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) August 18, 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.)
02
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 August 18, 2004
Item 12: Results of Operations and Financial Condition.
On August 18, 2004, First Montauk Financial Corp. (the "Registrant") issued
a press release announcing results for the quarter ended June 30, 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: August 19, 2004 First Montauk Financial Corp.
(Registrant)
By /s/ Victor K. Kurylak
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Victor K. Kurylak, President
03 Exhibit 99.1
FIRST MONTAUK FINANCIAL CORP.
[Letterhead]
[GRAPHIC OMITTED]
FIRST MONTAUK ANNOUNCES SECOND QUARTER
AND SIX MONTH RESULTS FOR 2004
Red Bank, NJ - August 18, 2004 - 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, 2004.
Revenues for the second quarter of 2004 decreased to $14.2 million, compared to
$15.9 million for the second quarter of 2003. The Company reported a net income
applicable to common stockholders of $2,500 or $.00 per basic and diluted share
for the second quarter. This compares to a net loss of $1.3 million or ($.16)
per basic and diluted share for the second quarter of 2003.
The Company's revenues for the first half of 2004 increased 23% to $33.1
million, compared to $26.8 million for the same six-month period in 2003. The
Company reported a net income applicable to common stockholders of $217,000, or
$.02 per basic and diluted share during the first six months of 2004. This
compares to a net loss of $1.8 million, or ($.21) per basic and diluted share
for the same period in 2003.
Victor K. Kurylak, President and COO of Montauk Financial Group, commented,
"Although we reported a return to profitability for the second quarter and first
half of 2004, during the quarter we experienced slower trading volumes and
weaker equity markets. We continue to face the challenge of controlling costs,
adding qualified financial professionals and improving our overall business
operations."
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 61,000 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 413 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, 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.
04
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,
2004 2003 2004 2003
(unaudited) (unaudited) (unaudited) (unaudited)
Revenues $33,063 $26,859 $14,242 $15,902
Expenses 32,800 28,669 14,217 17,241
Net income/(loss) $ 263 $ (1,810) $ 25 $ (1,339)
Net income/(loss) applicable $ 217 $ (1,836) $ 2 $ (1,339)
to common stockholders
Per share of common stock:
Basic
Diluted $ 0.02 $ (0.21) $0.00 $ (0.16)
$ 0.02 $ (0.21) $0.00 $ (0.16)
Number of common shares used
net income/(loss) per share:
Basic
Diluted
9,598,100 8,527,164 9,587,133 8,527,164
16,048,897 8,527,164 9,738,345 8,527,164
Contacts:
Montauk Financial Group Montauk Financial Group
William J. Kurinsky Katy Paul
Chief Executive Officer Shareholder Relations
732-842-4700, ext. 4227 732-842-4700, ext. 4220
info@montaukfinancial.com