Exhibit 99.1
FIRST MONTAUK FINANCIAL CORP. ANNOUNCES
FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2008
Red Bank, NJ - May 16, 2008 - First Montauk Financial Corp. (OTC/BB: FMFK), a
nationwide provider of investment services through independent financial
professionals, today announced its financial results for the quarter ended March
31, 2008.
Revenues for the quarter ended March 31, 2008 decreased $4.7 million, or 38%, to
$7.5 million from $12.2 million for the quarter ended March 31, 2007. The
decrease in revenues is primarily attributable to a decline in the number of
producing registered representatives that are affiliated with the Company.
The Company reported a net loss applicable to common stockholders of $659,000,
or ($0.05) per basic and diluted share for the 2008 quarter compared to a net
loss applicable to common stockholders for the 2007 quarter of $560,000, or
($0.03) per basic and diluted share.
Montauk Financial Group is a service mark of First Montauk Securities Corp.,
Member FINRA/SIPC. First Montauk Financial Corp. is the parent company of First
Montauk Securities Corp., a registered securities broker/dealer headquartered in
Red Bank, NJ. 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 period ended March 31, 2008 and Form 10-K/A for the year ended December
31,2007 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
CONSOLIDATED STATEMENTS OF OPERATIONS
In 000's (except per share amounts)
Quarter ended March 31,
2008 2007
(unaudited) (unaudited)
Revenues $ 7,518 $ 12,245
Expenses 8,175 12,752
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Net loss before income taxes (657) (507)
Income taxes 0 10
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Net loss $ (657) $ (517)
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Net loss applicable
to common stockholders $ (659) $ (560)
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Loss per share:
Basic $ (0.05) $ (0.03)
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Diluted $ (0.05) $ (0.03)
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Weighted average
number of shares of
stock outstanding
Basic 13,248,477 18,483,338
Diluted 13,248,477 18,483,338
CONTACT:
Victor K. Kurylak
President, CEO
732-842-4700, ext. 4230
info@montaukfinancial.com
www.montaukfinancial.com