JB Oxford Reports First Quarter Financial Results.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 14, 2002 JB Oxford Holdings, Inc. (Nasdaq:JBOH), which through its JB Oxford & Company subsidiary is a leading provider of discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. services to clients nationwide, reports results for the first quarter ended March 31, 2002, and reiterates its commitment to creating shareholder value while providing exceptional personal service to customers. Financial Results Total revenues for the first quarter ended March 31, 2002, were $5.3 million compared with $13.3 million in the year-ago first quarter. Reflecting the company's ongoing cost-containment initiatives, expenses were $5.9 million in the first quarter 2002 compared with $14.7 million in the year-ago quarter and $8.6 million in the fourth quarter 2001. The net loss for the first quarter of 2002 was $407,876 or ($0.03) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share versus $803,124 or ($0.06) per diluted share in the first quarter 2001. This reflects a reduction in accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. amounts, originally totaling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.0 million, to the US Attorney's CERTIFICATE, ATTORNEY'S, Practice, English law. By statute 37 Geo. III., c. 90, s. 26, 28, attorneys are required to deliver to the commissioners of stamp duties, a paper or note in writing, containing the name and usual place of residence of such person, and thereupon, on paying certain Office and the Securities and Exchange Commission ("SEC"). Because the SEC investigation closed without action or monetary assessment, the amount accrued has been reduced by approximately $1.0 million. Common stock equivalents have been excluded for both periods, as inclusion would reduce loss per share or be antidilutive antidilutive Of or relating to the conversion of convertible securities into common stock when such conversion would result in an increase in diluted earnings per share or a decrease in diluted loss per share. . About JB Oxford Holdings, Inc. JB Oxford Holdings, Inc. (Nasdaq:JBOH), through its JB Oxford & Company subsidiary, provides discount brokerage services with access to personal brokers, online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. and cash management. The company's one-stop one-stop adj. Relating to or providing a comprehensive selection of goods or services at a single location: one-stop shopping; a one-stop health-care center. financial destination at www.jboxford.com was developed to be the easiest, most complete way for consumers to manage their money. The site features online trading, robust stock screening and portfolio tracking tools as well as up-to-the-minute up-to-the-min·ute adj. Constituting or including the very latest information: an up-to-the-minute news bulletin. up-to-the-minute Adjective market commentary and research from the world's leading content providers. JB Oxford has branches in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Miami, Minneapolis Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. and Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . This press release contains statements that are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and comments on outlook. Any number of events 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. For a description of the foregoing and other factors, investors and others should refer to the company's filings with the SEC, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 2001; its quarterly reports on Form 10-Q Form 10-Q See 10-Q. ; and other periodic filings. JB Oxford undertakes no obligation to update the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained herein to reflect changed events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after today's date.
JB Oxford Holdings, Inc.
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended
March 31,
-----------------------------
2002 2001
---------- ----------
Revenues
Commissions $ 2,025,942 $ 4,688,371
Interest 1,902,573 5,591,836
Trading profits 352,699 1,367,781
Clearing and execution 818,643 1,325,178
Other 176,264 293,487
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Total revenues 5,276,121 13,266,653
---------- ----------
Expenses
Compensation 2,175,305 4,178,124
Clearing 185,627 635,640
Communications 782,124 1,318,649
Occupancy and equipment 1,157,468 1,317,012
Interest 536,518 3,165,495
Data processing 469,145 1,409,559
Professional services 722,731 1,229,804
Promotional 413,614 600,235
Bad Debts 64,332 237,771
Other (612,867) 587,488
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Total expenses 5,893,997 14,679,777
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Earnings before taxes (617,876) (1,413,124)
Taxes/(benefit) (210,000) (610,000)
---------- ----------
Net loss $ (407,876) $ (803,124)
========== ==========
Earnings per share:
Basic $ (0.03) $ (0.06)
Diluted(a) $ (0.03) $ (0.06)
Shares outstanding:
Basic 13,961,444 14,055,086
Diluted 22,039,928 22,372,048
(a) Common stock equivalents have been excluded for both periods,
as inclusion would reduce loss per share or be antidilutive.
JB Oxford Holdings, Inc.
SELECTED CONSOLIDATED BALANCE SHEETS
March 31, Dec. 31,
2002 2001
----------- -----------
Assets
Cash and cash equivalents $ 4,185,529 $ 6,694,332
Cash and securities purchased
under agreements to resell,
segregated under federal and
other regulations 187,971,926 79,399,917
Receivable from
broker-dealers and clearing
organizations 24,094,514 52,368,663
Receivable from customers 145,713,088 101,641,363
Other receivables 504,781 1,348,285
Marketable securities owned,
at market value 1,307,858 1,352,840
Note receivable 2,500,000 2,500,000
Furniture, equipment and
leasehold improvements 2,966,648 3,310,758
Income taxes receivable 3,962,160 3,751,429
Deferred income taxes 1,470,058 1,470,058
Clearing deposits 4,773,352 5,199,277
Other assets 5,341,716 3,402,495
----------- -----------
Total assets $ 384,791,630 $ 262,439,417
=========== ===========
Liabilities and shareholders'
equity
Liabilities
Payable to broker-dealers
and clearing organizations $ 145,540,071 $ 51,334,581
Payable to customers 201,023,891 169,935,902
Securities sold, not yet
purchased; at market value 72,501 846,585
Accounts payable and
accrued liabilities 4,514,165 6,491,471
Loans from shareholders 5,418,696 5,418,696
Notes payable 5,461,375 5,629,375
----------- -----------
Total liabilities 362,030,699 239,656,610
----------- -----------
Commitments and contingent
liabilities
Shareholders' equity
Common stock ($.01 par
value 100,000,000 shares
authorized; 15,446,465 and
15,193,226 shares issued) 154,465 151,932
Additional paid-in capital 16,829,848 16,446,381
Retained earnings 8,395,846 8,803,722
Treasury stock (1,138,140
shares, at cost) (2,619,228) (2,619,228)
----------- -----------
Total shareholders' equity 22,760,931 22,782,807
----------- -----------
Total liabilities and
shareholders' equity $ 384,791,630 $ 262,439,417
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