MORGAN GROUP HOLDING CO. Unless indicated otherwise, or the context otherwise requires, references in
this report to the "Company," "
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this Form 10-Q contains some forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "will," "should," "may," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. We are providing these statements as permitted by the Private Litigation Reform Act of 1995. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.
OVERVIEW
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto included in Part I, Item 1 of this Form 10-Q. This discussion contains forward-looking statements and involves numerous risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking statements as discussed under "Cautionary Statement Regarding Forward-Looking Statements" appearing elsewhere in this Form 10-Q.
In
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RESULTS OF OPERATIONS
The following table (in thousands, except per share data) and discussion of our results of operations are based upon data derived from the Condensed Consolidated Statements of Income contained in our condensed consolidated financial statements and should be read in conjunction with those statements included in Part I, Item 1 of this Form 10-Q:
Three Months Ended March 31,
2022 2021
Revenues
Commissions $ 504 $ 656
Principal transactions (0 ) (3 )
Dividends and interest 5 9
Underwriting fees - 6
Other revenues 0 10
Total revenues 509 678
Expenses
Compensation and related costs 328 688
Clearing charges 230 185
General and administrative 225 266
Occupancy and equipment 73 101
Total expenses 856 1,240
Loss before income tax benefit (347 ) (562 )
Income tax benefit - -
Net loss $ (347 ) $ (562 )
Net loss per share
Basic and diluted $ (0.58 ) $ (0.94 ) Three Months Ended
Revenues
Institutional research service revenues were
Three Months Ended March 31, Increase (Decrease)
2022 2021 $ %
Commissions $ 460 $ 591 $ (131 ) -22.1 %
Hard dollar payments 44 65 (21 ) -32.7 %
504 656 $ (152 ) -23.2 %
Underwriting fees - 6 (6 ) -100.0 %
Total $ 504 $ 662 $ (158 ) -23.9 %
Commissions and hard dollar payments in the 2022 period were
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Principal Transactions
During the three months ended
Interest and dividend income declined to negligible levels in 2022 and 2021, primarily due to plummeting short-term interest rates during the same periods and lower cash and cash equivalents balances.
Expenses
Total expenses were
Compensation costs, which includes salaries, bonuses, and benefits, were
Income Tax Benefit
We recorded an income tax provision of
Net Loss
Net loss for the three months ended
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