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) November 17, 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.)
02
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
November 17, 2003.
Item 12: Results of Operations and Financial Condition.
On November 17, 2003, First Montauk Financial Corp. (the "Registrant")
issued a press release announcing results for the fiscal quarter ended September
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.
03
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: November 19, 2003 First Montauk Financial Corp.
(Registrant)
/s/ William J. Kurinsky
By ---------------------------
William J. Kurinsky
Chief Financial Officer
Exhibit 99.1
FIRST MONTAUK ANNOUNCES THIRD QUARTER
AND NINE MONTHS RESULTS FOR 2003
Revenues for the Third Quarter Up 41%
Red Bank, NJ - November 17, 2003 - First Montauk Financial Corp. (OTC/BB:
FMFK), a nationwide provider of investment services through independent
financial professionals, today announced financial results for the third quarter
and nine months ended September 30, 2003.
Revenues for the third quarter of 2003 rose 41%, to $15.2 million, compared
to $10.7 million for the third quarter of 2002. The Company reported a net loss
applicable to common stockholders of $289,000, or ($.03) per basic and diluted
share for the third quarter of 2003. This compares to a net loss of $529,000, or
($.06) per basic and diluted share for the third quarter of 2002.
The Company's revenues for the nine months ended September 2003 also
increased, rising 16%, to $42 million, compared to $36.4 million for the same
nine month period in 2002. The Company reported a net loss applicable to common
stockholders of $2.1 million, or ($.25) per basic and diluted share for the nine
month period of 2003. This compares to a net loss of $1.8 million, or ($.22) per
basic and diluted share for the same period in 2002.
Herb Kurinsky, President and CEO of Montauk Financial Group, commented,
"The significant rise in revenue during the third quarter reflects a combination
of improved investor confidence and the strong performance of our affiliated
financial professionals. Although the Company reported a loss for the quarter,
we believe it is a significant improvement over the first two quarters of fiscal
2003 and is the result of carefully targeted cost cutting measures and risk
management strategies instituted by the firm."
"A number of initiatives are underway, some of which are targeting
reductions in future litigation costs that have negatively impacted the
Company's earnings. We are cautiously optimistic that the Company will be
successful in these efforts as we work hard towards the goal of returning to
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 470 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 third quarter ended September 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)
Nine months Three months
Ended September 30, Ended September 30,
(unaudited) (unaudited)
2003 2002 2003 2002
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Revenues $42,030 $36,364 $15,171 $10,739
Expenses 44,129 38,137 15,460 11,243
Net loss $ (2,099) $(1,773) $(289) $(504)
Net loss applicable to common $ (2,124) $(1,848) $(289) $(529)
stockholders
Per share of common stock: $ (0.25) $(0.22) $(0.03) $(0.06)
basic and diluted
Number of common shares used 8,666,358 8,560,946 8,940,207 8,525,284
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