UNITED STATES
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 16, 2004
FIRST MONTAUK FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-6729
NEW JERSEY 22-1737915
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(State or other jurisdiction of incorporation or (I.R.S. Employer
organization) Identification No.)
Parkway 109 Office Center
328 Newman Springs Road
Red Bank, NJ 07701
(Address and zip code of principal executive offices)
(732) 842-4700
(Registrant's telephone number, including area code
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|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 16, 2004, First Montauk Financial Corp. (the "Registrant")
issued a press release announcing results for the fiscal quarter ended
September 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.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Press Release of First Montauk Financial Corp. dated
99.1 November 16, 2004.
SIGNATURE
FIRST MONTAUK FINANCIAL CORP.
By: /s/ William J. Kurinsky
-------------------------------
Name: William J. Kurinsky
Title: Chief Financial Officer
Date: November 17, 2004
EXHIBIT INDEX
Exhibit Description
Number
99.1 Press Release of First Montauk Financial Corp. dated
November 16, 2004.
03 Exhibit 99.1
FIRST MONTAUK FINANCIAL CORP.
[Letterhead]
[GRAPHIC OMITTED]
FIRST MONTAUK ANNOUNCES THIRD CONSECUTIVE QUARTER
OF OPERATING PROFITS
Red Bank, NJ - November 16, 2004 - 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, 2004, reporting a profit for the third consecutive
quarter.
Revenues for the third quarter of 2004 decreased 23% to $11,747,000, compared to
$15,172,000 for the same period in 2003. The Company reported a net income
applicable to common stockholders of $17,306, or $0.00 per basic and diluted
share for the third quarter of 2004, compared to a net loss of ($288,541), or
($0.03) per basic and diluted share, for the same three month period in 2003.
For the nine months ended September 30, 2004, revenues increased 7% to
$44,810,000, compared to $42,030,000 for the same period in 2003. The Company
reported net income applicable to common stockholders of $234,628, or $.03 per
basic and $.02 per diluted share for the nine month period, compared to a net
loss applicable to common stockholders of ($2,124,192), or ($0.25) per basic and
diluted share, for the same period in 2003.
Victor K. Kurylak, President and COO of Montauk Financial Group, commented, "Our
revenues and operating results are influenced by general economic and market
conditions. Uncertainties about interest rates, the November election and the
continued threat of terrorism have all contributed to the lack of investor
confidence and a reduction in securities transaction volume."
"Despite decreased revenues compared to the same quarter in 2003, the Company is
pleased to report a profit for the third consecutive quarter. This profitability
is due largely to carefully targeted cost cutting measures and risk management
strategies instituted by the firm. As we continue to implement and institute new
initiatives, we are cautiously optimistic that the Company will be successful in
these efforts as we work towards the goal of continued profitability." Kurylak
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 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 396 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, 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
In 000's (except for per share amounts)
Nine months Three months
Ended September 30, Ended September 30,
(unaudited) (unaudited)
2004 2003 2004 2003
Revenues $44,810 $42,030 $11,747 $15,172
Expenses 44,507 44,129 11,707 15,460
Net income (loss) $ 303 $(2,099) $ 40 $(288)
Net income (loss) applicable $ 235 $(2,124) $ 17 $(289)
to common stockholders
Earnings (loss) per share of
common stock:
Basic
$ .03 $ (0.25) $ 0.00 $(0.03)
Diluted $ .02 $ (0.25) $ 0.00 $(0.03)
Weighted average number of
shares of stock outstanding:
Basic
Diluted
9,291,318 8,666,358 9,516,709 8,940,207
15,713,258 8,666,358 9,618,770 8,940,207
Contacts:
Montauk Financial Group Montauk Financial Group
Victor K. Kurylak Katy Paul
President, COO Shareholder Relations
732-842-4700, ext. 4227 732-842-4700, ext. 4220
info@montaukfinancial.com