Exhibit 99.1

 

National Holdings Corporation Reports Financial Results, including Record Revenue, for the Fiscal 2020 Third Quarter

 

NEW YORK, NY, August 13, 2020 – National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking, trading and asset management firm providing diverse services including tax preparation, today announced its financial results for the 2020 fiscal third quarter.

 

Financial Highlights:

 

 

Record revenue of $61.7 million versus $50.8 million for the fiscal 2019 third quarter.

 

 

Loss before other income and income taxes was $0.6 million versus a profit of $1.2 million in the prior-year quarter.

 

 

Net loss of $0.4 million compared to net income of $1.1 million recorded in the prior-year quarter. The current quarter was negatively impacted by several expense items. The net loss narrowed substantially from the $2.5 million recorded in the fiscal 2020 second quarter.

 

 

Quarterly adjusted EBITDA of $2.2 million, up from the $2.0 million recorded in the third quarter of fiscal 2019.

 

 

Cash of $30.6 million and no term debt as of June 30, 2020, versus cash of $30.4 million and no term debt as of September 30, 2019.

 

 

Total stockholders’ equity of $47.8 million as of June 30, 2020, versus $51.6 million as of September 30, 2019.

 

Management Commentary

 

Michael Mullen, Chief Executive Officer of National stated, “Despite the disruption brought on by the COVID-19 pandemic, we finished the quarter with a record $61.7 million in revenue. Commissions and related revenue was particularly strong at $34 million, as the market volatility increased trading volume. Banking and private shares revenue began the quarter non-existent, as the market volatility caused by the pandemic forced issuers to the sidelines and delayed other opportunities. However, both of these important business lines rebounded in the last five weeks of the quarter to finish at $14.7 million. Investment advisory revenue continues to grow due to our successful recruiting and onboarding of high caliber advisors with large books of advisory business. We finished the quarter with $8.7 million in investment advisory revenue, which is up 43% over the prior year’s quarter, not including the carried interest from the successful liquidation of one of our private shares special purpose vehicles. In addition, the Winslow Evans & Crocker business is now recognized in our financial statements, which contributed as well to our advisory growth. Tax revenue continues to grow, and due to the tax filing deadline having been extended to July 15, we expect the contribution of tax services to our fiscal fourth quarter will exceed normal revenue levels.”

 

He continued, “We finished the quarter with a loss of $0.4 million and an increase in adjusted EBITDA to $2.2 million. Our profitability was impacted by the pandemic causing lower revenue contribution of our banking and private shares businesses, which contribute our highest margins, and certain expense items not related to our core operating performance.

 

 

The following information was filed by National Holdings Corp (NHLD) on Thursday, August 13, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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