SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-QSB/A1
Amendment No. 1 to
Quarterly Report Under Section 13
or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended Commission file number 0-5703
September 30, 1997
SIEBERT FINANCIAL CORP.
(Exact name of small business issuer as specified in its charter)
New York 1-1796714
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
885 Third Avenue, Suite 1720
New York, New York 10022
(Address of principal executive offices)
Issuer's telephone number, including area code: (212) 644-2400
Former name, former address and former fiscal year, if changed since last
report: Not Applicable
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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 ____
State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest practical date: 5,237,610 shares of Common Stock
outstanding on November 7, 1997.
Transitional Small Business Disclosure Format: Yes ___ No _X_
<PAGE>
EXPLANATORY NOTE
This Form 10-QSB/A1 is being filed by Siebert Financial Corp., a New York
corporation (the "Company"), as an amendment to its Quarterly Report on Form
10-QSB for the quarterly period ended September 30, 1997, filed November 14,
1997, to (1) refile the Company's unaudited Consolidated Statements of Income
for the three and nine months ended September 30, 1996 and 1997 to correct an
error contained therein and (2) include Exhibit 27 inadvertently omitted
therefrom.
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
SIEBERT FINANCIAL CORP. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
---------------------------- -------------------------------
1997 1996 1997 1996
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Revenues:
Commissions $5,040,511 $4,185,811 $14,499,306 $15,049,674
Trading gains, net 328,032 195,679 1,147,709 645,345
Interest and dividends 246,646 152,206 530,484 498,060
Investment banking 1,627,056 717,569 2,975,917 1,880,730
---------- ---------- ----------- -----------
Total revenues 7,242,245 5,251,265 19,153,416 18,073,809
---------- ---------- ----------- -----------
Expenses:
Compensation and benefits 2,019,456 1,454,083 5,825,992 4,759,256
Clearing fees and floor brokerage 1,242,845 1,014,741 3,415,125 3,431,071
Advertising and promotion 641,413 724,621 2,180,593 2,700,392
Communications 371,088 303,698 1,211,702 968,164
Interest 99,586 73,365 306,427 212,368
Rent and occupancy 163,927 90,354 490,025 271,436
Other general and administrative 869,122 339,033 2,371,610 1,478,062
---------- ---------- ----------- -----------
Total expenses 5,407,437 3,999,895 15,801,474 13,820,749
---------- ---------- ----------- -----------
Income before provision for taxes 1,834,808 3,351,942
Provision for income taxes - current 801,485 1,474,571
----------- -----------
Net income $ 1,033,323 $ 1,877,371
=========== ===========
Net income - historical 1,251,370 4,253,060
Pro forma provision for income taxes (1) 550,603 1,871,346
---------- -----------
Net income - pro forma $ 700,767 $ 2,381,714
========== ===========
Per share of common stock:
Net income $ 0.20 $ 0.36
Net Income - pro forma $ 0.13 $ 0.45
Weighted average common shares
deemed outstanding 5,237,610 5,235,897 5,237,290 5,235,897
</TABLE>
(1) The pro forma provision for income taxes represents income taxes which
would have been provided had Siebert operated as a C corporation.
The accompanying notes to financial statements are an integral part hereof.
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 - Financial Data Schedule (Edgar filing only)
(b) Reports on Form 8-K
None
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this Amendment No. 1 to report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SIEBERT FINANCIAL CORP.
Date: November 17, 1997 By: /s/ Muriel F. Siebert
--------------------------------------
Muriel F. Siebert
Chair and President
(on behalf of the
registrant)
Date: November 17, 1997 By: /s/ Richard M. Feldman
--------------------------------------
Richard M. Feldman
Executive Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1997
<CASH> 1,761,236
<SECURITIES> 11,574,447
<RECEIVABLES> 3,644,735
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 16,980,418
<PP&E> 398,202
<DEPRECIATION> 108,334
<TOTAL-ASSETS> 18,394,162
<CURRENT-LIABILITIES> 5,144,167
<BONDS> 4,300,000
0
0
<COMMON> 52,376
<OTHER-SE> 8,897,619
<TOTAL-LIABILITY-AND-EQUITY> 18,394,162
<SALES> 0
<TOTAL-REVENUES> 19,153,416
<CGS> 0
<TOTAL-COSTS> 15,801,474
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,351,942
<INCOME-TAX> 1,474,571
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,877,371
<EPS-PRIMARY> .36
<EPS-DILUTED> .36
</TABLE>
