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): May 16, 2005
FIRST MONTAUK FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
COMMISSION FILE NUMBER: 0-6729
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NEW JERSEY 22-1737915
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
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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FOLLOWING PROVISIONS:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
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|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 16, 2005, First Montauk Financial Corp. (the "Registrant") issued a
press release announcing results for the fiscal quarter ended March 31, 2005. 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.
99.1 dated May 16, 2005.
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.
FIRST MONTAUK FINANCIAL CORP.
By: /s/ Victor K. Kurylak
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Name: Victor K. Kurylak
Title: Chief Executive Officer
Date: May 16, 2005
EXHIBIT INDEX
Exhibit Description
Number
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99.1 Press Release of First Montauk Financial Corp. dated
May 16, 2005.
Exhibit 99.1
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
FIRST MONTAUK ANNOUNCES FIRST QUARTER RESULTS
Red Bank, NJ - May 16, 2005 - First Montauk Financial Corp. (OTC/BB: FMFK), a
nationwide provider of investment services through independent financial
professionals, today announced financial results for the first quarter ended
March 31, 2005.
Revenues for the first quarter of 2005 decreased to $15.5 million, compared to
$18.8 million for the same period in 2004, a 17% decrease. The Company reported
a net loss applicable to common stockholders of $411,000, or ($.03) per basic
and diluted share for the first quarter of 2005, compared to a net income
applicable to common stockholders of $238,000, or $.02 per basic and diluted
share for the first quarter of 2004.
The net loss for the quarter was due to a one-time charge to compensation and
other expenses of $1,450,000, in connection with the separation agreement with
Montauk's former CEO. Excluding the one time charge related to the separation
agreement, the Company would have reported a profit before income taxes of
$834,000 for the first quarter of 2005.
Victor K. Kurylak, President and CEO of Montauk Financial Group, commented,
"Despite weak market conditions resulting in lower revenues, we are pleased with
our efforts to improve margins and reduce overhead. Earnings from operations
remain positive but were offset by the one time charges associated with a
restructuring of management."
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 advanced networked
information systems and a competitive commission payout structure has attracted
approximately 350 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, 2005 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)
Three months
Ended March 31,
2005 2004
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(unaudited) (unaudited)
Revenues 15,566 18,821
Expenses 16,181 18,583
Net income (loss) $ (376) $ 238
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Net income (loss) applicable
to common stockholders $ (411) $ 238
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Per share of Common Stock:
Basic and diluted $ (0.03) $ 0.02
Number of common shares used in
Basic Per Share 12,380,852 9,067,548
Diluted Per Share 12,380,852 15,631,311
Contact:
Victor K. Kurylak
President
Chief Executive Officer
(800) 876-3672, ext. 4227
Katy Paul
Shareholder Relations
732-842-4700, ext. 4220
info@montaukfinancial.com