Exhibit 99.1
FIRST MONTAUK ANNOUNCES REVENUE
AND EARNINGS FOR 2005
Red Bank, NJ - March 21, 2006 - First Montauk Financial Corp. (OTC/BB: FMFK), a
nationwide provider of investment services through independent financial
professionals, today announced revenue and earnings for the year ended December
31, 2005.
Total revenues for 2005 were $58.1 million, compared to $59.2 million in 2004.
The Company reported net income applicable to common shareholders of $2,139,000
or $.15 per basic and $.12 per diluted share for 2005, compared to net income
applicable to common shareholders of $640,000 or $.07 per basic and $.04 per
diluted share for 2004.
Victor K. Kurylak, President and CEO of First Montauk Financial Corp.,
commented, "We continue to make steady progress improving our financial
performance and attracting high quality financial professionals into our
network. Our focus on empowering our affiliates to grow and manage a successful
independent practice is the cornerstone of our business strategy."
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 50,000 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 290 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-K for
the year ended December 31, 2005, to be 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
CONSOLIDATED STATEMENTS OF INCOME
In 000's (except per share amounts)
Years ended December 31,
2005 2004
---- ----
Revenues $58,084 $59,187
Expenses 55,582 58,470
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Net income before tax 2,502 717
Income taxes (benefit) 78 (13)
-- ----
Net income $ 2,424 $ 730
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Net income applicable
to common stockholders $ 2,139 $ 640
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Earnings per share:
Basic $ 0.15 $ 0.07
========= =========
Diluted $ 0.12 $ 0.04
========= =========
Weighted average
number of shares of
stock outstanding
Basic 14,032,057 9,270,350
Diluted 20,109,178 15,629,920
CONTACT:
Victor K. Kurylak
President, CEO
732-842-4700, ext. 4230
info@montaukfinancial.com
www.montaukfinancial.com