MCF Corp (MERR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Mcf Corp has a market cap of $9.23 million; its shares were traded at around $0.72 with a P/E ratio of 1.76 and P/S ratio of 0.19. MERR is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Although the ICD business has contributed to our revenue by a substantial amount ($7,122,000 in the quarter), it has not materially added to our net results. Since January 2009, upon agreement to sell the ICD assets for $2,000,000, we pay materially all amounts received as revenue either as expenses related to ICD operations or as commissions to the buyers of the ICD assets.
In the analysis and review of our core business, we have also excluded the effect of the unrealized gains and losses resulting from owning securities. For the quarter ended March 31, 2010, we had and excluded an unrealized loss of $448,000 from our analysis. In the third quarter 2009, when we began presenting our reconciliation of U.S. GAAP to pro-forma results, we excluded a gain of $213,000 from our analysis.
The total proceeds of $10,200,000 raised in the transaction described above are accounted for under generally accepted accounting principles, primarily ASC 470, “Debt”. We have accounted for this transaction as the issuance of convertible preferred stock and a detachable stock warrant. The $10,200,000 consisted of $8,808,000 of cash proceeds and $1,392,000 of noncash proceeds from conversions of prior notes and legal services.
As of March 31, 2010, liquid assets consisted primarily of cash and cash equivalents of $6,404,000 and marketable securities of $3,662,000, for a total of $10,066,000, which is $320,000 lower than $10,386,000 in liquid assets as of December 31, 2009.
Merriman Curhan Ford & Co., as a broker-dealer, is subject to Rule 15c3-1 of the Securities Exchange Act of 1934, which specifies uniform minimum net capital requirements, as defined, for their registrants. As of March 31, 2010, Merriman Curhan Ford & Co. had regulatory net capital of $4,419,000 which exceeded the required amount by $4,075,000.
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Mcf Corp has a market cap of $9.23 million; its shares were traded at around $0.72 with a P/E ratio of 1.76 and P/S ratio of 0.19. MERR is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Revenue from continuing operations grew by 64% in the first quarter 2010 relative to the first quarter 2009. Our commissions revenue for the same period grew by 14% year-over-year, due primarily to continued growth of our Institutional Cash Distributors money fund business which is being sold. (Please see “Results of Operations” below for a more detailed view of the impact of selling ICD assets.) Investment banking revenue continues to recover from the near paralysis of late 2008 and early 2009 financial markets and grew by 397% year over year. Losses from principal transactions improved 75% for the three months ended March 31, 2010 compared to the same period 2009 mainly due to the recovery of the broad financial markets. We generated a net income of $340,000, or $0.03 per share for the quarter of which $0.01 is attributable to common shareholders. Operationally, our core business generated a profit of $960,000 on a non-GAAP pro-forma basis for the three months ended March 31, 2010 (please see SEC Regulation G Reconciliation of Non-GAAP Financial Measures, under Results of Operations, below).Although the ICD business has contributed to our revenue by a substantial amount ($7,122,000 in the quarter), it has not materially added to our net results. Since January 2009, upon agreement to sell the ICD assets for $2,000,000, we pay materially all amounts received as revenue either as expenses related to ICD operations or as commissions to the buyers of the ICD assets.
In the analysis and review of our core business, we have also excluded the effect of the unrealized gains and losses resulting from owning securities. For the quarter ended March 31, 2010, we had and excluded an unrealized loss of $448,000 from our analysis. In the third quarter 2009, when we began presenting our reconciliation of U.S. GAAP to pro-forma results, we excluded a gain of $213,000 from our analysis.
The total proceeds of $10,200,000 raised in the transaction described above are accounted for under generally accepted accounting principles, primarily ASC 470, “Debt”. We have accounted for this transaction as the issuance of convertible preferred stock and a detachable stock warrant. The $10,200,000 consisted of $8,808,000 of cash proceeds and $1,392,000 of noncash proceeds from conversions of prior notes and legal services.
As of March 31, 2010, liquid assets consisted primarily of cash and cash equivalents of $6,404,000 and marketable securities of $3,662,000, for a total of $10,066,000, which is $320,000 lower than $10,386,000 in liquid assets as of December 31, 2009.
Merriman Curhan Ford & Co., as a broker-dealer, is subject to Rule 15c3-1 of the Securities Exchange Act of 1934, which specifies uniform minimum net capital requirements, as defined, for their registrants. As of March 31, 2010, Merriman Curhan Ford & Co. had regulatory net capital of $4,419,000 which exceeded the required amount by $4,075,000.
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