Fahnestock Viner Holdings Inc. - First Quarter Earnings

NYSE SYMBOL - FVH

TSE SYMBOL - FHV.A



Apr 19, 2001, 01:00 ET from Fahnestock Viner Holdings Inc.

    TORONTO, April 19 /PRNewswire/ -
 
 
     Expressed in thousands of U.S. dollars,
     except share and per share amounts                Quarter ended March 31,
     -------------------------------------------------------------------------
     unaudited                                            2001         2000
 
     Revenue                                           $73,495     $103,392
     Expenses                                          $57,875      $69,067
     Net profit before taxes                           $15,620      $34,325
     Net profit                                         $9,117      $18,580
     Earnings per share - basic                          $0.74        $1.53
                        - diluted                        $0.71        $1.51
 
     Book value per share                               $18.90       $16.76
 
     Weighted average number of shares
      outstanding                                   12,304,735   12,182,624
 
     Actual number of Class A non-voting
      and Class B shares outstanding                12,354,965   12,106,299
     -------------------------------------------------------------------------
 
 
     Fahnestock Viner Holdings Inc. reported net profit of U.S. $9,117,000 or
 $0.74 per share for the first quarter of 2001, an increase of 19% in net
 profit compared to U.S. $7,654,000 or $0.63 per share in the fourth quarter of
 2000 and a decrease of 51% in net profit compared to U.S. $18,580,000 or $1.53
 per share for the first quarter of 2000. Revenue for the first quarter of 2001
 was U.S. $73,495,000, a decline of less than 1% compared to U.S. $74,218,000
 in the fourth quarter of 2000 and a decline of 29% compared to revenue of U.S.
 $103,392,000 in the first quarter of 2000. At March 31, 2001, shareholders'
 equity was approximately U.S. $233,460,000 and book value per share was U.S.
 $18.90 compared to book value per share of U.S. $16.76 at March 31, 2000, an
 increase of 13%.
     The results of the first quarter of 2001 reflected the continued
 reluctance of retail investors to participate in uncertain markets, a sharp
 contrast to investor enthusiasm in the first quarter of 2000. The first
 quarter of 2000 produced the strongest quarter in the Company's history. The
 results of the first quarter of 2000 were driven by record market trading
 volume and record share prices on both the NASDAQ and listed markets. This
 year's first quarter produced excellent results when compared to the
 immediately preceding three quarters. Despite highly volatile market
 conditions in 2001 and investor uncertainty, when compared to the previous
 three quarters, the Company held its commission business steady and improved
 its revenues from both principal trading activities and underwriting fees.
 Lower U.S. interest rates resulted in reduced net interest costs in 2001
 compared to 2000. While lower expectations prevail for the securities markets
 in the remainder of 2001, results are likely to continue to be respectable but
 unexciting. As we have done over the last 15 years, we will continue to build
 book value, we shall remain cognizant of the need to remain vigilant over
 expenses, and we will maintain our plan for our business and commitment to
 client service.
     The weighted average number of Class A non-voting and Class B shares
 outstanding at March 31, 2001 was 12,304,735 compared to 12,182,624
 outstanding at March 31, 2000, an increase of 1% due to the exercise of
 employee stock options.
     The Company announced today a quarterly dividend in the amount of U.S.
 $0.09 per share, payable on May 18, 2001 to holders of Class A non-voting and
 Class B shares of record on May 4, 2001.
     The Company through its principal subsidiary, Fahnestock & Co. Inc., is a
 U.S. regional broker-dealer offering a full range of services from 75 offices
 in 15 states and 3 foreign jurisdictions. In addition, through its subsidiary,
 Freedom Investments, Inc., the Company offers discount brokerage services.
     This press release includes certain "forward-looking statements" relating
 to anticipated future performance. For a discussion of the factors that could
 cause future performance to be different than anticipated, reference is made
 to the Company's Annual Report on Form 10-K for the year ended December 31,
 2000.
 
 

SOURCE Fahnestock Viner Holdings Inc.
    TORONTO, April 19 /PRNewswire/ -
 
 
     Expressed in thousands of U.S. dollars,
     except share and per share amounts                Quarter ended March 31,
     -------------------------------------------------------------------------
     unaudited                                            2001         2000
 
     Revenue                                           $73,495     $103,392
     Expenses                                          $57,875      $69,067
     Net profit before taxes                           $15,620      $34,325
     Net profit                                         $9,117      $18,580
     Earnings per share - basic                          $0.74        $1.53
                        - diluted                        $0.71        $1.51
 
     Book value per share                               $18.90       $16.76
 
     Weighted average number of shares
      outstanding                                   12,304,735   12,182,624
 
     Actual number of Class A non-voting
      and Class B shares outstanding                12,354,965   12,106,299
     -------------------------------------------------------------------------
 
 
     Fahnestock Viner Holdings Inc. reported net profit of U.S. $9,117,000 or
 $0.74 per share for the first quarter of 2001, an increase of 19% in net
 profit compared to U.S. $7,654,000 or $0.63 per share in the fourth quarter of
 2000 and a decrease of 51% in net profit compared to U.S. $18,580,000 or $1.53
 per share for the first quarter of 2000. Revenue for the first quarter of 2001
 was U.S. $73,495,000, a decline of less than 1% compared to U.S. $74,218,000
 in the fourth quarter of 2000 and a decline of 29% compared to revenue of U.S.
 $103,392,000 in the first quarter of 2000. At March 31, 2001, shareholders'
 equity was approximately U.S. $233,460,000 and book value per share was U.S.
 $18.90 compared to book value per share of U.S. $16.76 at March 31, 2000, an
 increase of 13%.
     The results of the first quarter of 2001 reflected the continued
 reluctance of retail investors to participate in uncertain markets, a sharp
 contrast to investor enthusiasm in the first quarter of 2000. The first
 quarter of 2000 produced the strongest quarter in the Company's history. The
 results of the first quarter of 2000 were driven by record market trading
 volume and record share prices on both the NASDAQ and listed markets. This
 year's first quarter produced excellent results when compared to the
 immediately preceding three quarters. Despite highly volatile market
 conditions in 2001 and investor uncertainty, when compared to the previous
 three quarters, the Company held its commission business steady and improved
 its revenues from both principal trading activities and underwriting fees.
 Lower U.S. interest rates resulted in reduced net interest costs in 2001
 compared to 2000. While lower expectations prevail for the securities markets
 in the remainder of 2001, results are likely to continue to be respectable but
 unexciting. As we have done over the last 15 years, we will continue to build
 book value, we shall remain cognizant of the need to remain vigilant over
 expenses, and we will maintain our plan for our business and commitment to
 client service.
     The weighted average number of Class A non-voting and Class B shares
 outstanding at March 31, 2001 was 12,304,735 compared to 12,182,624
 outstanding at March 31, 2000, an increase of 1% due to the exercise of
 employee stock options.
     The Company announced today a quarterly dividend in the amount of U.S.
 $0.09 per share, payable on May 18, 2001 to holders of Class A non-voting and
 Class B shares of record on May 4, 2001.
     The Company through its principal subsidiary, Fahnestock & Co. Inc., is a
 U.S. regional broker-dealer offering a full range of services from 75 offices
 in 15 states and 3 foreign jurisdictions. In addition, through its subsidiary,
 Freedom Investments, Inc., the Company offers discount brokerage services.
     This press release includes certain "forward-looking statements" relating
 to anticipated future performance. For a discussion of the factors that could
 cause future performance to be different than anticipated, reference is made
 to the Company's Annual Report on Form 10-K for the year ended December 31,
 2000.
 
 SOURCE Fahnestock Viner Holdings Inc.