News
Siebert Releases Fourth Quarter and Full Year 2023 Financial Results
Fiscal 2023 revenue of $71.5 million, up 43% year over year
Fiscal 2023 operating income of $18.1 million
Significant boost to retail account growth and continued execution of growth strategy
NEW YORK, May 10, 2024–(BUSINESS WIRE)–(NASDAQ: SIEB) (“Sieberto”)a diversified financial services provider, today released financial results for the fourth quarter and year ended December 31, 2023.
Financial highlights for the year 2023
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Revenue of $71.5 million compared to $50.1 million in 2022
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Operating profit of US$18.1 million compared to operating profit of US$0.4 million in 2022
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Net profit of US$7.8 million compared to net loss of US$3.0 million in 2022
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Earnings per share of $0.21 compared to loss per share of $0.06 in 2022
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Retail customer net worth of $15.9 billion, an improvement compared to $13.5 billion in 2022
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Total retail customer accounts of 153,727 compared to 122,394 in 2022
Business Highlights of the Year 2023
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Announced the appointment of John J. Gebbia as CEO and President of Siebert
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Moved headquarters to Miami Beach to solidify presence in this growing market and build relationships with strategic partners who have expanded their presence into South Florida
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Signed a five-year lease at the World Financial Center in New York City, expanding presence in New York and providing savings on occupancy costs
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Closed the previously announced investment of US$17.4 million by Kakao Pay Corp. (“Kakao Pay”) in Siebert
Management Comment
John J. Gebbia, CEO of Siebert, said: “We had an incredible year in 2023 as we delivered significant improvement in revenue and profitability while continuing to grow the number of retail customers we support. Over the year, we remained focused on executing our strategic objectives as we continued to modernize our offerings, expand our reach and improve our competitive position across our lines of business. This included our expanded presence in Miami and New York, the growth of our business. corporate services, additional investments in technology, and the capital investment of Kakao Pay We also note that during 2023, our management team engaged in several initiatives that led to significant growth in our retail customer accounts, the drivers of which were related with a partnership with NFS, as well as new corporate services retail accounts.
We remain optimistic about the numerous opportunities that lie ahead to further improve Siebert’s operating model and drive profitable growth to build a more diversified business that can capitalize on the evolving needs of our customers and position Siebert for success.”
The story continues
Andrew Reich, CFO of Siebert, commented: “Strong performance in 2023 was driven by our Securities Finance and Retail Trading divisions as we successfully navigated volatile market conditions and continued to benefit from the interest rate environment. interest with a diversified model. We also made significant progress in improving our operating profit and margins in 2023. Looking ahead, we remain focused on maintaining operational efficiency and driving profitable growth, while continuing to support. the objectives of our strategic partners and customers with a strong capital position.”*
*See Siebert’s 2023 10-K, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details.
Notice to Investors
This communication is provided for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any securities in the United States or elsewhere.
About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to hold a seat on the NYSE and the first to head one of its member firms.
Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC., Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd. full range of services brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending and corporate stock plan administration solutions. For more than 55 years, Siebert has been a company that values its customers, shareholders and employees. More information is available at www.siebert.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by , followed by or including the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project “, “intends” and similar words or expressions. Furthermore, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements, which reflect beliefs, objectives and expectations as of the date hereof, are based on the best judgment of Siebert management. All forward-looking statements speak only as of the date they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic crises resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with customers and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; dependence on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal issues; failure to maintain relationships with employees, customers, business partners or government entities; the inability to achieve synergies or implement integration plans; and other consequences associated with the risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and in Siebert’s filings with the SEC.
Siebert cautions that the above list of factors is not exclusive, and new factors may emerge, or changes to previous factors may occur, that could impact your business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by federal securities laws.
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Contacts
Relationship with investors:
Alex Kovtun and Matt Glover
Gateway Group, Inc.
949-574-3860
SIEB@gateway-grp.com