-----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, VEfciC4n/lNqzQd+5rav4jTL3uQnuJzB1ptKuCBViynHOl2gKWTb4p04F8x+pkHp 5rl8IEvMbw23fcO8QMZ5Vw== 0000083125-02-000024.txt : 20021210 0000083125-02-000024.hdr.sgml : 20021210 20021210160544 ACCESSION NUMBER: 0000083125-02-000024 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020930 FILED AS OF DATE: 20021210 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-06729 FILM NUMBER: 02853692 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: RENAULT WINERY INC DATE OF NAME CHANGE: 19740725 FORMER COMPANY: FORMER CONFORMED NAME: PRESIDENTIAL APARTMENTS INC DATE OF NAME CHANGE: 19740327 FORMER COMPANY: FORMER CONFORMED NAME: MCC PRESIDENTIAL INC DATE OF NAME CHANGE: 19871203 10-Q/A 1 amend10q93002.txt AMENDMENT TO FORM 10-Q FOR QUARTER ENDED 9/30/02. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2002 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 Former name, former address and former fiscal year, if changed since last report. Indicate by check mark whether the Registrant (l) 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 8,527,164 Common Shares, no par value, were outstanding as of December 10, 2002. Page 1 of 3 FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Nine months ended September 30, 2002 2001 (unaudited) (unaudited) INCREASE (DECREASE) IN CASH Cash flows from operating activities: Net loss $ (1,773,320) $ (3,477,036) -------------- -------------- Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 380,457 436,302 Amortization 11,580 148,635 Reserves and allowances - 200,000 Increase (decrease) in cash attributable to changes in assets and liabilities Due from clearing firm (502,860) (2,131,138) Trading and investment account securities 614,903 2,877,589 Due from officers (24,119) (24,855) Employee and broker receivables 770,519 (439,682) Deferred income taxes - (510,888) Other assets 259,983 (742,143) Income tax refund receivable 1,069,442 - Deferred income (416,822) (300,000) Securities sold but not yet purchased (141,729) (71,559) Commissions payable (885,350) 1,199,683 Accounts payable 141,433 467,385 Accrued expenses 1,700 43,069 Income taxes payable - (868,675) Other liabilities (457,508) (359,454) -------------- -------------- Total adjustments 821,629 (75,731) -------------- -------------- Net cash used in operating activities (951,691) (3,552,767) -------------- -------------- Cash flows from investing activities: Collection of notes receivable - 18,000 Collection of Global leases receivable 153,641 Additions to property and equipment (171,881) (300,432) -------------- -------------- Net cash used in investing activities (171,881) (128,791) -------------- -------------- Cash flows from financing activities: Payment of notes payable (185,558) (245,625) Payments of capital lease (146,891) (188,153) Proceeds from capital lease financing - 606,195 Payment toward purchase of treasury stock (25,016) (143,564) Payments of preferred stock dividends (74,518) (48,305) -------------- -------------- Net cash used in financing activities (431,983) (19,452) -------------- -------------- Net decrease in cash and cash equivalents (1,555,555) (3,701,010) Cash and cash equivalents at beginning of period 1,779,554 3,701,010 -------------- -------------- Cash and cash equivalents at end of period 223,999 - ============== ============== Supplemental disclosures of cash flow information: Cash paid (received) during the period for: Interest $ 69,712 $ 118,664 ============== ============== Income taxes $ (1,113,646) $ 894,331 ============== ============== Noncash financing activity: Property and equipment financed under capital leases $ - $ 662,290 ============== ============== See notes to financial statements.
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: December 10, 2002 /s/ William J. Kurinsky ---------------------------------- William J. Kurinsky Secretary/Treasurer Chief Financial Officer and Principal Accounting Officer /s/ Herbert Kurinsky ---------------------------------- Herbert Kurinsky President CERTIFICATIONS I, Herbert Kurinsky, Chief Executive Officer of First Montauk Financial Corp. certify that: 1. I have reviewed this Amendment No. 1 to quarterly report on Form 10-Q of First Montauk Financial Corp.; 2. Based on my knowledge, this amendment to quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this amendment to quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this amendment to quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d- 14) for the registrant and have: (a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this amendment to quarterly report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this amendment to quarterly report (the "Evaluation Date"); and (c) presented in this amendment to quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this amendment to quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 10, 2002 /s/ Herbert Kurinsky - ------------------------------------------- Herbert Kurinsky, Chief Executive Officer First Montauk Financial Corp. CERTIFICATIONS I, William J. Kurinsky, Chief Financial Officer of First Montauk Financial Corp. certify that: 1. I have reviewed this Amendment No. 1 to quarterly report on Form 10-Q of First Montauk Financial Corp.; 2. Based on my knowledge, this amendment to quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report; 3. Based on my knowledge, the financial statements, and other financial information included in this amendment to quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this amendment to quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d- 14) for the registrant and have: (a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this amendment to quarterly report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this amendment to quarterly report (the "Evaluation Date"); and (c) presented in this amendment to quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this amendment to quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 10, 2002 /s/ William J. Kurinsky - --------------------------------------------- William J. Kurinsky, Chief Financial Officer First Montauk Financial Corp. Exhibit 99.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to Quarterly Report of FIRST MONTAUK FINANCIAL CORP. (the "Company") on Form 10-Q for the period ending September 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Herbert Kurinsky, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Amendment to Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Amendment to Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Herbert Kurinsky - ----------------------------------- Herbert Kurinsky Chief Executive Officer December 10, 2002 Exhibit 99.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with Amendment No. 1 to Quarterly Report of FIRST MONTAUK FINANCIAL CORP. (the "Company") on Form 10-Q for the period ending September 30, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, William J. Kurinsky, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Amendment to Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Amendment to Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ William J. Kurinsky - ----------------------------------- William J. Kurinsky Chief Financial Officer December 10, 2002 -----END PRIVACY-ENHANCED MESSAGE-----