JERSEY CITY, N.J., Aug. 13 /PRNewswire-FirstCall/ -- Hudson Holding Corporation (BULLETIN BOARD: HDHL.OB) announced that it filed its results for the fiscal quarter ended June 30, 2007 with the Securities and Exchange Commission today. (Loss) earnings per share were $(0.00) for the three months ended June 30, 2007 as compared to earnings per share of $0.02 for the three months ended June 30, 2006.
First quarter fiscal 2008 revenues increased 13% to $6.4 million, from $5.7 million during the first fiscal quarter of 2007. For the three months ended June 30, 2007 there was a net loss of $155 thousand as compared to $500 thousand of net income for the three months ended June 30, 2006. Stockholders' equity increased to $13.2 million at June 30, 2007 as compared to $8.6 million at June 30, 2006. Additional financial details are available in the tables below, the attached financial statements and in the Company's Form 10-QSB.
Three Months Ended
June 30,
2007 2006 2005
(unaudited) (unaudited) (unaudited)
Revenues $6,425,401 $5,704,811 $4,357,536
Net (loss) income $(155,418) $500,486 $(102,505)
Diluted EPS $(0.00) $0.02 $(0.01)
At June 30,
2007 2006 2005
Stockholders' equity $13,153,438 $8,595,318 $5,206,352
Total assets $21,271,884 $11,514,040 $7,036,916
"We're pleased with the revenue growth that has been delivered over the last two years," said Marty Cunningham, Hudson's Chairman and Chief Executive Officer. "And during that time, we've expanded our growth potential by adding capacity to our trading floor and by raising capital." Mr. Cunningham continued. "Our goal now is to accelerate our revenue growth and generate profits, through further investments in technology and expansion of our professional trading and sales staff."
Hudson Holding Corporation is a holding company and is the parent of Hudson Securities, Inc. and Hudson Technologies Inc. Hudson Securities is a registered broker-dealer under the Securities Exchange Act of 1934, a member of the National Association of Securities Dealers, Inc. and. meets the liquidity needs of brokers, dealers, institutions, and asset managers by making markets in over 9,000 Nasdaq, non-Nasdaq OTC, listed and foreign securities, with particular expertise in trading Nasdaq SmallCap, OTC Bulletin Board, and Pink Sheet securities. Hudson Technologies provides technology services to Hudson Securities and client companies.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Martin C. Cunningham Keith R. Knox
Chairman & CEO President
201-216-0100 201-216-0100
HUDSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended June 30,
2007 2006
Revenues:
Trading gains, net $ 5,397,962 $ 5,219,934
Commissions 905,526 416,990
Interest and other income, net 121,913 67,887
6,425,401 5,704,811
Expenses:
Salaries and related costs 1,130,459 837,297
Commissions, execution and clearing
charges 3,286,916 2,537,625
Communications 1,235,172 1,029,116
Occupancy 366,461 146,691
Professional fees 268,830 99,525
Business development 136,856 83,996
Other 196,016 158,575
6,620,710 4,892,825
(Loss) income before income taxes (195,309) 811,986
Income tax (benefit) provision (39,891) 311,500
Net (loss) income $ (155,418) $ 500,486
(Loss) earnings per share - basic $ (0.00) $ 0.02
(Loss) earnings per share - diluted $ (0.00) $ 0.02
Weighted average number of shares
outstanding -- basic 36,725,185 27,149,860
Weighted average number of shares
outstanding -- diluted 36,725,185 27,725,845
HUDSON HOLDING CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL CONDITION
JUNE 30, 2007
(unaudited)
ASSETS
Cash and cash equivalents $ 824,532
Cash -- restricted 235,837
Receivable from clearing broker 8,306,441
Securities owned, at fair value 9,127,213
Income taxes receivable 634,350
Furniture, equipment, capitalized software and leasehold
improvements, net 610,862
Deferred tax asset 104,000
Other assets 317,470
Goodwill 1,111,179
$21,271,884
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Securities sold, but not yet purchased, at fair value $6,525,523
Commissions payable 581,582
Accrued expenses and other liabilities 1,011,341
Total liabilities 8,118,446
Commitments and contingencies (Note F)
Stockholders' equity:
Preferred stock, $.001 par value, 1,000,000 shares
authorized, none issued -
Common stock, $.001 par value, 100,000,000 shares
authorized, 36,725,185 shares
issued and outstanding 36,725
Additional paid-in capital 12,262,468
Retained earnings 854,245
Total stockholders' equity 13,153,438
$21,271,884
