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Siebert Financial Corp. (SIEB-0.34%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $22.6 million from $18.1 million in the same quarter the previous year. The increase is attributed to strong market conditions.
Commissions and fees increased to $2.3 million from $1.9 million, while interest, marketing, and distribution fees rose to $8.4 million from $7.2 million. Principal transactions and proprietary trading revenue increased to $4.2 million from $3.8 million.
Employee compensation and benefits expenses increased to $11.9 million from $8.7 million, primarily due to higher commission payouts and executive compensation.
Net income for the quarter was $3.8 million, up from $2.8 million in the previous year. Earnings per share were $0.10, compared to $0.07 in the prior-year quarter.
Cash used in operating activities was $53.1 million, while cash used in investing activities was $5.0 million, primarily due to software purchases related to the Retail Platform and the acquisition of Gebbia Entertainment, LLC.
Siebert had a working capital of $83.3 million as of September 30, 2024. The company continues to focus on expanding its technological infrastructure and enhancing its retail trading platform.
The filing also details a new credit agreement with East West Bank (EWBC-0.41%), providing a $20 million revolving credit facility to support strategic initiatives.
The company identified material weaknesses in its internal controls over financial reporting and is in the process of implementing remediation measures.
Siebert does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Siebert Financial Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.