NEW YORK--(BUSINESS WIRE)--National Holdings Corporation, a financial services company operating through its wholly-owned subsidiaries (OTCBB: NHLD - News), reported financial results for the Company’s second quarter ended March 31, 2008.“Like many firms on Wall Street, we experienced a difficult quarter. Recent market volatility strained our revenues and led to disappointing results. Despite these results, we have successfully raised capital, added brokers and increased assets,” stated Mark Goldwasser, President and Chief Executive Officer. “With the markets still in flux, many firms continue to struggle and the opportunity for growth is abundant. Our recruiting efforts are at an all time high and we are well positioned to take advantage of these market conditions.”
“Our core retail business has reached critical mass and we are experiencing a nice rebound in revenues in the current period. Our organic growth coupled with the proposed merger with vFinance will give the combined companies over 750 registered representatives making us one of the largest independent contractor based brokerage firms in the U.S.,” added Mr. Goldwasser.
The Company reported a net loss of ($1,364,000) on revenues of $16.3 million for the second fiscal quarter ended March 31, 2008, compared to net income of $576,000 on revenues of $17.6 million for the second fiscal quarter ended March 31, 2007. After providing for cumulative dividends, the Company had a basic and diluted net loss per share attributable to common shareholders of ($0.17) for the second fiscal quarter ended March 31, 2008, compared to basic and diluted net income per share attributable to common shareholders of $0.09 and $0.05, respectively, for the second fiscal quarter ended March 31, 2007. Basic and diluted shares outstanding were 8,609,628 for the second fiscal quarter ended March 31, 2008, and basic and diluted shares outstanding were 5,370,971 and 11,193,816, respectively, for the second fiscal quarter ended March 31, 2007.
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