Merriman Curhan Ford is a financial services firm focused on fast-growing companies and their institutional investors. The Company is committed to growth industry sectors such as CleanTech, Consumer/Internet/Media, Health Care, Natural Resources and Technology, and Emerging Markets and provides investment banking, equity research, institutional services, structured finance & private placements, and corporate & venture services.
Financial Highlights for the First Quarter 2010 Include:
- Operationally, on a non-GAAP, pro-forma basis, the core business generated a profit of $960K, compared to a loss of ($1.4M) in the first quarter 2009. Revenue was $16.5M, representing a growth of 64% over the first quarter 2009, and net income of $340K, or $0.03 per share of which $0.01 is attributable to common shareholders, compared to a net loss of ($1.9M, or ($0.15) per share, in the first quarter 2009.
- Investment banking revenue was $6.0 million, a 397% increase from the first quarter 2009; Commission revenue on a pro-forma basis was $3.3 million, a 9% increase from first quarter 2009; and Principal transaction revenue on a pro-forma basis had a gain of $241,000 comprised primarily of realized gains in the firm's warrant positions and proprietary account, a 42% improvement from first quarter 2009.
- Going forward into 2010, the company sees attainable guidance of $40-60M in top line revenue growth with an expected tax bracket of only 6-10% and high margins.
As a final note, Merriman Curhan Ford introduced non-GAAP, pro-forma operating measures which exclude the effects of its former division, ICD, the unrealized gain or loss on its portfolio of securities and the non-operating legal and settlement expenses. Management uses these non-GAAP measures, in addition to GAAP results, to assess the performance of the company's core business. A reconciliation of these non-GAAP measures to GAAP is included in the tables below.
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