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Thursday April 15, 8:03 am Eastern Time
Company Press Release
SOURCE: JB Oxford Holdings, Inc.
JB Oxford Reports Record First Quarter
Highlights -- First quarter revenues reach a record $23.7 million, up 22% sequentially and 48% year over year -- First quarter pretax income totals $6.2 million, versus a pretax loss of $138,529 in the year-ago first quarter -- Quarterly net income totals a record $3.7 million, or $0.26 and $0.15 per basic and diluted share, respectively, up dramatically from the year-ago net loss of $86,000, or ($0.01) per share
LOS ANGELES, April 15 /PRNewswire/ -- JB Oxford Holdings, Inc. (Nasdaq: JBOH - news), a provider of discount and Internet brokerage services to clients nationwide, reports that for the first quarter 1999, net revenues totaled $23.7 million, the highest level in the company's 12-year history. That figure reflects an increase of 22% over the $19.4 million reported in the fourth quarter 1998 and 48% over the $16.0 million reported in the first quarter 1998. First quarter pretax income totaled $6.2 million, versus a pretax loss of $138,529 a year ago. Net income was a record $3.7 million, or $0.26 and $0.15 per basic and diluted share, respectively, a dramatic increase over the net loss of $86,000, or ($0.01) per share, reported in the 1998 first quarter.
These results include a one-time gain for income from the forgiveness of debt recognized in the first quarter. In February 1999, the company executed an agreement with Oeri Finance that resulted in Oeri's forgiveness of $728,125 in demand debt owed by JB Oxford. As a result, the company realized a one-time gain of $728,125. Excluding this gain, net revenues were $23.0 million; pretax income was $5.5 million; and net income was $3.3 million, or $0.23 and $0.13 per basic and diluted share, respectively.
''JB Oxford's first-quarter results reflect the impact of the changes new management has made in the past six months,'' said C.L. Jarratt, chairman and chief executive officer of JB Oxford Holdings, Inc. ''The company's record revenues are indicative of the increased volume and growth occurring in our business and in the discount brokerage industry as a whole, while our profitability demonstrates what we have achieved through cost containment. I believe we are now in an excellent position to take advantage of the outstanding growth in the discount brokerage industry -- and especially within the on-line segment where JB Oxford is an established player.''
With Turnaround Successfully Underway, Company Focuses on Growth
''We have successfully implemented measures to cut costs and have now achieved two consecutive quarters of profitability,'' said Jamie Lewis, JB Oxford Holdings' president and chief operating officer. ''With pretax return on equity exceeding 50% over the past six months, I'm comfortable that we have effected the company's turnaround.
''Going forward, our focus is on aggressively marketing and expanding JB Oxford's discount brokerage services to broaden our revenue base, as well as on pursuing growth through acquisitions,'' Mr. Lewis said. ''We have made a significant commitment of resources this year to building more significant brand awareness among retail investors. In the next three months, we expect to launch a new national advertising campaign that includes traditional and on-line media.
''To support the growth the company is now generating, we are continually upgrading our technology infrastructure and adding capacity to manage increasing trade volumes without disruption,'' Mr. Lewis said. ''Our customers demand speed, accuracy, security and outstanding service, and we are committed to ensuring that our technology exceeds that demand.
''Our site is robust and easy to use,'' Mr. Lewis said. ''And over the next few months, we will be making a variety of aesthetic and functional enhancements to make it even more powerful. In addition to the Level II quotes that are now available, we expect to expand our content offerings, improve navigation, and generally make the site more user friendly. The goal is to provide our customers with competitive, cutting-edge products and the outstanding service they have come to expect from us.''
''Over the past six months, the management of this company has been diligently positioning JB Oxford to take maximum advantage of the opportunity arising from rapid growth in our industry,'' Mr. Jarratt said. ''We are now seeing just the preliminary results of our efforts. I expect the company to experience substantial growth that at least paces the industry going forward.''
JB Oxford Holdings, Inc., through its wholly owned subsidiary JB Oxford & Company, provides discount and on-line brokerage services, as well as correspondent clearing services, to clients throughout the United States. The company has branches in New York, Miami and Los Angeles. More information can be obtained from the company's web site at www.jboxford.com.
This press release contains statements that are forward-looking and comments on market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this analysis and materially change expectations. These factors include, but are not limited to, known and unknown risks, customer trading activity, changes in technology, shifts in competitive patterns, decisions with regard to products and services, changes in revenues and profits, and significant changes in the market environment.
JB Oxford Holdings, Inc.
SELECTED STATEMENTS OF OPERATIONS
For the quarter ended March 31,
1999 1998
Total revenues $23,721,724 $16,002,424
Net income (loss) before taxes 6,248,884 (138,529)
Net income (loss) after tax 3,730,427 (85,900)
Basic earnings (loss) per share $0.26 $(0.01)
Basic shares outstanding 14,368,240 14,141,205
Diluted earnings (loss) per share(A) $0.15 $(0.01)
Diluted shares outstanding (A) 124,843,077 14,141,205
(A) Common stock equivalents have been excluded for the first quarter
1998, as inclusion would reduce loss per share or be antidilutive.
SOURCE: JB Oxford Holdings, Inc.
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