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 March 31, 1997
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
(State or other jurisdiction of incorporation or organization)
80 Main Street, West Orange, New Jersey 07052
(Address of principal executive offices)
22-1773796
(I.R.S. Employer Identification No.)
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 May 8, 1997 there were 3,167,165 shares of Common Stock, par value
$. 10 per share, outstanding.
RYAN, BECK & CO., INC.
Part 1. Financial Information
Item 1. Financial Statements
The following unaudited consolidated financial statements of Ryan, Beck
& Co., Inc. (the "Company") as of March 31, 1997 and for the three
months ended March 31, 1997 and March 31, 1996 reflect all 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, 1996 as filed with the Securities and
Exchange Commission.
The results of operations for the three month period ended March 31, 1997
are not necessarily indicative of the results to be expected for the entire
fiscal year or any other period.
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except per share data)
<CAPTION>
March 31, December 31,
1997 1996
(unaudited)
<S> <C> <C>
ASSETS
Cash $ 142 $ 13
Cash segregated under federal and other regulations 25 17
Receivable from:
Brokers and dealers 155 25
Accrued revenues 251 225
Other 183 371
Securities owned, at market value 25,575 33,789
Prepaid income taxes 564 950
Deferred income taxes 863 830
Property and equipment, at cost, less accumulated
depreciation and amortization 617 371
Other assets 389 356
Total assets $ 28,764 $ 36,947
LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to clearing broker $ 11,363 $ 15,375
Securities sold, but not yet purchased, at market value 2,050 5,424
Accrued employee compensation and benefits 1,935 2,249
Accounts payable and other accrued expenses 1,534 2,192
ESOP loan obligation 503 538
Total liabilities 17,385 25,778
Stockholders' equity:
Preferred stock - $.10 par value
Authorized: 2,000,000 shares
Issued: 396,073 shares at March 31, 1997
and 397,948 shares at December 31, 1996 40 40
Common stock - $. 10 par value
Authorized: 30,000,000 shares
Issued: 3,235,165 shares at March 31, 1997
and 3,253,695 shares at December 31, 1996 323 325
Additional paid-in capital 11,767 11,875
Retained earnings 471 246
Treasury Stock, at cost, 88,000 common shares at March 31, 1997
and December 31, 1996 (624) (624)
Unearned compensation - restricted stock grants (104) (173)
Unearned ESOP compensation (494) (520)
Total stockholders' equity 11,379 11,169
Total liabilities and stockholders' equity $ 28,764 $ 36,947
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
<CAPTION>
Three months ended
March 31, March 31,
1997 1996
<S> <C> <C>
Revenues:
Principal transactions $ 3,875 $ 2,218
Investment banking 1,859 5,107
Commissions 1,154 1,094
Interest and dividends 349 357
Other 30 (1)
Total revenues 7,267 8,775
Interest expense 204 241
Net revenues 7,063 8,534
Non-interest expenses:
Compensation and benefits 4,588 4,842
Communications 371 355
Occupancy and equipment rental and depreciation 234 241
Floor brokerage, exchange and clearance fees 547 547
Marketing and development expense 163 256
Professional fees 315 238
Other 318 259
Total non-interest expenses 6,536 6,738
Earnings before income taxes 527 1,796
Income tax expense 96 698
Net earnings $ 431 $ 1,098
Earnings per common share
Primary $ .12 $ 0.32
Fully Diluted $ .12 $ 0.31
Cash dividends declared $ .05 $ .05
Weighted average number of shares
Primary 3,167 3,255
Fully Diluted 3,503 3,580
See accompanying notes to consolidated financial statements.
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGE IN STOCKHOLDERS' EQUITY
(In thousands, except per share data)
(Unaudited)
<CAPTION>
Unearned Unearned Total
Additional Compensation ESOP Stock-
Common Preferred Paid-in Retained Restricted Compen-
Treasury holders'
Stock Stock Capital Earnings Stock Grants sation Stock Equity
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Three months ended March 31, 1996
Balance at January 1, 1996 $327 $41 $12,049 $818 $(401) $(657) $(91)
$12,086
Retirement of 19,383 shares of
common stock (2) - (127) - - - 129 -
Unearned compensation -
restricted stock grants - - - - (125) - - (125)
Amortization of restricted stock grants -
unearned compensation - - - - 61 - - 61
Amortization of ESOP
unearned compensation - - 6 - - 42 - 48
Treasury stock (27,475 shares) - - - - - - (198) (198)
Net Income - - - 1,098 - - - 1,098
Cash dividends declared: common - - - (164) - - - (164)
preferred - - - (54) - - - (54)
Balance at March 31, 1996 $ 325 $ 41 $11,928 $ 1,698 $ (465) $ (615) $(160)
$12,752
<CAPTION>
Unearned Unearned Total
Additional Compensation ESOP Stock-
Common Preferred Paid-in Retained Restricted Compen-
Treasury holders'
Stock Stock Capital Earnings Stock Grants sation Stock Equity
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Three months ended March 31, 1997
Balance at January 1, 1997 $325 $40 $11,875 $246 $(173) $(520) $(624)
$11,169
Forfeiture of restricted stock grants
(20,498 shares) (2) - (108) - 110 - - -
Unearned compensation -
restricted stock grants - - - - (40) - - (40)
Amortization of restricted stock grants -
unearned compensation - - - - 22 - - 22
Forfeiture of restricted stock grants - - - - (23) - - (23)
Amortization of ESOP
unearned compensation - - - - - 26 - 26
Net Income - - - 431 - - - 431
Cash dividends declared: common - - - (158) - - - (158)
preferred - - - (48) - - - (48)
Balance at March 31, 1997 $ 323 $ 40 $11,767 $ 471 $ (104) $ (494) $(624)
$11,379
</TABLE>
<TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
<CAPTION>
Three months ended
March 31, March 31,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net income $ 431 $1,098
Non-cash items included in net income:
Depreciation and amortization 57 78
Amortization of restricted stock grants 22 61
Forfeiture of restricted stock grants (23) -
Amortization of ESOP unearned compensation 26 48
Deferred income taxes (33) 128
(Increase) decrease in operating assets:
Cash segregated under federal and other regulations (8) -
Receivables:
Brokers and dealers (130) 878
Accrued revenues (26) 8
Other 188 48
Securities owned, at market value 8,215 (1,913)
Prepaid income taxes 386 228
Other assets (35) (12)
Increase (decrease) in operating liabilities:
Payable to clearing broker (4,012) (2,338)
Securities sold, but not yet purchased - at market value (3,374) 1,208
Accrued employee compensation and benefits (314) 694
Accounts payable and other accrued expenses (658) 282
Income taxes payable - 319
Net cash provided by operating activities 712 815
Cash flows from investing activities:
Capital expenditures $ (302) $ (79)
Cash flows from financing activities:
Common stock repurchased for restricted stock grants (40) (125)
Principal payments of ESOP obligation (35) (35)
Purchase of Treasury Stock - (198)
Dividends paid: common (158) (164)
preferred (48) (54)
Net cash used in financing activities (281) (576)
Net increase in cash 129 160
Cash at beginning of period 13 71
Cash at end of period $ 142 $ 231
Supplemental disclosures of cash flow information:
Cash paid during quarter for:
Interest $ 236 $ 265
Income taxes 5 15
See accompanying notes to consolidated financial statements.
</TABLE>
RYAN, BECK & CO., INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. In the opinion of management, the accompanying unaudited
consolidated financial statements contain all adjustments necessary to
present fairly the financial position of Ryan, Beck & Co., Inc. (the
"Company") as of March 31, 1997, and the results of its operations and
cash flows for the three months ended March 31, 1997 and March 31,
1996. 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, 1996.
Certain reclassifications have been made to prior years' financial
statements to conform to the current year's presentation.
The results of operations for the three months ended March 31, 1997 are
not necessarily indicative of the results to be expected for the entire fiscal
year or any other period.
2. Securities owned are reflected at market value. Securities in the
Company's trading account consist of the following:
<TABLE>
<CAPTION>
March 31, 1997 December 31, 1996
(unaudited)
(In thousands)
<S> <C> <C>
Debt Obligations
State and municipalities $ 7,822 $17,962
Corporations 2,755 5,195
U.S. Government and agencies 635 2,035
Corporate equity 14,338 8,572
Other 25 25
Total $25,575 $33,789
3. The Company is subject to the net capital provision 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 March 31, 1997 and December 31, 1996, the Company's
net capital was approximately $5,184,000 and $3,534,000, respectively,
which exceeded minimum net capital requirements by $4,184,000 and
$2,534,000 respectively.
4. Recent Accounting Pronouncements
The Financial Accounting Standards Board has issued SFAS No. 128,
"Earnings per Share" ("EPS"), effective for periods ending after December
15, 1997, with restatement required for all prior periods. SFAS No. 128
replaces the current EPS categories of primary and fully diluted with
"basic", which reflects no dilution from common stock equivalents, and
"diluted", which reflects dilution from common stock equivalents based
on the average price per share of the Company's common stock during the
period. For the three months ended March 31, 1997, both basic EPS and
diluted EPS would have been $.12. For the three months ended March 31,
1996, basic EPS would have been $.32, while diluted EPS would have
been $.31.
Cautionary Statement Regarding Forward Looking Statements
This report contains "forward-looking" statements. The Company is
including this statement for the express purpose of availing itself of the
protections of the safe harbor provided by the Private Securities Litigation
Reform Act of 1995 with respect to all of such forward-looking
statements. Examples of forward-looking statements include, but are not
limited to (a) projections of revenues, income or loss, earnings or loss per
share, capital expenditures, growth prospects, dividends, capital structure
and other financial items, (b) statements of plans and objectives of the
Company or its management or Board of Directors, (c) statements of
future economic performance and (d) statements of assumptions
underlying other statements and statements about the Company or its
business.
The Company's ability to predict projected results or to predict the effect
of certain events on the Company's operating results is inherently
uncertain. Therefore, the Company wishes to caution each reader of this
report to carefully consider certain factors, including competition for
clients; market conditions regarding buyers and sellers of securities; and
market conditions relating to public offerings, underwritings, mergers and
acquisitions and municipal bonds and other factors discussed herein,
because such factors in some cases have affected and in the future
(together with other factors) could affect, the ability of the Company to
achieve its anticipated results and may cause actual results to differ
materially from those expressed herein.
The following discussion and analysis should be read in conjunction with
the Company's consolidated financial statements and the notes related
thereto presented elsewhere herein. The discussion of results, causes and
trends should not be construed to imply any conclusion that such results,
causes or trends will necessarily continue in the future.
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
a. Financial Condition
Total assets decreased by $8,183,000, or 22.2%, to $28,764,000 at March
31, 1997 from $36,947,000 at December 31, 1996. The decrease in assets
is primarily due to a decrease in securities owned of $8,214,000. The
securities inventory decreased due to a decrease in municipal and taxable
fixed income securities of $10,140,000 and $3,840,000 respectively,
which was partially offset by an increase of $5,766,000 in corporate equity
securities. The decrease in the municipal securities portfolio is attributed
to larger positions held at year end because of reinvestment money coming
due from bond maturities and redemptions in the month of January. The
proceeds from the sale of the securities inventory were largely used to
reduce the payable to the clearing broker and the securities sold position.
b. Results of Operations
Three Months Ended March 31, 1997 Compared With Three Months
Ended March 31, 1996
Net income for the three months ended March 31, 1997 was $431,000
compared to $1,098,000 during the period ending March 31, 1996. On a
fully diluted basis, earnings per share decreased to $.12 per share for the
three months ending March 31, 1997 from $.31 per share during the same
period in 1996.
Total revenues decreased $1,508,000, or 17.2%, to $7,267,000 in the three
months ended March 31, 1997 from $8,775,000 in the prior year period.
Revenues from principal transactions increased $1,657,000, or 74.7%, to
$3,875,000 in the three months ended March 31, 1997 from $2,218,000 in
the comparable period in 1996. This increase is the result of an increase of
$1,443,000 from trading equity securities and an increase of $214,000
from trading tax-exempt securities. The increase in revenues attributable
to trading equity securities reflected a strong bank and thrift market as
many of these securities hit new highs during the first quarter of 1997 as
well as an increase in trading activity. The increase in revenues
attributable to tax-exempt securities reflected favorable market conditions
and less volatility during the three months ended March 31, 1997.
Revenues from investment banking services decreased $3,248,000, or
63.6%, to $1,859,000 in the three months ended March 31, 1997 from
$5,107,000 in the comparable period in 1996. This was due to a
$2,885,000 decrease in revenues related to consulting, placement and
valuation fees, a decrease in revenue from underwriting tax-exempt debt
securities of $44,000 and a decrease in revenue from underwriting equity
securities of $319,000. The decrease in consulting, placement and
valuation fees resulted from a decrease in both revenues related to thrift
conversions, mutual holding company formations and merger and
acquisition advisory fees. The decrease in consulting, placement and
valuation revenues during the first quarter of 1997 was due to two large
thrift transactions closing in the first quarter of 1996 as compared to no
closings in the first quarter of 1997. Additionally, fee income from
merger and acquisition advisory services was significantly higher during
the first quarter of 1996 as a result of the closing of a large merger and
acquisition transaction during that quarter. 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 a smaller universe of mutual institutions. The decrease in
revenue from underwriting equity securities is due to the closing of an
underwriting for a financial institution seeking additional capital for
growth purposes in the first quarter of 1996, which activity was not
repeated in the first quarter of 1997. The decrease in revenue from
underwriting tax-exempt debt securities reflects decreased levels of
issuance of new municipal securities.
Commission revenue increased $60,000, or 5.5%, to $1,154,000 for the
quarter ended March 31, 1997 from $1,094,000 in the comparable period
in 1996. The increase in commission revenue includes an increase in
equity security commissions of $12,000 and an increase in mutual fund
commissions of $48,000 and is mainly attributable to higher mutual fund
sales and quarterly 12-b1 distribution fees.
Total operating expenses decreased $202,000, or 3.0%, to $6,536,000 for
the quarter ended March 31, 1997 from $6,738,000 in the comparable
period in 1996. This decrease is primarily attributable to a decrease in
compensation and benefits of $254,000 or 5.2%, and a decrease in
marketing and development expense of $93,000 or 36.3%. The decrease
in compensation and benefits is consistent with lower corporate finance
revenues during the first quarter of 1997 as well as a reduction in the
number of senior executives. The decrease in marketing and development
expense is due to a reduction in advertising, printing and travel and
entertainment expenses. Offsetting these decreases in expenses was an
increase in professional fees of $77,000 or 32.4 % and an increase in other
expenses of $59,000 or 22.8%. The increase in professional fees is
partially due to various costs associated with the Company's plan to move
its headquarters.
Income tax expense decreased $602,000, or 86.3%, to $96,000 from
$698,000 due to a decrease of pretax income of $1,269,000 and $89,000 of
tax refunds from amending prior years' tax returns.
Liquidity and Capital Funds
As of March 31, 1997, 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 additional funds on a secured short-term basis from
its clearing broker at the prevailing federal funds rate plus 62.5 basis
points. 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. At March 31, 1997, the balance due to the clearing
broker was approximately $11,363,000.
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 March 31, 1997. 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, 1996.
On or about December 13, 1994, a complaint under the caption Robert J.
Buckley, et al. v. Northwest Savings Bank ("Northwest"), et. al., C.A. No.
94-340-E (U.S.D.C. W.D. Pa.), was filed in the United States District
Court of the Western District of Pennsylvania. The complaint alleged
violations of the Securities Act of 1933, the Securities Act of 1934, as well
as various state law securities and common law claims in connection with
Northwest Savings Bank's reorganization from a mutual state savings
bank to a stock mutual holding company.
The complaint alleged that the Company was retained as a consultant and
advisor to Northwest in connection with such transaction and engaged in
the promotion and sale of Northwest stock. The complaint further alleged
that the Offering Circular prepared in connection with the initial public
offering contained misstatements of material facts and omitted to state
material facts necessary to make the statements contained within the
Offering Circular not misleading, including false statements representing
the appraised valuation and number of shares to be issued in the initial
offering would be increased only if market and economic conditions
warranted such increase. The complaint alleged that after the offering was
concluded, the appraised value of Northwest was increased and the
offering was diluted by the sale of additional shares and that such increase
in appraised value was not warranted by market or economic conditions.
The complaint sought unspecified monetary damages against the
defendants, including the Company, on behalf of all persons who
subscribed for and purchased shares of common stock in Northwest's
initial public offering. In connection with the offering, Northwest
executed an agency agreement with the Company whereby Northwest
agreed among other things to indemnify and contribute sums to the
Company for losses and legal fees in connection with the offerings.
Pursuant to the Agency Agreement, Northwest agreed to indemnify the
Company and to advance reasonable expenses incurred by the Company in
connection with the lawsuit.
On March 13, 1995, the plaintiffs filed a Motion for Class Certification.
On March 24, 1995, the Company, as well as all other defendants, filed a
Motion to Dismiss the plaintiff's complaint. By order dated November
17, 1995, the Court dismissed all federal law claims in the complaint with
prejudice against all defendants on the ground that plaintiff failed to
identify affirmative misrepresentations and material omissions of fact in
the Offering Circular. The court relinquished jurisdiction over the
remaining state law claims. On December 14, 1995, plaintiff filed an
appeal with the United States Court of Appeals for the Third Circuit (the
"Court of Appeals"). Oral arguments were conducted on January 21,
1997. On February 2, 1997, the Court of Appeals affirmed the decision of
the District Court. On February 26, 1997, the plaintiff filed a motion for
rehearing, which motion was denied on April 7, 1997.
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-L-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 complaint alleges that certain duties were owed to
the partnership by the Company and RBFC. 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. On March 9,
1995, RBFC and the Company's former account executive were dismissed
by order of the Court. On September 5, 1995, certain defendants filed a
new third-party complaint seeking contribution from the Company, RBFC
and certain present and former employees and officers of the Company as
additional third-party defendants. All of the claims asserted against the
Company are for contribution. On October 15, 1995, the Company,
RBFC and all individual defendants named as third-party defendants in the
litigation entered into a settlement agreement with Inrevco. The terms of
the settlement agreement include a provision for an automatic judgment
reduction in the event any liability is apportioned against the Company,
RBFC or any individual third-party defendant on the contribution claims.
Pursuant to the settlement agreement, Inrevco has released the Company
and RBFC from any liability in the suit. The Company is still named a
third-party defendant in this action and, as such, will be required to
participate in discovery and other pre-trial procedures with respect to the
ongoing litigation. Discovery in this case is proceeding. A case
management conference was held before the Court on April 30, 1997.
Trial is scheduled for September 1997.
On January 11, 1996, the Company gave notice to Municipal Square
Associates ("Municipal Square"), its landlord, at 80 Main Street, West
Orange, New Jersey that it had been constructively evicted as a result of
Municipal Square's breaches of the lease in failing to provide adequate
heating, air conditioning, security, janitorial and other services.
On February 29, 1996, Municipal Square filed an action in which
Municipal Square seeks a declaratory judgment that the lease is not
terminated and alternatively, that the Company's January 11th notice had
terminated the lease and triggered an early termination penalty of
$375,000.
The Company filed a counterclaim alleging that Municipal Square
breached the lease by failing to provide services which Municipal Square
was required to provide under the lease and alleging that Municipal
Square's conduct constituted a constructive eviction of the Company.
The parties have entered into a settlement agreement whereby the
Company agrees to make certain payments in settlement of all claims for
termination of the Lease. Such payments will not have a material adverse
effect on the Company's financial condition or results of operations.
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
Not applicable.
Item 5. Other Materially Important Events
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) Reports of Form 8-K
The Company's Current Report on Form 8-K filed with the Securities and
Exchange Commission on January 15, 1997 is incorporated by reference
herein.
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/ Ben A. Plotkin
Ben A. Plotkin
President
(Principal Executive Officer)
/s/ Leonard J. Stanley
Leonard J. Stanley
Senior Vice President, Chief Financial
and Administrative Officer
(Principal Financial and Accounting Officer)
Dated:
May 14, 1997
6
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary information extracted from the March 31, 1997
10-Q and is qualified in it's entirety by reference to such financial
statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 167
<SECURITIES> 25575
<RECEIVABLES> 2016
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 389
<PP&E> 3348
<DEPRECIATION> 2731
<TOTAL-ASSETS> 28764
<CURRENT-LIABILITIES> 17385
<BONDS> 0
<COMMON> 323
0
40
<OTHER-SE> 11016
<TOTAL-LIABILITY-AND-EQUITY> 28764
<SALES> 7267
<TOTAL-REVENUES> 7267
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 6536
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 204
<INCOME-PRETAX> 527
<INCOME-TAX> 96
<INCOME-CONTINUING> 431
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 431
<EPS-PRIMARY> .12
<EPS-DILUTED> .12
</TABLE>
