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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(D) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2000
--------------
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Exchange Act
For the transition period from __________ to __________
Commission File Number 0-5703
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SIEBERT FINANCIAL CORP.
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(Exact name of Small Business Issuer as Specified in its Charter)
New York 11-1796714
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
885 Third Avenue, New York, New York 10022
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(Address of principal executive offices)
(212) 644-2400
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(Issuer's telephone number, including area code)
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(Former Name, Former Address and Former Fiscal Year,
if Changed Since Last Report)
Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the 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 [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12,13 or 15(d) of the Securities and
Exchange of 1934 Act subsequent to the distribution of securities under a plan
confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: As of November 8, 2000,
there were 22,913,205 shares of Common Stock, par value $.01 per share,
outstanding.
Transitional Small Business Disclosure Format (check one):
Yes [ ] No [X]
<PAGE>
Unless the context otherwise requires, the "Company" or "Siebert"
shall mean Siebert Financial Corp. and its wholly owned subsidiaries.
The Company's quarterly and annual operating results are affected by a
wide variety of factors that could materially and adversely affect actual
results, including: changes in general economic and market conditions,
fluctuations in volume and prices of securities, changes and prospects for
changes in interest rates and demand for brokerage and investment banking
services, increases in competition within and without the discount brokerage
business through broader services offerings or otherwise, competition from
electronic discount brokerage firms offering greater discounts on commissions
than the Company, prevalence of a flat fee environment, decline in participation
in equity or municipal finance underwritings, decreased ticket volume in the
discount brokerage division, limited trading opportunities, increases in
expenses, changes in net capital or other regulatory requirements and risks
related to the Year 2000.
As a result of these and other factors, the Company may experience
material fluctuations in future operating results on a quarterly or annual
basis, which could materially and adversely affect its business, financial
condition, operating results, and stock price. Furthermore, this document and
other documents filed by the Company with the Securities and Exchange Commission
(the "SEC") contain certain forward looking statements with respect to the
business of the Company, including prospective financing arrangements. These
forward-looking statements are subject to certain risks and uncertainties,
including those mentioned above, which may cause actual results to differ
significantly from these forward-looking statements. The Company undertakes no
obligation to publicly release the results of any revisions to these
forward-looking statements which may be made to reflect events or circumstances
after the date when such statements were made or to reflect the occurrence of
unanticipated events. An investment in the Company involves various risks,
including those mentioned above and those which are detailed from time to time
in the Company's SEC filings.
Part I Financial Information
Item 1 Financial Statements
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<PAGE>
SIEBERT FINANCIAL CORP. & SUBSIDIARY
Consolidated Statements of Financial Condition
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
---- ----
(unaudited)
ASSETS
<S> <C> <C>
Cash and cash equivalents $28,909,000 $22,882,000
Cash equivalents restricted 1,300,000 1,300,000
Receivable from clearing broker 1,648,000 2,358,000
Securities owned, at market value 4,480,000 2,653,000
Furniture, equipment and leasehold improvements, net 1,494,000 729,000
Investment in affiliate 910,000 1,097,000
Prepaid expenses and other assets 1,183,000 1,286,000
--------- ---------
$39,924,000 $32,305,000
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Securities sold, not yet purchased, at market value $ 4,000 $50,000
Accounts payable and accrued liabilities 3,973,000 2,801,000
--------- ---------
3,977,000 2,851,000
--------- ---------
Commitments and contingent liabilities
Stockholders' equity:
Common stock, $.01 par value; 49,000,000 shares authorized,
22,912,778 and 22,889,687 issued and outstanding at September 30, 2000
and December 31, 1999, respectively 229,000 228,000
Additional paid-in capital 17,637,000 17,582,000
Retained earnings 18,237,000 11,644,000
Less: 21,700 shares of treasury stock, at cost (156,000) --
----------- -----------
35,947,000 29,454,000
------------ -----------
$39,924,000 $32,305,000
============ ===========
See notes to consolidated financial statements.
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<PAGE>
Siebert Financial Corp. & Subsidiary
Consolidated Statements of Income
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
<S> <C> <C> <C> <C>
Commissions and fees $8,657,000 $7,139,000 $31,139,000 $22,762,000
Investment banking 700,000 443,000 1,518,000 1,093,000
Trading profits 159,000 250,000 552,000 668,000
Income (loss) from equity investee (19,000) (373,000) (360,000) 263,000
Interest and dividends 502,000 323,000 1,369,000 802,000
--------- --------- ---------- ----------
9,999,000 7,782,000 34,218,000 25,588,000
--------- --------- ---------- ----------
Expenses:
Employee compensation and benefits 2,796,000 2,442,000 9,014,000 8,141,000
Clearing fees, including floor
brokerage 1,343,000 1,339,000 5,123,000 4,173,000
Advertising and promotion 822,000 1,058,000 2,080,000 2,469,000
Communications 660,000 598,000 2,242,000 1,813,000
Occupancy 219,000 140,000 591,000 404,000
Interest 6,000 44,000 14,000 148,000
Other general and administrative 1,129,000 1,052,000 3,588,000 3,090,000
--------- --------- --------- ---------
6,975,000 6,673,000 22,652,000 20,238,000
--------- --------- ---------- ----------
Income before income taxes 3,024,000 1,109,000 11,566,000 5,350,000
Provision for income taxes 1,270,000 466,000 4,852,000 2,307,000
--------- ------- --------- ---------
Net income $ 1,754,000 $ 643,000 $6,714,000 $3,043,000
=========== ========= ========== ==========
Net income per share of common stock -
basic and diluted $0.08 $0.03 $0.29 $0.13
Weighted average shares outstanding - 22,892,692 22,873,565 22,896,070 22,741,604
basic
Weighted average shares outstanding
diluted 23,259,267 23,370,233 23,301,153 23,247,901
See notes to consolidated financial statements.
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<PAGE>
Siebert Financial Corp. & Subsidiary
Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
September 30,
-------------
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 6,714,000 $ 3,043,000
Adjustments to reconcile net income to net cash provided by
Operating activities:
Depreciation and amortization 375,000 310,000
Utilization of deferred tax asset -- 2,307,000
(Income) loss from equity investee 360,000 (263,000)
Changes in operating assets and liabilities:
Net (increase) decrease in securities owned, at market value (1,827,000) 2,758,000
Net (increase) decrease in receivable from clearing broker 710,000 545,000
(Increase) decrease in prepaid expenses and other assets 16,000 (204,000)
Net increase (decrease) in securities sold, not yet purchased,
at market value (46,000) (521,000)
Increase (decrease) in accounts payable, taxes payable
and accrued liabilities 1,172,000 (1,140,000)
------------ ------------
Net cash provided by operating activities 7,474,000 6,835,000
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of furniture, equipment and leasehold improvements (1,053,000) (370,000)
Distribution from equity investee 53,000 997,000
Advances to equity investee, net (226,000) --
------------ ------------
Net cash provided by (used in) investing activities (1,226,000) 627,000
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend on common stock (121,000) (300,000)
Repayment of subordinated debt -- (1,000,000)
Proceeds from exercise of options 56,000 710,000
Repurchase of common stock (156,000) --
Proceeds from rights offering -- 7,183,000
------------ ------------
Net cash provided by (used in) financing activities (221,000) 6,593,000
------------ ------------
Net increase in cash and cash equivalents 6,027,000 14,055,000
Cash and cash equivalents beginning of period 22,882,000 6,735,000
------------ ------------
Cash and cash equivalents end of period $ 28,909,000 $ 20,790,000
============ ============
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for:
Interest $ 14,000 $ 143,000
Income taxes $ 4,644,000 $ 567,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends declared -- $ 120,000
Tax benefit from stock options exercise (see note 3) -- $ 3,036,000
</TABLE>
See notes to consolidated financial statements.
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<PAGE>
SIEBERT FINANCIAL CORP. & SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NINE MONTHS ENDED SEPTEMBER 30, 2000
(UNAUDITED)
1. Organization and Basis of Presentation:
The consolidated financial statements include the accounts of Siebert
Financial Corp. (the "Company") and its wholly owned subsidiary, Muriel
Siebert & Co., Inc. ("Siebert"). All material intercompany balances have
been eliminated. The statements are unaudited; however, in the opinion of
management, all adjustments considered necessary to reflect fairly the
Company's financial position and results of operations, consisting of
normal recurring adjustments, have been included.
The accompanying consolidated financial statements do not include all of
the information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles. Accordingly, the statements should be read in conjunction with
the audited financial statements included in the Company's Annual Report on
Form 10K for the year ended December 31, 1999. Because of the nature of the
Company's business, the results of any interim period are not necessarily
indicative of results for a full year.
2. Net Capital:
Siebert is subject to the Securities and Exchange Commission's Uniform Net
Capital Rule (Rule 15c31), which requires the maintenance of minimum net
capital. Siebert has elected to use the alternative method, permitted by
the rule, which requires that Siebert maintain minimum net capital, as
defined, equal to the greater of $250,000 or 2% of aggregate debit balances
arising from customer transactions, as defined. The net capital rule of the
New York Stock Exchange also provides that equity capital may not be
withdrawn or cash dividends paid if resulting net capital would be less
than 5 percent of aggregate debits. As of September 30, 2000 and December
31, 1999, Siebert had net capital of approximately $19.8 million and $15.5
million, respectively, as compared with net capital requirements of
$250,000.
3. Deferred Taxes:
During the nine months ended September 30, 1999, the Company recorded a
deferred tax asset of, and increased additional paidin capital by $3.0
million, attributable to the deductibility of the difference between the
exercise price of exercised options and the market value of the stock on
the dates of exercise of the options. During the nine months ended
September 30, 1999, the Company utilized approximately $2.3 million of the
deferred tax asset to offset income taxes payable.
4. Capital Transactions:
On May 15, 2000, the board of directors of the Company authorized a buy
back of up to one million shares of common stock. Shares will be purchased
from time to time in the open market and in private transactions. Through
September 30, 2000, 21,700 shares were purchased at prices ranging between
$6.968 to $7.97.
5. Subsequent Event:
During the fourth quarter of 2000, the Company acquired two websites
providing financial information for women for an aggregate purchase price
of approximately $2.3 million. Neither website was fully developed and
neither had a significant revenue source. Accordingly, the acquisitions
will be accounted for as asset purchases.
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<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This discussion should be read in conjunction with the Company's
Consolidated Financial Statements and the Notes thereto contained elsewhere in
this Quarterly Report.
Current Developments
Siebert's commission per customer trade is trending down as the number
of trades executed on SiebertNet increases. Customers placing trades on
SiebertNet are charged a lower commission than customers using other methods of
placing trades. For the nine months ended September 30, 2000, SiebertNet trades
accounted for approximately 59% of all retail trades compared to 39% for the
nine months ended September 30, 1999.
On May 15, 2000, the board of directors of the Company authorized a buy
back of up to 1 million common shares. Shares will be purchased from time to
time in the open market and in private transactions. Through September 30, 2000,
21,700 shares have been purchased at prices ranging between $6.968 to $7.97.
In October, 2000, the Company announced the creation of a woman's
financial website and the purchase of two women's websites, wfn.com and
herdollar.com, that will serve as the foundation for the new site. The Company's
new website, WFN, the Women's Financial Network, by Siebert (wfn.com), currently
offers financial education, community, transaction capabilities and a link to
WFN Invest, a division of Muriel Siebert & Co., Inc. that offers all the
products offered by SiebertNet.com. The site is being redesigned for a relaunch
in January 2001. The Company believes that the site will be a destination for
women (and men) to manage their financial affairs with a greater degree of ease
and confidence.
Business Environment
Market conditions during the first quarter of 2000 reflected a
continuation of the 1996 bull market characterized by record volume, record high
market levels and large daily swings in the market averages. Concerns about oil
prices and a slowing economy, however, led to lower trading volume in the
markets overall during the second and third quarters. Meanwhile, competition has
continued to intensify among all types of brokerage firms including discount
brokers, as well as from new firms entering the discount brokerage business.
Electronic trading continues to account for an increasing amount of trading
activity with some firms offering very low flat rate trading execution fees that
are difficult for any conventional discount firm to meet. Many of these flat fee
brokers, however, impose charges for services such as mailing, transfers and
handling exchanges which the Company currently does not impose, and also direct
their executions to captive market makers. Continued competition from ultra low
cost flat fee brokers and broader service offerings from other discount brokers
could limit the Company's growth or even lead to a decline in the Company's
customer base, which would adversely affect its results of operations.
Industrywide changes in trading practices, such as the advent of decimal
pricing and the increasing use of electronic communication networks, are
expected to cause continuing pressure on fees earned by discount brokers for the
sale of order flow.
The Company, like other securities firms, is affected directly by
general economic and market conditions including fluctuations in trading volume
and prices of securities, changes and prospects for changes in interest rates,
and demand for brokerage and investment banking services, all of which can
affect the Company's results of operations. In periods of reduced market
activity, profitability is likely to be affected adversely because certain
expenses, such as salaries and related costs, portions of communications costs
and occupancy expenses, remain relatively fixed. Accordingly, earnings for any
period should not be considered representative of earnings to be expected for
any other period. Further, the planned development and promotion of the
Company's financial website for women, WFN, the Women's Financial Network, by
Siebert, may have an adverse affect on future earnings. The Company believes
that revenues from new accounts expected to be generated by the website will be
sufficient to offset the operating and promotional cost for its website.
However, the Company cannot say for certain that a sufficient number of new
accounts will be generated to offset the costs or produce significant profits.
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<PAGE>
Results of Operations
Total revenues for the three months ended September 30, 2000 were $10.0
million, an increase of $2.2 million, or 28.5%, over the same period in 1999.
Commission and fee income increased $1.5 million, or 21.3 %, during the
three months ended September 30, 2000 to $8.7 million due to higher trading
volume, partially offset by lower commissions earned per trade resulting from
the increased use of lower priced electronic trading. The portion of trades
executed on the Company's SiebertNet web site continues to increase,
representing approximately 58% of trades executed for the quarter ended
September 30, 2000 compared to 46% for the quarter ended September 30, 1999.
Investment banking revenues for the three months ended September 30,
2000 were $700,000, an increase of $257,000, or 58.0%, from the three months
ended September 30, 1999.
Loss from equity investee for the three months ended September 30, 2000
was $19,000, compared to a loss of $373,000, or a decrease of 94.9% from the
three months ended September 30, 1999. The operations of municipal bond
underwriting firms are dependent on the level of market activity for such firms,
and on interest rates in general.
Trading profits for the three months ended September 30, 2000 were
$159,000, a decrease of $91,000, or 36.4% from the three months ended September
30, 1999.
Income from interest and dividends for the three months ended September
30, 2000 was $502,000, an increase of $179,000, or 55.4%, from the three months
ended September 30, 1999 primarily due to additional funds available for
temporary investment.
Total expenses for the three months ended September 30, 2000 were $7.0
million, an increase of $302,000 or 4.5%, from the three months ended September
30, 1999.
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<PAGE>
Employee compensation and benefit costs for the three months ended
September 30, 2000 were $2.8 million, an increase of $354,000, or 14.5%, from
the three months ended September 30, 1999 primarily due to additional registered
personnel to handle increased trading volume.
Clearing and floor brokerage fees for the three months ended September
30, 2000 were $1.3 million, an increase of $4,000, or .3% from the three months
ended September 30, 1999. The increase was due to the increased volume of trades
executed, offset by a lower per ticket charge to the Company under a new
clearing agreement entered into in 2000.
Advertising and promotion for the three months ended September 30, 2000
were $822,000, a decrease of $236,000 or, 22.3% for the three months ended
September 30, 1999 due to a decreased level of promotional advertising.
Communications expense for the three months ended September 30, 2000
was $660,000, an increase of $62,000, or 10.4%, from the three months ended
September 30, 1999 primarily due to an increase in the volume of the Company's
general business.
Occupancy costs for the three months ended September 30, 2000 was
$219,000, an increase of $79,000, or 56.4%, from the three months ended
September 30, 1999 primarily due to the execution of two new leases entered into
by the Company in connection with the planned move of the Company's operations
to Jersey City, New Jersey.
Interest expense for the three months ended September 30, 2000 was
$6,000, a decrease of $38,000, or 86.4 % from the three months ended September
30, 1999 primarily due to the elimination of short positions in proprietary
trading activities.
General and Administrative. General and administrative expense for the
three months ended September 30, 2000 was $1.1 million, an increase of $77,000,
or 7.3% from the three months ended September 30, 1999 primarily due to
expansion of Company's customer service capacity.
Taxes. Provision for income taxes increased for the three months ended
September 30, 2000 to $1.3 million an increase of $804,000, or 172.5% from the
three months ended September 30, 1999 due to an increase in income before taxes
of $1.9 million, to $3.0 million or 172.7% for the three months ended September
30, 2000, compared to $1.1 million for the three months ended September 30,
1999.
Nine Months Ended September 30, 2000 Compared to Nine Months Ended September 30,
1999
Revenues. Total revenues for the nine months ended September 30, 2000
were $34.2 million, an increase of $8.6 million, or 33.7%, over the same period
in 1999.
Commission and fee income increased $8.4 million, or 36.8%, over the
nine months ended September 30, 1999 to $31.1 million due to higher trading
volume partially offset by lower commissions earned per trade resulting from the
increased use of lower priced electronic trading. The portion of trades executed
on the Company's SiebertNet web site continues to increase, representing
approximately 59% of trades executed for the nine months ended September 30,
2000 compared to 39% for the nine months ended September 30, 1999.
Investment banking revenues for the nine months ended September 30,
2000 were $1.5 million, an increase of $425,000, or 38.9% from the nine months
ended September 30, 1999 as the Company participated in the underwriting or
selling group of more stock an bond offerings.
Loss from equity investee for the nine months ended September 30, 2000
was $360,000, compared to income of $263,000 a decrease of $623,000, or 236.9%
from the nine months ended September 30, 1999.
Trading profits for the nine months ended September 30, 2000 were
$552,000, a decrease of $116,000, or 17.4%, from the nine months ended September
30, 1999.
Income from interest and dividends for the nine months ended September
30, 2000 was $1.4 million, an increase of $567,000, or 70.7%, from the nine
months ended September 30, 1999 primarily due to higher cash balances available
for temporary investment at generally higher interest rates than the prior
period.
Expenses. Total expenses for the nine months ended September 30, 2000
were $22.7 million, an increase of $2.4 million, or 11.9%, from the nine months
ended September 30, 1999.
Employee compensation and benefit costs for the nine months ended
September 30, 2000 were $9.0 million, an increase of $873,000, or 10.7% from the
nine months ended September 30, 1999 primarily due to additional registered
personnel to handle the substantially increased trading volume, particularly in
the first quarter of 2000.
Clearing and floor brokerage fees for the nine months ended September
30, 2000 were $5.1 million, an increase of $950,000, or 22.8%, from the nine
months ended September 30, 1999. The increase was due to increased volume of
trades executed, offset in part by a lower per ticket charge to the Company
under a new clearing agreement entered into in 2000.
Advertising and promotion expense for the nine months ended September
30, 2000 was $2.1 million, a decrease of $389,000, or 15.8% from the nine months
ended September 30, 1999 due to a decreased level of promotional advertising.
Communications expense for the nine months ended September 30, 1999 was
$2.2 million, an increase of $429,000, or 23.7% from the nine months ended
September 30, 1999 primarily due to an increase in the general business volume.
Occupancy costs for the nine months ended September 30, 2000 were
$591,000, an increase of $187,000, or 46.3% from the nine months ended September
30, 1999 primarily due to the execution of two new leases entered into by the
Company in connection with the planned move of the Company's operations to
Jersey City, New Jersey.
Interest expense for the nine months ended September 30, 2000 was
$14,000, a decrease of $134,000, or 90.5% from the nine months ended September
30, 1999 primarily due to the elimination of short positions in proprietary
trading activities.
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<PAGE>
General and Administrative. General and administrative expense for the
nine months ended September 30, 2000 was $3.6 million, an increase of $498,000,
or 16.1%, from the nine months ended September 30, 1999 primarily due to
expansion of Company's customer service capacity.
Taxes. Provision for income taxes increased for the nine months ended
September 30, 2000 to $ 4.8 million, an increase of $2.5 million, or 110.3% from
the nine months ended September 30, 1999 due to an increase in net income before
income taxes to $11.6 million in the first nine months in 2000 as compared to
$5.4 million for the same period in 1999.
Liquidity and Capital Resources
The Company's assets are highly liquid, consisting generally of cash,
money market funds and securities freely saleable in the open market. Siebert's
total assets at September 30, 2000 were $39.9 million. As of September 30, 2000,
$35.0 million, or 87.8%, of total assets were regarded by the Company as highly
liquid.
Siebert is subject to the net capital requirements of the SEC, the NYSE
and other regulatory authorities. At September 30, 2000, Siebert's regulatory
net capital was $19.8 million, $19.6 million in excess of its minimum capital
requirement of $250,000.
Impact of Inflation
General inflation in the economy increases operating expenses of most
businesses. The Company has provided compensation increases generally in line
with the inflation rate and incurred higher prices for goods and services. While
the Company is subject to inflation as described above, management believes that
inflation currently does not have a material effect on the Company's operating
results, but there can be no assurance that this will continue to be so in the
future.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Financial Instruments Held For Trading Purposes:
Through Siebert, the Company maintains inventories in exchangelisted
and NASDAQ equity securities on both a long and short basis. The fair value of
all securities at September 30, 2000 was approximately $4.4 million in long
positions and $4,000 in short positions. The fair value of all securities at
September 30, 1999 was approximately $2.6 million in long positions and
approximately $46,000 in short positions. Using a hypothetical 10% increase or
decrease in prices, the potential loss or gain in fair value, respectively, is
estimated to be approximately $450,000 and $255,000, respectively, due to the
offset of change in fair value of long and short positions.
Financial Instruments Held For Purposes Other Than Trading:
Working capital is generally temporarily invested in dollar denominated
money market funds and overnight certificates of deposits. These investments are
not subject to material changes in value due to interest rate movements.
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<PAGE>
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is involved in various routine lawsuits of a nature deemed
by the Company customary and incidental to its business. In the opinion of
management, the ultimate disposition of such actions will not have a material
adverse effect on its financial position or results of operations.
Item 2. Changes in Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8K
(a) Exhibits
27 Financial Data Schedule (Edgar Filing Only)
(b) Reports on Form 8K
None
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<PAGE>
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.
Name Title Date
---- ----- ----
/s/Muriel F. Siebert Chair, President and Director November 10, 2000
------------------------- (principal executive officer)
Muriel F. Siebert
/s/Mitchell M. Cohen Chief Financial Officer November 10, 2000
------------------------- and Assistant Secretary
Mitchell M. Cohen (principal financial and
accounting officer)
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