|Over a week ago|
National Holdings Corp reports Q2 EPS (13c) vs. (22c) last year » 08:2305/1505/15/20
Reports Q2 revenue $54.5M…
Reports Q2 revenue $54.5M vs. $46.7M last year. Michael Mullen, Chief Executive Officer of National stated, "The tremendous volatility over the final five weeks of the quarter caused by the global COVID-19 pandemic had a material impact on our results. The significant market stress the pandemic caused halted our investment banking business, with a number of issuers canceling planned financings. We recorded an additional approximate $2 million unrealized loss on our investment holdings; however, we have seen a meaningful rebound in these positions since the end of the quarter. Beyond the COVID-19 impacted headline results, we see many positives. Our operating expenses, excluding variable sales costs, are down this quarter as compared to the year-ago period, and I am hopeful that trend continues in future quarters as we continue to effectively manage our expense base. Our recurring advisory revenue is up for the quarter, despite pricing our advisory portfolios on March 31, 2020 near market lows. This increase in revenue was the result of a record-setting $422 million of net new inflows onto our advisory platform for the quarter. This record was achieved first by our success in recruiting and onboarding many new quality advisors with large books of business, and second, by the effective engagement by our Investment Solutions team with our large network of financial advisors. For the past three years we have invested significant resources in our platform for our future growth and financial health. We created a cyber-secure remote portal allowing all of our financial professionals remote access to all our systems from any device. We went paperless with Docupace, creating secure, cloud-based remote paperwork with secure e-signatory capabilities. We collaborated with Salesforce and created a customized CRM tool for our enterprise. We collaborated with Google to move our email and productivity tools to a more secure cloud-based suite. In addition, we launched Protegent by FIS, a best-in-class supervisory system, among numerous other programs. We did this to become competitive in our industry. We did this to best support our financial professionals and the clients they serve. The COVID-19 pandemic is challenging the world in an unprecedented way. National is taking actions to meet that challenge. Our investment in our platform and the implementation of our Business Continuity Plan allowed us to move over 1,000 financial professionals to secure, safe remote-access within days. The transition to remote access was smooth, allowing our advisors to provide uninterrupted service to their clients. I am extremely proud of our technology team for their effort in handling this critical event, and I am as proud of and grateful to all our team members and financial professionals who are rising to this challenge with us. Finally, this period marks the first-time inclusion of Winslow, Evans & Crocker in our income statement, which contributed $2.7 million to total revenue this quarter. As National's investment advisory activity continues to trend up, Winslow's strong fee-based business is expected to bolster future recurring revenue."
|Over a quarter ago|
National Holdings Corp closes acquisition of Winslow, Evans & Crocker » 07:4301/0601/06/20
National Holdings Corporation announced the closing, on December 31, 2019, of the acquisition of Winslow, Evans & Crocker, Inc., an employee-owned full-service investment firm. As a result of this acquisition, National now has 717 registered representatives, and manages in excess of $15B of Assets Under Management.
National Holdings to buy investment firm Winslow, sees accretion » 16:0908/2608/26/19
National Holdings announced that it has entered into a definitive purchase agreement to acquire Winslow, Evans & Crocker, an employee-owned full-service investment firm. The transaction is expected to close in the first fiscal quarter of 2020, subject to customary conditions and regulatory approvals. The acquisition is expected to be accretive to gross and adjusted EBITDA margins. Winslow, Evans & Crocker, is a Boston-based, full-service investment firm established in 1991. Winslow is an SEC Registered Investment Advisor and a FINRA registered broker-dealer. More than 50 financial professionals including Certified Financial Planners, Investment Advisor Representatives, Financial Consultants, brokers and other specialists are part of the Winslow team with over $2.5B in assets under management. Winslow has a top-tier trading desk, in-house life insurance agency and Capital Markets & Economic Research, offering clients leading-edge technology and a complete range of financial products. Located in the heart of the financial district in Boston, MA, Winslow is a strategic location for National to build out its banking platform. Michael Mullen, Chairman and Chief Executive Officer of National stated, "We are extremely pleased to announce this definitive agreement to acquire Winslow, Evans & Crocker. Our businesses share many key values, importantly sharing in the 'Client-first' culture and we believe the Winslow professionals and clients will benefit from National's larger and broader solutions platform." Mr. Mullen continued, "This acquisition aligns well with our corporate goals and is a strong strategic and cultural fit. We look forward to expanding our presence in the Boston area and are pleased to be doing so with such a like-minded firm."