National Holdings (NHLD) Reports Q1 Loss of $0.04/Share; Announces Participation in Lyft Transactions

National Holdings (Nasdaq: NHLD) reported Q1 EPS of ($0.04), versus $0.02 reported last year. Revenue for the quarter came in at $39.5 million, versus $36.7 million reported last year.

The company also announced that the Company’s broker-dealer subsidiary, National Securities Corporation, in conjunction with its affiliate, Roger Monteforte through his Forte Capital Group, have acted as the broker of record for Kingdom Holding Corporation’s (“KHC”) purchase of approximately $150 million worth of Lyft, Inc. shares in the secondary market as well as the investment by KHC, Prince Alwaleed Bin Talal and other parties of $100 million in Lyft, Inc.’s (“Lyft”) recent Series F capital increase, which was announced on January 4th, 2016.

According to Lyft, it is the fastest-growing rideshare platform in the United States, completing 7 million rides per month in more than 190 cities. As a private company, Lyft shares are not traded on any stock exchange and are held mostly by a small group of institutional investors. Roger Monteforte, Founder and CEO of Forte Capital Group (“Forte”), and Philippe Alves, managing director of Forte's private shares group, led the effort to source and execute the trades for National Securities. According to KHC’s Executive Director of International and Private Equity, “Forte Capital Group, and in particular, Mr. Alves did an exceptional job of enabling us to achieve our investment objectives and to be in-the-money on our investment, day one. The ability of Forte Capital Group to secure the secondary market purchase is what ultimately led us to invest in Lyft’s Series F Primary round. We look forward to working with Forte and National on future transactions.” Mr. Monteforte added,” I am extremely proud of our ability to deliver for KHC despite a difficult market environment and strong competition for Lyft shares. This trade clearly demonstrates the breadth of our capabilities.”

“This trade marks a key milestone in our efforts to develop our private share trading operations, which we expect will be a key contributor to our overall business going forward,” said Mark Goldwasser, President of National Holdings and CEO of National Securities. Mr. Goldwasser concluded “being able to execute such a large transaction for one of the world’s most well-known and highly sophisticated investors is a testament to the strength of the National platform.”

For earnings history and earnings-related data on National Holdings (NHLD) click here.

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