mar-31-2000 411 10,617 0 0 7,287 2,488 23,337 0 8,087 0 0 1,798 0 0 35 5,204 5,733 23,337 5,437 618 16,965 1,231 179 48 17,583 3,159 3,159 0 0 1,888 .19 .17
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