MCF Corp (MERR, Financial) filed Quarterly Report for the period ended 2009-03-31.
MERRIMAN CURHAN FORD & CO. is a securities broker-dealer and investment bank focused on emerging growth companies and growth-oriented institutional investors. The Firm provides sales and trading services primarily to institutions as well as advisory and investment banking services to corporate clients. The Firm's mission is to become a leader in the researching advising financing and trading of emerging growth equities. MCF Corp has a market cap of $6.1 million; its shares were traded at around $0.49 with and P/S ratio of 0.2.
In 2008, the Company incurred a net loss of over $30 million and used approximately $25 million in cash.
Revenue from continuing operations declined by 2% in the first quarter 2009 relative to the first quarter 2008 during one of the most tumultuous capital market environments in a generation. Our commissions revenue for the same period grew by 8% year-over-year, due primarily to continued growth with our Institutional Cash Distributors money fund business which was sold in January 2009. Investment banking revenue declined by 64%, as very few companies came to market during the first quarter. Principal transactions improved to a loss of $843,000 for the three months ended March 31, 2009 compared to a loss of $1,315,000 during the same period 2008 mainly due to the partial stabilization in the fair value of positions in our proprietary trading account and the managed reduction of our portfolio through the sales of both stock and warrant securities.. We incurred a net loss of $1,924,000, or $0.15 per share.
Our investment banking revenue was $1,216,000, or 12% of our revenue during the first quarter 2009, representing a 64% decrease compared to $3,376,000 recognized in the same period 2008. As a result of the extremely difficult market environment, particularly for small-cap companies, we closed only private placement transactions during the first quarter 2009. The public markets were effectively closed during the first quarter.
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MERRIMAN CURHAN FORD & CO. is a securities broker-dealer and investment bank focused on emerging growth companies and growth-oriented institutional investors. The Firm provides sales and trading services primarily to institutions as well as advisory and investment banking services to corporate clients. The Firm's mission is to become a leader in the researching advising financing and trading of emerging growth equities. MCF Corp has a market cap of $6.1 million; its shares were traded at around $0.49 with and P/S ratio of 0.2.
Highlight of Business Operations:
During the three months ended March 31, 2009, the Company incurred a net loss of $1,924,000 and used $5,099,000 in net cash from operating activities. At March 31, 2009, the Company had cash and cash equivalents of $3,139,000, marketable securities of $5,207,000 and receivables from clearing broker of $1,997,000. The Company had liabilities of $8,510,000. The Company s ability to generate profits is highly dependent on stock market trading volumes and the general economic environment. As a result, the ability of the Company to meet its forward obligations and the ability to continue as a going concern may be in question.In 2008, the Company incurred a net loss of over $30 million and used approximately $25 million in cash.
Revenue from continuing operations declined by 2% in the first quarter 2009 relative to the first quarter 2008 during one of the most tumultuous capital market environments in a generation. Our commissions revenue for the same period grew by 8% year-over-year, due primarily to continued growth with our Institutional Cash Distributors money fund business which was sold in January 2009. Investment banking revenue declined by 64%, as very few companies came to market during the first quarter. Principal transactions improved to a loss of $843,000 for the three months ended March 31, 2009 compared to a loss of $1,315,000 during the same period 2008 mainly due to the partial stabilization in the fair value of positions in our proprietary trading account and the managed reduction of our portfolio through the sales of both stock and warrant securities.. We incurred a net loss of $1,924,000, or $0.15 per share.
Our investment banking revenue was $1,216,000, or 12% of our revenue during the first quarter 2009, representing a 64% decrease compared to $3,376,000 recognized in the same period 2008. As a result of the extremely difficult market environment, particularly for small-cap companies, we closed only private placement transactions during the first quarter 2009. The public markets were effectively closed during the first quarter.
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