-----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, Lfxr7NNMLNeBxgU+06zzmFNINrag73CYd5/2j5rMSS6+M0k3K2ENSg9PzskZ+jvY 53gvPTmTe9pg62BbAx1CKw== 0000083125-03-000028.txt : 20031119 0000083125-03-000028.hdr.sgml : 20031119 20031119123835 ACCESSION NUMBER: 0000083125-03-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20031119 ITEM INFORMATION: FILED AS OF DATE: 20031119 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: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06729 FILM NUMBER: 031012175 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 8-K 1 nov2003.txt FORM 8-K DATED NOVEMBER 19, 2003 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) November 17, 2003 FIRST MONTAUK FINANCIAL CORP. (Exact name of Registrant as specified in charter) New Jersey 0-6729 22-1737915 (State or other jurisdic- (Commission (IRS Employer tion of incorporation) File Number) Identification No.) Parkway 109 Office Center, 328 Newman Springs Road, Red Bank, N.J. 07701 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (732) 842-4700 (Former name or former address, if changed since last report.) 02 Item 7: Financial Statements and Exhibits. - ------- -- ----------------------------------------------------- (c) Exhibits - ------- -- ----------------------------------------------------- - ------- -- ----------------------------------------------------- - ------- -- ----------------------------------------------------- - ------- -- ----------------------------------------------------- The following exhibit is filed herewith: - ------- -- ----------------------------------------------------- Exhibit No. Description 99.1 Press release issued by First Montauk Financial Corp. dated November 17, 2003. Item 12: Results of Operations and Financial Condition. On November 17, 2003, First Montauk Financial Corp. (the "Registrant") issued a press release announcing results for the fiscal quarter ended September 30, 2003. A copy of the press release is attached as exhibit 99.1. The information in this report shall not be deemed to be "filed" for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended. Unless expressly incorporated into a filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, made after the date hereof, the information contained herein shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. 03 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Dated: November 19, 2003 First Montauk Financial Corp. (Registrant) /s/ William J. Kurinsky By --------------------------- William J. Kurinsky Chief Financial Officer Exhibit 99.1 FIRST MONTAUK ANNOUNCES THIRD QUARTER AND NINE MONTHS RESULTS FOR 2003 Revenues for the Third Quarter Up 41% Red Bank, NJ - November 17, 2003 - First Montauk Financial Corp. (OTC/BB: FMFK), a nationwide provider of investment services through independent financial professionals, today announced financial results for the third quarter and nine months ended September 30, 2003. Revenues for the third quarter of 2003 rose 41%, to $15.2 million, compared to $10.7 million for the third quarter of 2002. The Company reported a net loss applicable to common stockholders of $289,000, or ($.03) per basic and diluted share for the third quarter of 2003. This compares to a net loss of $529,000, or ($.06) per basic and diluted share for the third quarter of 2002. The Company's revenues for the nine months ended September 2003 also increased, rising 16%, to $42 million, compared to $36.4 million for the same nine month period in 2002. The Company reported a net loss applicable to common stockholders of $2.1 million, or ($.25) per basic and diluted share for the nine month period of 2003. This compares to a net loss of $1.8 million, or ($.22) per basic and diluted share for the same period in 2002. Herb Kurinsky, President and CEO of Montauk Financial Group, commented, "The significant rise in revenue during the third quarter reflects a combination of improved investor confidence and the strong performance of our affiliated financial professionals. Although the Company reported a loss for the quarter, we believe it is a significant improvement over the first two quarters of fiscal 2003 and is the result of carefully targeted cost cutting measures and risk management strategies instituted by the firm." "A number of initiatives are underway, some of which are targeting reductions in future litigation costs that have negatively impacted the Company's earnings. We are cautiously optimistic that the Company will be successful in these efforts as we work hard towards the goal of returning to profitability," Kurinsky added. Montauk Financial Group is a service mark of First Montauk Securities Corp., Member NASD/SIPC. First Montauk Financial Corp. is the parent company of First Montauk Securities Corp., a registered securities broker/dealer headquartered in Red Bank, NJ, with approximately 60,000 retail and institutional accounts. The Company's ability to offer quality support services, research, web-based information systems and a competitive commission payout structure has attracted approximately 470 independent, professional registered representatives across the country. Additional information is available at the Company's website at www.montaukfinancial.com. Statements contained in this news release regarding expected financial results of the Company and First Montauk Securities Corp., are forward-looking statements, subject to uncertainties and risks, many of which are beyond the Company's control, including, but not limited to, market conditions, interest rate and currency fluctuations, dependence on key personnel, each of which may be impacted, among other things, by economic, competitive or regulatory conditions. These and other applicable risks are summarized under the caption "Factors Affecting Forward Looking Statements" in the Company's Form 10-Q for the third quarter ended September 30, 2003, as filed with the Securities and Exchange Commission. Forward-looking statements by their nature involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance. FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL DATA In 000's (except for per share amounts) Nine months Three months Ended September 30, Ended September 30, (unaudited) (unaudited) 2003 2002 2003 2002 ---- ---- ---- ---- Revenues $42,030 $36,364 $15,171 $10,739 Expenses 44,129 38,137 15,460 11,243 Net loss $ (2,099) $(1,773) $(289) $(504) Net loss applicable to common $ (2,124) $(1,848) $(289) $(529) stockholders Per share of common stock: $ (0.25) $(0.22) $(0.03) $(0.06) basic and diluted Number of common shares used 8,666,358 8,560,946 8,940,207 8,525,284 in basic and diluted loss per share
Contacts: Montauk Financial Group Montauk Financial Group William J. Kurinsky Katy Paul EVP, CFO Shareholder Relations 732-842-4700, ext. 4227 732-842-4700, ext. 4220 info@montaukfinancial.com -----END PRIVACY-ENHANCED MESSAGE-----