Siebert Reports Fourth Quarter and Full Year 2023 Financial Results
FY 2023 Revenue of
FY 2023 Operating Income of
Significant Momentum in Retail Account Growth and Continued Execution of Growth Strategy
Full Year 2023 Financial Highlights
-
Revenue of
$71.5 million compared to$50.1 million in 2022 -
Operating income of
$18.1 million compared to operating income of$0.4 million in 2022 -
Net income of
$7.8 million compared to net loss of$3.0 million in 2022 -
Earnings per share of
$0.21 compared to loss per share$0.06 in 2022 -
Retail customer net worth of
$15.9 billion , an improvement compared to$13.5 billion in 2022 - Total retail customer accounts of 153,727 compared to 122,394 in 2022
Full Year 2023 Business Highlights
-
Announced the appointment of
John J. Gebbia as CEO and Chairman of Siebert -
Moved headquarters to
Miami Beach to solidify presence in this growing market and build relationships with strategic partners that have expanded their presence toSouth Florida -
Signed a five-year lease in the
World Financial Center inNew York City , expanding presence inNew York and providing savings on occupancy costs -
Closed the previously announced
$17.4 million investment byKakao Pay Corp. (“Kakao Pay”) in Siebert
Management Commentary
We remain optimistic about the numerous opportunities ahead of us 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 clients and position Siebert for success.”
*Refer to Siebert’s 2023 10-K, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail.
Notice to Investors
This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in
About
Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when
Siebert operates through its subsidiaries
Cautionary Note Regarding Forward-Looking Statements
The 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
These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of management of Siebert. All forward-looking statements speak only as of the date on which 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 downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A - Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended
Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact its 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 the federal securities laws.
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Investor Relations:
949-574-3860
SIEB@gateway-grp.com
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