Message #8 From:
NewsBot Date: November 15, 2005 07:19:00 AM
FMFK News CORRECTING and REPLACING First Montauk Announces Third Quarter and Nine Month Results for Fiscal 2005
RED BANK, N.J.--(BUSINESS WIRE)--Nov. 15, 2005--Second graph, second sentence of release should read: ...applicable to common stockholders of $17,000 (sted ...applicable to common stockholders of $40,000).
The corrected release reads:
FIRST MONTAUK ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS FOR FISCAL 2005
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, 2005.
Revenues for the third quarter ended September 30, 2005 increased by 7% to $12.5 million compared to $11.7 million for the same period in 2004. The Company reported a net loss applicable to common stockholders of $700,000 or ($.05) per basic and ($.04) per diluted share for the three month period compared to a net income applicable to common stockholders of $17,000 or $.00 per basic and diluted share for the same period in 2004.
For the nine months ended September 30, 2005, revenues remained fairly constant at $44.67 million compared to $44.81 million during the same period in 2004. The Company reported a net income applicable to common stockholders for the nine months of $2.6 million or $.19 per basic and $.14 per diluted share, compared to a net income applicable to common stockholders of $235,000 or $.03 per basic and $.02 per diluted share for the same period in 2004.
Victor K. Kurylak, President and CEO of Montauk Financial Group, commented, "Despite continued market fluctuations, the Company is progressing on its core initiatives of increased efficiencies, cost containment and the addition of high quality financial professionals to our network of affiliated registered representatives."
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 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, 2005, 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)
2005 2004 2005 2004
---- ---- ---- ----
Revenues $ 44,670 $ 44,810 $ 12,524 $ 11,747
Expenses 41,791 44,489 13,178 11,711
--------- --------- --------- ---------
Income (loss) before
income taxes $ 2,879 $ 321 $ (654) $ 36
========= ========= ========= =========
Net income (loss)
applicable to common
stockholders $ 2,571 $ 235 $ (700) $ 17
========= ========= ========= =========
Earnings (loss) per
share of common
stock:
Basic $ 0.19 $ 0.03 $ (0.05) $ 0.00
========= ========= ========= =========
Diluted $ 0.14 $ 0.02 $ (0.04) $ 0.00
========= ========= ========= =========
Weighted average
number of shares of
stock outstanding:
Basic 13,859,366 9,291,318 14,622,209 9,516,709
Diluted 20,116,007 15,713,257 14,622,209 9,618,770
