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): August 14, 2006
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:
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Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On August 14, 2006, First Montauk Financial Corp. (the "Registrant") issued
a press release announcing results for the fiscal quarter ended June 30, 2006. 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 August 14, 2006.
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: August 15, 2006
EXHIBIT INDEX
Exhibit Description
Number
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99.1 Press Release of First Montauk Financial Corp. dated
August 14, 2006.
Exhibit 99.1
FIRST MONTAUK FINANCIAL CORP. ANNOUNCES
NET INCOME FOR SECOND QUARTER ENDED JUNE 30, 2006
Red Bank, NJ - August 14, 2006 - First Montauk Financial Corp. (OTC/BB: FMFK), a
nationwide provider of investment services through independent financial
professionals, today announced that the Company had net income applicable to
common stockholders for the quarter ended June 30, 2006 of $1.0 million, or $.06
and $.05 per basic and diluted share, respectively, compared to net income
applicable to common stockholders of $4.0 million, or $.28 and $.20 per basic
and diluted share, respectively, for the quarter ended June 30, 2005.
Revenues for the second quarter decreased 18%, to $13.6 million, compared to
$16.6 million for the same period in 2005. For the second quarter ended June 30,
2005, the Company would have reported revenue of $11.7 million exclusive of $4.9
million of revenue resulting from the acceleration of the remaining deferred
revenue in connection with the termination of our financial agreement with
Fiserv Securities, Inc. ("Fiserv"), our former clearing firm.
For the six months ended June 30, 2006, the Company reported net income before
taxes of $53,000 on revenues of $26.9 million. Net income before taxes reported
for the six months ended June 30, 2005 was $3.5 million on revenues of $32.1
million. For the six months ended June 30, 2005 the Company would have reported
a net loss before taxes of ($1,400,000) exclusive of the $4.9 million deferred
revenue recorded as a result of the termination of our financial agreement with
Fiserv. The Company reported a net loss applicable to common stockholders for
the six months ended June 30, 2006 of ($77,000) or $.0 per basic and diluted
share, compared to a net income applicable to common stockholders of $3.3
million or $.24 per basic and $.18 per diluted share for the same period in
2005.
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
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, 2006, 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)
Six months Three months
ended June 30, ended June30,
(unaudited) (unaudited)
2006 2005 2006 2005
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Revenues $26,918 $32,146 $13,606 $16,580
Expenses 26,865 28,613 12,530 12,160
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Net income before income taxes $ 53 $ 3,533 $1,076 $ 4,420
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Net income (loss) applicable $ (77) $ 3,271 $ 1,009 $ 4,016
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to common stockholders
Earnings (loss) per share of
common stock:
Basic
$ - $ 0.24 $0.06 $ 0.28
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Diluted $ - $ 0.18 $0.05 $0.20
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Weighted average number of
shares of stock outstanding:
Basic
Diluted 15,594,185 13,421,349 15,842,628 14,411,053
16,515,509 20,251,184 19,363,508 21,251,791
Contact:
Montauk Financial Group
Victor K. Kurylak
President, CEO
732-842-4700, ext. 4230
info@montaukfinancial.com