Exhibit 99
Contact: Grant Kurtz, President and Chief Executive Officer
Martin Lilienthal, Executive Vice President and Chief Financial
Officer
(860) 509-1000 ext. 2339
THE ADVEST GROUP, INC. REPORTS FOURTH QUARTER
AND FISCAL YEAR RESULTS
Hartford, CT October 26, 2000 - The Advest Group, Inc. today announced record
revenues, net income and earnings per share for its fiscal year which ended
September 30. Income from continuing operations was a record $20.7 million
($2.27 per diluted share) compared with $13.4 million ($1.46 per diluted share)
last year, a 55% increase. Net income was a record $21.0 million ($2.30 per
diluted share) compared with $13.6 million ($1.48 per diluted share) a year ago,
an increase of 55%. Total revenues rose 25% to $418.8 million, a record level
for the fifth consecutive year. Return on equity was 14.6% compared with 10.5%
last year. At September 30, book value was a record $17.07 per share.
For the fourth quarter, income from continuing operations rose 59% to $4.8
million compared with $3.0 million a year ago. Diluted earnings per share were
$.53 compared with $.33 last year, a 61% increase. Net income increased 46%
year-to-year. Total revenues were $102.4 million, up 19% from $86.3 million last
year.
"I couldn't be more pleased with our accomplishments during fiscal 2000,"
said Grant Kurtz, President and Chief Executive Officer. It is most satisfying
to close our final year as a public company with record revenues and profits,
and we look forward to even better results in the years ahead as we join The
MONY Group."
For the 2000 fiscal year, Advest, Inc., the Company's broker/dealer
subsidiary, reported record revenues and pre-tax profits. Advest, Inc.
posted pre-tax earnings of $34.8 million, up 38% from $25.2 million in fiscal
1999. Total revenues were $413.7 million, a 25% year-to-year increase and a
record high for the sixth consecutive year.
<PAGE>
The Advest Group, Inc.
Fourth Quarter Report
Page 2 of 4
Fourth quarter pre-tax profits for Advest, Inc. were $8.2 million, a 38%
increase from $5.9 million last year. Total revenues increased 18% to $101.0
million.
"Our Private Client Group turned in another outstanding performance,
achieving record revenues, profitability and financial advisor productivity for
a sixth consecutive year," Mr. Kurtz noted. "Advest's Fixed Income Capital
Markets Group also had an exceptional year with solid gains attained from retail
sales and institutional sales and trading. On the equity side, our Nasdaq
trading desk handled record volumes of agency and principal business throughout
the year and posted significantly improved trading results as well."
On August 24, 2000, the Company signed a definitive agreement to be
acquired by The MONY Group, a New York City-based financial services company
(NYSE:MNY). Since the acquisition was announced, both Hart-Scott-Rodino and NASD
clearance have been received and the Advest proxy has been filed with the SEC.
Proxies were mailed to Advest shareholders and are due November 20, 2000 when
Advest will hold a special meeting to vote on the transaction. Teams of
executives from both companies are working on critical business issues,
including revenue generating opportunities and business process alignment.
"Our plan to join The MONY Group has been well received by our customers,
employees and investors," said Mr. Kurtz. "Through our efforts thus far, the
benefits to Advest have become even more evident, specifically in the areas of
financial resources, technological development and customer relationship
management."
In other news, in June, Boston Advisors, Inc., the Company's investment
advisory subsidiary, launched three money funds - a money market fund, a U.S.
Government fund and a tax-free fund. Over $1.0 billion of funds designated for
investment in money funds by brokerage clients of Advest, Inc. has been
transferred into the Boston Advisor funds. The Company can generate a more
competitive yield by managing the money funds in-house.
On October 16, The Company paid a dividend to shareholders of record on
September 30, 2000. At September 30, 2000, 8,833,789 shares of common stock were
outstanding.
<PAGE>
The Advest Group, Inc.
Fourth Quarter Report
Page 3 of 4
The Advest Group, Inc. is a diversified financial company listed on the
New York Stock Exchange under the symbol ADV. Advest, Inc., its principal
subsidiary, provides brokerage, trading, investment banking and asset management
services to retail and institutional investors through 97 sales offices in 15
states and Washington, DC. Advest Bank and Trust, provides trust and custody
services primarily through Advest, Inc.'s branch network. For more information,
visit our Internet site at www.advest.com.
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The Advest Group, Inc.
Fourth Quarter Report
Page 4 of 4
THE ADVEST GROUP, INC. COMPARATIVE RESULTS
(In thousands, except per share amounts)
Quarters Ended Fiscal Years Ended
9/30/00 9/30/99 9/30/00 9/30/99
------- ------- ------- -------
REVENUES $102,398 $86,266 $ 418,752 $ 335,238
Income before taxes $ 8,195 $ 5,060 $ 35,127 $ 22,312
INCOME FROM CONTINUING
OPERATIONS $ 4,835 $ 3,036 $ 20,730 $ 13,387
Income from discontinued
Operations, net of taxes $ -- $ 274 $ 294 $ 877
Loss on sale of discontinued
Operations, net of taxes $ -- $ (8) $ -- $ (713)
NET INCOME $ 4,835 $ 3,302 $ 21,024 $ 13,551
Shareholders' equity $ 150,800 $ 135,136
Total assets $2,088,889 $1,462,621
Per share data:
Basic earnings:
CONTINUING OPERATIONS $ 0.62 $ 0.38 $ 2.61 $ 1.67
Discontinued operations $ -- $ 0.03 $ 0.04 $ 0.11
Loss on sale of
discontinued
Operations $ -- $ -- $ -- $ (0.09)
NET INCOME $ 0.62 $ 0.41 $ 2.65 $ 1.69
Diluted earnings:
CONTINUING OPERATIONS $ 0.53 $ 0.33 $ 2.27 $ 1.46
Discontinued operations $ -- $ 0.03 $ 0.03 $ 0.10
Loss on sale of
discontinued
operations $ -- $ -- $ -- $ (0.08)
NET INCOME $ 0.53 $ 0.36 $ 2.30 $ 1.48
CASH DIVIDENDS $ 0.06 $ 0.05 $ 0.23 $ 0.19
BOOK VALUE $ 17.07 $ 15.14
Average shares outstanding:
Basic 7,854 7,984 7,919 7,996
Diluted 9,121 9,208 9,157 9,181
