SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) May 20, 2004
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FIRST MONTAUK FINANCIAL CORP.
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(Exact name of Registrant as specified in charter)
New Jersey 0-6729 22-1737915
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(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
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (732) 842-4700
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(Former name or former address, if changed since last report.)
Item 7: Financial Statements and Exhibits.
(c) Exhibits
The following exhibit is filed herewith:
Exhibit No. Description
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99.1 Press release issued by First Montauk
Financial Corp. dated May 20, 2004.
Item 12: Results of Operations and Financial Condition.
On May 20, 2004, First Montauk Financial Corp. (the "Registrant") issued a
press release announcing results for the quarter ended March 31, 2004. 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: May 21, 2004 First Montauk Financial Corp.
(Registrant)
By /s/ Victor K. Kurylak
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Victor K. Kurylak, President
Exhibit 99.1
FIRST MONTAUK FINANCIAL CORP.
[Letterhead]
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FOR IMMEDIATE RELEASE
FIRST MONTAUK ANNOUNCES
FIRST QUARTER RESULTS FOR FISCAL 2004
Red Bank, NJ - May 20, 2004 - First Montauk Financial Corp. (OTC/BB: FMFK), a
nationwide provider of investment services through independent financial
professionals, announced financial results for the first quarter ended March 31,
2004.
Revenues for the first quarter increased 72%, from $10.9 million in 2003, to
$18.8 million for the first quarter of 2004. The Company reported net income
applicable to common stockholders of $238,000, or $.02 per basic and diluted
share, as compared to a net loss applicable to common stockholders of
($496,000), or ($.06) per basic and diluted share for the 2003 period.
Victor K. Kurylak, President and COO of the Company, commented, "We are pleased
with the performance during the first quarter of 2004, as the Company reported a
profit on the highest quarterly revenue since the March 2000 quarter. The
results for the first quarter reflect our continued efforts to contain costs and
take advantage of growth opportunities."
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 advanced networked information systems and a competitive commission
payout structure has attracted approximately 440 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 first quarter ended March 31, 2004 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
Three months ended March 31,
2004 2003
Revenues: 18,821,406 10,956,167
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Expenses: 18,583,432 11,427,511
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Net income (loss) $ 237,974 $ (471,344)
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Net income (loss) applicable to common stockholders $ 237,974 $ (496,183)
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Earnings (loss) per share:
Basic $ .02 $ (.06)
Diluted $ .02 $ (.06)
Weighted average number of shares of stock outstanding:
Basic 9,067,548 8,527,164
Diluted 15,631,311 8,527,164
Contact:
Katy Paul
Montauk Financial Group Shareholder Relations
William J. Kurinsky, CEO 732-842-4700, ext. 4220
(800) 876-3672, ext. 4227 info@montaukfinancial.com