Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: TimbaBear who wrote (14800)	7/16/2002 3:00:36 AM
From: Dale Baker	Respond to of 78682

The MAXF insurance payments have confused everyone since 9/11; I had the debate too many times to repeat it again. Fortunately we have a "clean" quarter coming now where you can see how the actual business operates. Annualized EPS from the expected .25 quarter gives a current forward PE around 5, plus the mid-$4's tangible book value. Monday July 15, 4:04 pm Eastern Time Press Release SOURCE: Maxcor Financial Group Inc. Maxcor Financial Group Inc. Anticipates 2002 Second Quarter Net Income of Approximately $2.1 Million, or $.25 Per Share NEW YORK--(BUSINESS WIRE)--July 15, 2002--Maxcor Financial Group Inc. (Nasdaq: MAXF - News) today announced that it expects to achieve after-tax net income of approximately $2.1 million, or $.25 per share, for its second quarter ended June 30, 2002. The quarter will be Maxcor's seventh consecutive quarter of profitability. Maxcor emphasized that substantially all of the anticipated 2002 second quarter results will represent operating profits. The net income effect of non-recurring items is expected to be less than $50,000. On a world-wide basis, Maxcor said that its 2Q 2002 revenues are expected to be approximately $38.5 million, an improvement from 1Q 2002 revenues of $37.5 million, but down from 2Q 2001 revenues of $40.5 million. The comparison period in 2001 was a record one for Maxcor, with operating income of $2.15 million and total net income of $2.72 million. Maxcor's New York-based brokerage operations, which had to be rebuilt entirely after September 11th, are preliminarily calculated to have accounted for $23.8 million of the 2Q 2002 revenues, up from their contribution of $22.4 million to 1Q 2002 revenues and of $23.4 million to 2Q 2001 revenues. Maxcor expects to provide its complete earnings report for the quarter ended June 30, 2002 in early August. Maxcor Financial Group Inc. (www.maxf.com), through its various Euro Brokers entities, is a leading domestic and international inter-dealer brokerage firm specializing in interest rate and other derivatives, emerging market debt products, cash deposits and other money market instruments, U.S. Treasury and federal agency bonds and repurchase agreements, and other fixed income securities. Maxcor Financial Inc., the Company's U.S. registered broker-dealer subsidiary, also conducts institutional sales and trading operations in municipal bonds and high-yield and distressed debt. The Company employs approximately 500 persons worldwide and maintains principal offices in New York, London and Tokyo.