MHMY Announces Third Quarter and Year-To-Date Financial Results
JERSEY CITY, N.J., Nov. 17 /PRNewswire/ -- M. H. Meyerson &
Co., Inc. (Nasdaq: MHMY) announced today a consolidated
unaudited net loss, after full provisions for state and
federal taxes, for the third quarter (ended October 31) of
the fiscal year ending January 31, 2000 of $(762,577), or
$(0.12) per share. The Company reported consolidated third
quarter revenue of $7,565,785. This corresponds to a loss
of $(2,164,039), or $(0.43) per share and $2,791,988
revenue reported for the same period last year.
Consolidated revenue and earnings for the periods ended
October 31, 1999 include the operating results of the
Company's approximately 90% owned subsidiary,
Emeyerson.com Inc.
Three months ended Nine months ended
October 31, October 31,
1999 1998 1999 1998
Revenue $7,565,785 $2,791,988 $37,204,341 $19,707,211
Net Income (Loss) $(762,577) $(2,164,039) $1,339,908 $(1,713,128)
Basic Earnings per Share $(0.12) $(0.43) $0.22 $(0.34)
Basic Average Shares 6,374,402 5,055,335 6,047,186 5,054,648
Diluted Earnings
per Share $(0.12) $(0.43) $0.21 $(0.34)
Diluted Shares
Outstanding 6,374,402 5,055,335 6,301,717 5,054,648
M. H. Meyerson & Co., Inc. is a full service international
financial services firm, with eight separate divisions:
Wholesale Trading, Correspondent Services, Fixed Income
Services, Institutional Sales, Syndicate, Retail Services,
and Investment Banking, and the e-commerce division.
Emeyerson.com Inc. is a subsidiary of M. H. Meyerson & Co.,
Inc., through which the Company expects to present to
investors a convenient, on-line, cost-effective way to
execute transactions.
The Company subsidiary is still proceeding
to obtain the necessary licenses and regulatory approvals
to commence business activities. Emeyerson.com Inc. has
recently entered into two significant strategic alliances
with firms which have also become 10% equity partners.
First, it has entered into a clearing arrangement with the
preeminent firm of Investec Ernst & Company through which
its retail transactions will be cleared.
Second, the Company subsidiary entered into a license
agreement with TradinGear.com, inc. whereby it has
obtained a license for TradinGear's new proprietary
electronic order entry software and related program
contained in the TradinGear e-Brokerage suite.
Emeyerson.com will have rights to both use this for its
retail clients and to market this software to third
parties.
Both transactions are regarded as significant steps in the
projected launch of Emeyerson.com's online retail
activities.
Certain statements contained herein, including statements
regarding the development of services and markets and
future demand for services and other statements regarding
matters that are not historical facts, are forward-looking
statements (as defined in the Private Securities
Litigation Reform Act of 1995). Any number of conditions
may occur which would materially affect important factors
in this analysis and materially change expectations. These
factors include, but are not limited to, customer trading
activity, loss of one or more significant customers,
change in technology, shifts in competitive patterns,
ability to manage growth effectively, risks associated
with strategic partnerships, substantial competition,
general economic conditions, risks associated with
intellectual property rights, risks and uncertainties
associated with the regulatory process undertaken
to obtain licensing approval from the NASD and relevant
state agencies for the Emeyerson.com subsidiary, risks
associated with internet commerce in the establishment and
maintenance of an electronic securities business and other
risk factors listed from time to time in the Company's
filings and reports with the Securities and Exchange
Commission.
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SOURCE: ÿM. H. Meyerson & Co., Inc.
CONTACT: ÿMartin H. Meyerson, Chairman, 201-459-9515, or
Michael Silvestri, President, 201-459-9515, or Eric Logan,
Senior Vice President, Public Relations, 800-888-8118, all
of M. H. Meyerson & Co., Inc. |
