Unless indicated otherwise, or the context otherwise requires, references in
this report to the "Company," "
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this Form 10-Q contains some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will," "should," "may," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.
OVERVIEW
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Form 10-Q. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking statements as discussed under "Cautionary Statement Regarding Forward-Looking Statements" appearing elsewhere in this Form 10-Q.
In light of the dynamics created by COVID-19 and its impact on the global supply
chain and banks, oil, travel and leisure including the temporary closure of
businesses deemed non-essential across
12
--------------------------------------------------------------------------------
Index
RESULTS OF OPERATIONS
The following table (in thousands, except per share data) and discussion of our results of operations are based upon data derived from the Condensed Consolidated Statements of Income contained in our condensed consolidated financial statements and should be read in conjunction with those statements included in Part I, Item 1 of this Form 10-Q:
Three Months Ended March 31, 2021 2020 Revenues Commissions $ 656$ 1,039 Principal transactions (3 ) (1 ) Dividends and interest 9 36 Underwriting fees 6 30 Sales manager fees - 335 Other revenues 10 3 Total revenues 678 1,443 Expenses Compensation and related costs 688 1,143 Clearing charges 185 303 General and administrative 289 311 Occupancy and equipment 79 104 Total expenses 1,240 1,862 Loss before income tax benefit (562 ) (419 ) Income tax benefit - (137 ) Net loss$ (562 ) $ (282 ) Net loss per share Basic and diluted$ (0.94 ) $ (0.47 ) Three Months Ended March 31, 2021 2020 Revenues Commissions $ 656$ 1,039 Principal transactions (3 ) (1 ) Dividends and interest 9 36 Underwriting fees 6 30 Sales manager fees - 335 Other revenues 10 3 Total revenues 678 1,443 Expenses Compensation and related costs 688 1,143 Clearing charges 185 303 General and administrative 289 311 Occupancy and equipment 79 104 Total expenses 1,240 1,862 Loss before income tax benefit (562 ) (419 ) Income tax benefit - (137 ) Net loss$ (562 ) $ (282 ) Net loss per share Basic and diluted$ (0.94 ) $ (0.47 )
Three Months Ended
Revenues
Institutional research service revenues were
13
--------------------------------------------------------------------------------
Index Three Months Ended March 31, Increase (Decrease) 2020 2019 $ % Commissions$ 591 $ 937$ (346 ) -36.9 % Hard dollar payments 64 102 (38 ) -36.9 % 656 1,039$ (383 ) -36.9 % Underwriting fees 6 30 (24 ) -79.0 % Sales manager fees - 335 (335 ) n/a Total$ 662 $ 1,404$ (742 ) -52.9 %
Commissions and hard dollar payments in the 2021 period were
The Company participated as agent in the secondary offerings of the GAMCO Global
Gold, Natural Resources & Income Trust ("GGN"). Pursuant to sales agreements
between the parties, the Company earned sales manager fees related to this
offering of
Principal Transactions
During the three months ended
Interest and dividend income declined
Expenses
Total expenses were
Compensation costs, which includes salaries, bonuses, and benefits, were
Income Tax Benefit
We recorded an income tax provision (benefit) of
Net Loss
Net loss for the three months ended
14
--------------------------------------------------------------------------------
Index
© Edgar Online, source