FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
[ ] TRANSMISSION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period
from_______________________to_______________________
__
Commission file number: 0-14684
RYAN, BECK & CO., INC.
(Exact name of registrant as specified in its charter)
New Jersey 22-1773796
(State or other jurisdiction of (I.R.S.
Employer
incorporation or organization) Identification
No.)
80 Main Street, West Orange, New Jersey 07052
(Address of principal executive offices)
201-325-3000 (Issuer's telephone number)
______________________________________________________________________
__ ________ (Former name, former address and former fiscal year, if
changed
since last report)
Indicate by check (X) whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
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__________
APPLICABLE ONLY TO CORPORATE ISSUERS:
At Aug. 4, 1995 there were 3,097,024 shares of Common Stock, par
value $. 10 per share, outstanding.
RYAN, BECK & CO., INC.
INDEX
Page Number
Part 1. Financial Information 1
Item 1. Financial
Statements
Consolidated Statements of Financial
Condition as of June 30, 1995 (unaudited)
and December 31, 1994
2
Consolidated Statements of Income for
the Three Months and Six Months Ended June 30, 1995
and June 30, 1994 (unaudited)
3
Consolidated Statements of Changes in Stockholders'
Equity for the Six Months Ended June 30, 1995
and June 30, 1994 (unaudited) 4
Consolidated Statements of Cash Flows
for the Six Months Ended June 30, 1995
and June 30, 1994 (unaudited) 5-6
Notes to Interim Consolidated Financial
Statements 7-8
Item 2. Management's Discussion and Analysis
of
Financial Condition and Results of
Operations 8-10
Part II. Other Information
Item 1. Legal Proceedings
10
Item 4. Submissions of Matters to a Vote
of Security Holders 11
Item 6. Exhibits and Reports on Form 8-K
12
Signatures 131
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
The following consolidated financial statements of Ryan, Beck & Co., Inc.
(the "Company") as of June 30, 1995 and for the three and six months
ended June 30, 1995 and 1994 reflect all material adjustments and
disclosures which, in the opinion of management, are necessary for a fair
statement of results for the interim period. Certain information and
footnote disclosures required under generally accepted accounting
principles have been condensed or omitted pursuant to the rules and
regulations of the Securities and Exchange Commission, although the
Company believes that the disclosures are adequate to make the
information presented not misleading. It is suggested that these
financial statements be read in conjunction with the year-end financial
statements and notes thereto included in the Company's Annual Report on
Form 10-K for the year ended December 31, 1994 as filed with the
Securities and Exchange Commission.
The results of operations for the three and six month periods ended June
30, 1995 are not necessarily indicative of the results to be expected for
the entire fiscal year or any other period.
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except per share data)
June 30, December
31, 1995 1994
(unaudited)
ASSETS
Cash $ 172 $ 64
Cash segregated under federal and other regulations 11 11
Receivable from:
Customers - 20
Brokers, dealers and clearing organizations 123 42
Accrued revenues 145 51
Other 4,701 338
Securities owned, at market value 16,950 18,688
Deferred income taxes 550 433
Property and equipment, at cost, less accumulated
depreciation and amortization 761 508
Other assets 252 241
Total assets $ 23,665 $ 20,396
LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to clearing broker $ 3,809 $ 1,284
Securities sold, but not yet purchased, at market value
2,562
891
Accrued employee compensation and benefits 2,284 2,163
Accounts payable and other accrued expenses 1,550 1,460
Income taxes payable 537 1,495
ESOP loan obligation 705
846
Total liabilities 11,447
8,139
Stockholders' equity:
Preferred stock - $.10 par value
Authorized - 2,000,000 shares
Issued and outstanding - 434,430 shares June 30, 1995
444,180 shares December 31, 1994 43
44
Common stock - $. 10 par value
Authorized - 30,000,000 shares
Issued and outstanding - 3,090,799 shares June 30, 1995
3,081,049 shares December 31, 1994 309
308
Additional paid-in capital 10,903 10,907
Retained earnings 2,182 2,323
Unearned compensation - restricted stock grants (499)
(488)
Unearned ESOP compensation (720) (837)
Total stockholders' equity 12,218 12,257
Total liabilities and stockholders' equity $ 23,665 $ 20,396
See accompanying notes to consolidated financial statements.
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
EARNINGS (In thousands, except per
share data)
(Unaudited)
Three Months Ended Six Months
Ended
June 30, June 30,
1995 1994 1995 1994
Revenues:
Principal transactions $3,770 $3,202 $7,049 $ 6,304
Commissions 731 556 1,264 1,402
Investment banking 2,328 1,924 3,761 5,141
Interest and dividends 177 164 415
290
Other 80 57 130 112
Total revenues: 7,086 5,903 12,619
13,249
Operating expenses:
Compensation and benefits 3,793 3,319 7,471 7,139
Communications 298 247 592 526
Occupancy and equipment rental and depreciation 242 198
473 413
Floor brokerage, exchange and clearance fees 408 303
790 408
Interest 94 45 152
73
Other 540 410 1,142 949
Total operating expenses 5,375 4,522 10,620 9,508
Income before provision for income taxes 1,711 1,381
1,999
3,741
Provision for income taxes 651 551 752 1,508
Net income $1,060 $ 830 $1,247 $2,233
Earnings per common share:
Primary $.33 $ .24 $.37 $ .65
Fully diluted $.31 $ .24 $.37 $ .64
Weighted average number of shares:
Primary 3,094 3,124 3,092 3,323
Fully diluted 3,404 3,455 3,404 3,489
See accompanying notes to consolidated financial statements.
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY
(In thousands, except per share
data) (UNAUDITED)
Unearned
Additional Compensation Unearned Total
CommonPreferred Paid-in Retained Restricted ESOP
Stockholders'
Stock Stock Capital Earnings Stock Grants
Compensation Equity
Six Months Ended June 30, 1994
Balance at January 1, 1994$352$ -$10,896$936 $(122) $ - $12,062
Conversion of Common Stock to
Preferred Stock (635,789 shares) (63) 63 - - - -
-
Exchange offering costs - - - (119) - - (119)
Unearned compensation -
restricted stock grants - - - - (116) - (116)
Unearned compensation related to
Preferred stock purchased by ESOP - - - - -
(929)
(929)
Amortization of restricted stock grants -
unearned compensation - - - - 44 - 44
Issuance of 625 shares through
exercised stock options - - 2 - - - 2
Net income - - - 2,233 - - 2,233
Dividends declared: Common stock - - - (1,756) - -
(1,756)
Preferred stock - -
- (73) - - (73)
Balance at June 30, 1994$289$ 63$10,898$1,221$(194) $ (929) $11,348
Six months ended June 30, 1995
Balance at January 1, 1995$308 $44$10,907$2,323 $(488) $(837) $12,257
Unearned compensation -
restricted stock grants - - - - (116) - (116)
Amortization of restricted stock grants -
unearned compensation - - - - 105 - 105
Amortization of ESOP
unearned compensation - - (4) - - 117 113
Conversion of preferred stock
to common stock (9,750 shares) 1 (1) - - - - 0
Net Income - - - 1,247 - - 1,247
Dividends declared: Common stock - - - (1,295) - -
(1,295)
Preferred stock - -
-
(93) - - (93)
Balance at June 30, 1995 $ 309$ 43$10,903$ 2,182$ (499)$ (720)$12,218
See accompanying notes to consolidated financial statements.
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS INCREASE (DECREASE) IN
CASH
(In thousands)
(UNAUDITED)
Six Months
Ended June
30,
1995
1994
Cash flows from operating activities:
Net income $1,247 $2,233
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 127 74
Amortization of restricted stock grants 105 44
Amortization of ESOP unearned compensation 117 -
Deferred income taxes (117) -
(Increase) decrease in assets:
Receivables -
Customers 20 (513)
Brokers, dealers and clearing organizations (81)
75
Accrued revenues (94) (1,151)
Other (4,363) 155
Securities owned, at market value 1,738 (5,480)
Other assets (11) (145)
Increase (decrease) in liabilities:
Payables -
Payable to clearing broker 2,525 5,713
Securities sold, but not yet purchased -
at market value 1,671 464
Accrued employee compensation and benefits 121
806
Accounts payable and other accrued expenses
90
(83)
Income taxes payable (958) (176)
Total adjustments 890 (217)
Net cash provided by operating activities 2,137 2,016
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS INCREASE (DECREASE) IN
CASH
(In thousands)
(UNAUDITED)
Six Months
Ended June
30,
1995
1994
Cash flows from investing activities:
Capital expenditures $(380)
$(88)
Net cash (used) by investing activities (380)
(88)
Cash flows from financing activities:
Dividends paid
Common (1,295)
(1,756)
Preferred (97)
(73)
Principal payments of ESOP obligation (141)
(15)
Proceeds from exercised stock options -
2
Common stock repurchased for restricted stock grants (116) (116)
Exchange offering costs - (119)
Net cash (used) in financing activities (1,649) (2,077)
Net increase (decrease) in cash 108
(149)
Cash at beginning of period 75 475
Cash at end of period $ 183 $ 326
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 152 $ 73
Income taxes 1,826 1,213
Disclosure of accounting policy:
For purposes of the consolidated statements of cash flows, the
Company includes in cash all cash and securities segregated in
compliance with federal and other regulations.
See accompanying notes to consolidated financial statements.
RYAN, BECK & CO., INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. In the opinion of management, the accompanying consolidated financial
statements contain all adjustments necessary to present fairly the
financial position of Ryan, Beck & Co., Inc., (the "Company") as of
June
30, 1995, and the results of its operations and cash flows for the
three
and six month periods ended June 30, 1995 and 1994. All such
adjustments
are of a normal and recurring nature.
The accounting policies followed by the Company are set forth in the
notes to the Company's financial statements as set forth in the
Company's
Annual Report on Form 10-K for the year ended December 31, 1994.
Certain
reclassifications have been made to prior years' financial statements
to
conform to the current year's presentation.
2. The results of operations for the three months and six months periods
ended June 30, 1995 are not necessarily indicative of the results to be
expected for the entire fiscal year or any other period.
3. Securities owned are stated at market value. Securities in the
Company's
trading accounts consisted of the following:
June 30, 1995 December 31,
(Unaudited) 1994
(in
thousands)
States and municipalities $ 9,767 $13,604
Corporate equity 5,582 1,913
Corporate debt 1,336 2,956
U.S. Government and agency 265 215
Other - -
Total $16,950 $18,688
4. The Company is subject to the net capital provisions of Rule 15c3-1
under the Securities Exchange Act of 1934, which requires that the
Company's aggregate indebtedness shall not exceed 15 times net capital
as
defined under such provision. Additionally, the Company, as a market
maker, is subject to supplemental requirements of rule 15c3-1(a)4,
which
provides for a minimum net capital based on the number and price of
issues in which markets are made by the Company, not to exceed
$1,000,000. At June 30, 1995 and December 31, 1994, the Company's net
capital was approximately $8,324,000 and $9,106,000, respectively, which
exceeded minimum net capital requirements by $7,324,000 and $8,106,000,
respectively.
5.Primary earnings per share are computed by deducting preferred
dividends
from net income in order to determine net income attributable to common
stockholders. This amount is then divided by the weighted average
number
of common shares outstanding and common stock equivalents arising from
stock options.
Fully diluted earnings per share are computed by dividing net income by
the weighted average number of common shares outstanding during the year
after giving effect for common stock equivalents arising from stock
options and preferred stock assumed converted to common stock, excluding
125,851 unallocated and unreleased issued shares held by the ESOP trust.
6. On July 10, 1995, the Company filed amended Federal tax returns for
years ended December 31, 1994, 1993 and 1992. The Company has requested
refunds totaling approximately $224,000 in the aggregate. Upon the
resolution of these amended returns, the Company may restate prior
years'
earnings. If restatement is required, the proforma increase to earnings
per share for the six month periods ending June 30, 1994, 1993 and 1992
would be $.013 per share, $.014 per share and $.003 per share
respectively.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
a. Results of Operations
Six Months Ended June 30, 1995 Compared With
Six Months Ended June 30, 1994
Net income for the six months ended June 30, 1995 was $1,247,000
compared to $2,233,000 during the same period ending June 30, 1994. On a
fully diluted basis, earnings per share decreased to $.37 per share for
the six months ending June 30, 1995 from $.64 per share during the same
period in 1994.
Total revenues decreased $630,000 or 4.8% to $12,619,000 for the six
months ended June 30, 1995 from $13,249,000 in the prior year period.
Revenues from principal transactions increased $745,000 or 11.8% to
$7,049,000 in the 1995 period from $6,304,000 for the six months ended
June 30, 1994. This increase can be attributed to an increase of $565,000
from trading corporate debt securities, and an increase of $261,000 from
trading tax-exempt securities. These increases were partially offset by
a decrease of $81,000 from trading equity securities. The increase in
revenues attributable to trading corporate debt securities reflected
increased research coverage and purchase recommendations, favorable
market conditions and greater participation of the sales force in the
entire product line. The increase in revenues attributable to trading tax
exempt securities reflected favorable market conditions and larger
inventory positions. The decrease in revenues attributable to trading
equity securities reflected narrower spreads.
Revenues from investment banking decreased $1,380,000 or 26.8% to
$3,761,000 in the 1995 period from $5,141,000 for the comparable 1994
period. This was due to a $1,605,000 decrease in revenues related to
consulting, placement and valuation fees, a decrease in revenue from
underwriting tax-exempt debt securities of $197,000, partially offset by
an increase in revenue from underwriting equity securities of $422,000.
The decrease in consulting, placement and valuation fees resulted in part
from the closing of fewer thrift conversions, including mutual holding
company formations. During the first six months of 1994, a significant
number of conversion transactions closed, while during the first six
months of 1995 fewer transactions closed. Additionally, fee income from
merger and
acquisition advisory services was significantly lower during the first
six months of 1995. This decline resulted primarily from the decline in
financial institution stock prices during the late third and fourth
quarters of 1994, which reduced merger and acquisition activity. There
is expected to be greater uncertainty in the future with respect to
revenues resulting from thrift conversions and mutual holding company
formations because of increased competition and potential changes in
federal regulatory policy regarding thrift conversions. The decrease in
revenue from underwriting tax-exempt debt securities reflects reduced
levels of issuance of new municipal securities and reduced spreads. The
increase in revenue from underwriting equity securities is due to the
closing of an equity underwriting for a financial institution seeking
additional capital and the closing of the Ryan, Beck Banking Opportunity
Trust, Series 2.
Commission revenue decreased $138,000 or 9.8% to $1,264,000 in 1995
from $1,402,000 in 1994. The decrease in revenue includes a decrease in
equity security commissions of $119,000 and a decrease in mutual fund
commissions of $19,000 and is mainly attributable to reduced trading
activity in the first quarter of 1995.
Revenue from interest and dividends increased $125,000 or 43.1% to
$415,000 in 1995 from $290,000 in 1994. The increase in revenue from
interest and dividends is a result of increased levels of inventory
carried during 1995 as well as a higher interest rate environment in
1995.
Total operating expenses increased $1,112,000 or 11.7% to
$10,620,000 in 1995 from $9,508,000 in 1994. This increase is primarily
attributable to increases in floor brokerage, exchange and clearance fees
of $382,000, compensation and benefits of $332,000, other operating
expenses of $193,000, interest expense of $79,000, communications expense
of $66,000 and occupancy and equipment expense of $60,000. The increase
in floor brokerage, exchange and clearance fees is a result of the 1994
expense being reduced by a rebate of certain clearance costs incurred in
connection with transferring to a new clearing agent. The increase in
compensation and benefits is mainly attributable to an increase in salary
expense reflective of normal salary increases and increased personnel
added in an effort to increase revenues by the opening of a branch office
in Florida and the activation of Ryan, Beck Planning and Insurance
Agency, Inc. The increase in other operating expenses is primarily a
result of an increase in the legal reserve and an increase in other
expenses.
b. Results of Operations
Three Months Ended June 30, 1995 Compared With
Three Months Ended June 30, 1994
Net income for the three months ended June 30, 1995 was $1,060,000
compared to $830,000 during the same period ending June 30, 1994. On a
fully diluted basis, earnings per share increased to $.31 per share for
the three months ending June 30, 1995 from $.24 per share during the same
period in 1994.
Total revenues increased $1,183,000 or 20.0% to $7,086,000 in the
three months ended June 30, 1995 from $5,903,000 in the three months
ended June 30, 1994.
Revenues from principal transactions increased $568,000 or 17.7% to
$3,770,000 in the 1995 period from $3,202,000 for the 1994 period. This
increase can be attributed to an increase of $291,000 from trading
corporate debt securities, an increase of $252,000 from trading equity
securities and an increase of $25,000 from trading tax-exempt securities.
The increase in revenues attributable to trading corporate debt
securities reflected increased research coverage and purchase
recommendations, favorable market conditions and greater participation of
the sales force in the entire product line. The increase in revenue
attributable to trading equity securities primarily reflects increased
activity due to the
favorable environment for bank securities.
Revenues from investment banking increased $404,000 or 21.0% to
$2,328,000 in the 1995 period from $1,924,000 for the 1994 period. This
was due to a $438,000 increase in underwriting equity securities,
partially offset by a $31,000 decrease in revenue from consulting,
placement and valuation fees. The increase in revenue from underwriting
equity securities reflects the closing of an equity underwriting for a
financial institution seeking additional capital and the closing of the
Ryan, Beck Banking Opportunity Trust, Series 2.
Commission revenue increased $175,000 or 31.5% to $731,000 in the
three months ended June, 1995 from $556,000 for the 1994 period, largely
reflective of increased trading activity.
Total
operating expenses increased $853,000 or 18.9% to $5,375,000 in 1995 from
$4,522,000 in 1994. This increase is primarily attributable to an
increase in compensation and benefits of $474,000, an increase in other
operating expenses of $130,000, and an increase in floor brokerage,
exchange and clearance fees of $105,000. The increase in compensation
and benefits is mainly attributed to an increase in salary expense and an
increase in commission expense. The increase in salary expense is
reflective of normal salary increases as well as personnel added in an
effort to increase revenues by the opening of a branch office in Florida
and the activation of Ryan, Beck Planning and Insurance Agency, Inc. The
increase in commission expense is attributed to increased trading volume.
The increase in other operating expenses is mainly attributed to an
increase in legal reserves and an increase in other operating expenses.
The increase in floor brokerage, exchange and clearance fees is mainly
attributed to increased trading volume.
Liquidity and Capital Funds
As of June 30, 1995, the Company's Consolidated Statement of
Financial Condition reflects an essentially liquid financial position,
with most of the Company's assets consisting of cash or assets readily
convertible into cash. The Company's securities positions (both long and
short) are, in most instances, readily marketable.
The Company finances its business through a number of sources,
consisting primarily of capital, funds generated by operations and short
term secured borrowings. The Company maintains a facility pursuant to
which it may borrow from its clearing broker at prevailing brokers' call
rates plus one-half of one percent. The amount available for borrowing
under this facility is related to the level of securities inventory at
the clearing broker which may be pledged as collateral.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings
Set forth below is information concerning certain litigation
matters to which the Company is a party and in which there have been
developments of a material nature during the quarter ended June 30, 1995.
For information concerning other legal proceedings involving the Company,
please see the Company's Annual Report on Form 10-K for the year ended
December 31, 1994.
On December 13, 1991, an action was filed in the United States
District Court for the District of New Jersey under the caption Schiffli
Embroidery Workers Pension Fund v. Ryan. Beck & Co.. Inc. et al. (Civ.
Act. No. 91-5433) alleging that the Company and one of its former account
executives had engaged in violations of federal securities laws, the
Employee Retirement Income Security Act ("ERISA"), the Racketeering
Influenced and Corrupt Practices Act ("RICO"), and various common law
claims in connection with the purchase of securities. The complaint filed
in this action alleges a net loss of $1,400,000 and the plaintiffs have
recently submitted an expert's report claiming actual losses of
approximately $2,500,000. Plaintiffs are also seeking punitive damages,
treble damages, interest, attorneys' fees and expenses. On February 20,
1992, the Company filed a Motion to Dismiss this action, and on September
25, 1992, the court dismissed the Plaintiff's RICO claims. All other
claims remain pending. The Company has also filed crossclaims against the
trustees of the Pension Fund. Discovery was suspended in this matter on
the last week of September, 1993, as a result of the filing of a motion
to disqualify plaintiffs' counsel. Such motion was decided in favor of
the Company and new counsel has been appointed to represent the Pension
Fund. On December 29, 1994, a status conference was held before the
Magistrate Judge assigned to this matter. On May 5, 1995, the Magistrate
Judge entered a scheduling order and discovery has continued. The matter
is listed for a pre-trial conference on December 15, 1995.
Although the outcome of litigation is inherently uncertain, and no
assurances regarding the final outcome of this matter can be given, the
Company believes that it has meritorious defenses in this action and
intends to contest this matter vigorously. However, assuming no
significant contribution from the other defendants, a judgment in an
amount equal to the damages sought by plaintiff could have a material
adverse effect on the Company's financial condition.
The Company, Ryan, Beck Financial Corp., a wholly-owned
subsidiary of the Company, and a former account executive of the Company
have been named as third-party defendants in Inrevco Associates v. BDO
Seidman, et al., v. Ryan, Beck & Co., et al., Superior Court of New
Jersey, Law Division, No. MRS-:-2961-94. Inrevco is a New Jersey limited
partnership. Ryan, Beck Financial Corp. (RBFC) is a special limited
partner in the partnership and such former account executive is a limited
partner. The third-party plaintiffs allege that the Company and RBFC
breached these duties and are liable to the third-party plaintiffs for
contribution in the event the plaintiff prevails at trial.
On February 17, 1995, a motion to dismiss filed by the
defendants was granted in favor of RBFC and the former account executive.
RBFC and the Company's former account executive were dismissed by order
of the Court on March 9, 1995. Discovery in this case is proceeding.
Although the outcome of litigation is inherently uncertain, and no
assurances regarding the final outcome of this matter can be given, the
Company believes that it has meritorious defenses in this action and
intends to contest the matter vigorously.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submissions of Matters to a Vote of Security
Holders
At the Company's Annual Meeting, held on May 2, 1995, the following
directors were elected:
Bruce M. Chodash
Allen S. Greene
Richard B. Neff
Peter W. Rodino
The following directors are
continuing:
Michael M. Horn
Matthew R. Naula
Ben A. Plotkin
Fenwick H. Garvey
Jack R. Rosenthal
David Tendler
Additionally, a proposal to increase the Company's Amended and Restated
Restricted Stock Grant Plan by
$1 million was submitted to a vote of security holders:
Votes
For: 2,806,208
Against: 94,896
Abstain: 32,203
Item 5. Other Materially Important Events
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) A statement regarding the computation of per share
earnings is omitted because the computation can be determined from the
material contained in this Quarterly Report on Form 10-Q.
(b) A current report on Form 8-K was filed on July 19,
1995 to report, pursuant to Item 5, that the Company announced a stock
repurchase program.
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
RYAN, BECK & CO., INC.
By:/s/ Allen S. Greene
Allen S. Greene
President and Chief
Executive Officer
/s/ Leonard J. Stanley Leonard J.
Stanley
First Vice President Chief
Financial Officer
(Principal Financial and Accounting
Officer)
Dated: August 4, 1995
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