SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 22, 2003
FIRST MONTAUK FINANCIAL CORP.
(Exact name of Registrant as specified in charter)
New Jersey 0-6729 22-1737915
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
Parkway 109 Office Center, 328 Newman Springs Road, Red Bank, N.J. 07701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 842-4700
(Former name or former address, if changed since last report.)
Item 7: Financial Statements and Exhibits.
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(c) Exhibits
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The following exhibit is filed herewith:
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Exhibit No. Description
99.1 Press release issued by First Montauk Financial Corp. dated
August 21, 2003.
Item 9: Regulation FD Disclosure (Information Provided Under Item 12 -
Results of Operations and Financial Condition).
This information, furnished under this "Item 9. Regulation FD Disclosure,"
is intended to be furnished under "Item 12. Disclosure of Results of Operations
and Financial Condition" in accordance with SEC Release No. 33-8216.
On August 21, 2003, First Montauk Financial Corp. (the "Registrant") issued
a press release announcing results for the fiscal quarter ended June 30, 2003. A
copy of the press release is attached as exhibit 99.1. The information in this
report shall not be deemed to be "filed" for purposes of Section 18 of, or
otherwise regarded as filed under, the Securities Exchange Act of 1934, as
amended. Unless expressly incorporated into a filing of the Registrant under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended, made after the date hereof, the information contained herein shall not
be incorporated by reference into any filing of the Registrant, whether made
before or after the date hereof, regardless of any general incorporation
language in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: August 22, 2003 First Montauk Financial Corp.
(Registrant)
/s/ William J. Kurinsky
By ---------------------------
William J. Kurinsky
Chief Financial Officer
Exhibit 99.1
FIRST MONTAUK ANNOUNCES SECOND QUARTER
AND SIX MONTH RESULTS FOR 2003
Revenues for the Second Quarter Up 23%
Red Bank, NJ - August 21, 2003 - First Montauk Financial Corp. (OTC/BB:
FMFK), a nationwide provider of investment services through independent
financial professionals, today announced financial results for the second
quarter and six months ended June 30, 2003.
Revenues for the second quarter of 2003 rose 23% to $15.9 million, compared
to $12.9 million for the second quarter of 2002. The Company reported a net loss
applicable to common stockholders of $1.3 million, or ($.15) per basic and
diluted share for the second quarter. This compares to a net loss of $998,000,
or ($.12) per basic and diluted share for the second quarter of 2002.
The Company's revenues for the first half of 2003 also increased, rising to
$26.9 million compared to $25.6 million for the same six month period in 2002.
The Company reported a net loss applicable to common stockholders of $1.7
million, or ($.20) per basic and diluted share during the first six months of
2003. This compares to a net loss of $1.3 million, or ($.15) per basic and
diluted share for the same period in 2002.
Herb Kurinsky, President and CEO of Montauk Financial Group, commented, "We
are pleased to report a substantial increase in revenues for the second quarter
and the first half of 2003. The continued lower interest rate environment,
combined with the end to the major conflict in Iraq, positively affected
investor confidence, and aided in their decision to once again return to
investing in the equity markets."
"The losses that the Company suffered are once again disappointing, however
they are primarily a result of the settlement of various legal claims. With the
resolution of these matters, we can now focus our continuing efforts on
recruiting independent financial professionals and improving overall business
operations and profitability." Kurinsky added.
Montauk Financial Group is a service mark of First Montauk Securities
Corp., Member NASD/SIPC. First Montauk Financial Corp. is the parent company of
First Montauk Securities Corp., a registered securities broker/dealer
headquartered in Red Bank, NJ, with approximately 60,000 retail and
institutional accounts. The Company's ability to offer quality support services,
research, web-based information systems and a competitive commission payout
structure has attracted approximately 475 independent, professional registered
representatives across the country. Additional information is available at the
Company's website at www.montaukfinancial.com.
Statements contained in this news release regarding expected financial
results of the Company and First Montauk Securities Corp., are forward-looking
statements, subject to uncertainties and risks, many of which are beyond the
Company's control, including, but not limited to, market conditions, interest
rate and currency fluctuations, dependence on key personnel, each of which may
be impacted, among other things, by economic, competitive or regulatory
conditions. These and other applicable risks are summarized under the caption
"Factors Affecting Forward Looking Statements'' in the Company's Form 10-Q for
the second quarter ended June 30, 2003, as filed with the Securities and
Exchange Commission. Forward-looking statements by their nature involve
substantial risks and uncertainties. As a result, actual results may differ
materially depending on many factors, including those described above. The
Company cautions that historical results are not necessarily indicative of the
Company's future performance.
FIRST MONTAUK FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
In 000's (except for per share amounts)
Six months Three months
Ended June 30, Ended June 30,
2003 2002 2003 2002
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $26,858 $25,625 $15,902 $12,877
Expenses 28,581 26,894 17,153 13,850
Net loss $(1,723) $(1,269) $(1,251) $(973)
Net loss applicable to common $(1,748) $(1,318) $(1,251) $(998)
stockholders
Per share of common stock: $ (0.20) $(0.15) $(0.15) $(0.12)
basic and diluted
Number of common shares used 8,527,164 8,579,173 8,527,164 8,534,075
in basic and diluted loss per
share
Contacts:
Montauk Financial Group Montauk Financial Group
William J. Kurinsky Katy Paul
EVP, CFO Shareholder Relations
732-842-4700, ext. 4227 732-842-4700, ext. 4220
info@montaukfinancial.com