Merriman Curhan Ford announces Q4 and annual results

by Richard Kilner

Story link: Merriman Curhan Ford announces Q4 and annual results

Financial services firm Merriman Curhan Ford has announced its financial results for 2008 and the fourth quarter of that fiscal year.

Revenue for the year slumped by more than half (56%) to $36.6m and continued operations yielded a loss of $24.5m ($1.95 per diluted share).

By contrast, 2007 saw the firm make $10.9m, equivalent to $0.86 per diluted share.

On an annual basis total assets fell by over $45m to hit $18.9m.

Revenue for Q4 nosedived by 78% to $7.7m, and a quarterly loss of $4.3m was recorded (compared to a 2007 Q4 income of $7.1m).

Chief executive officer Jon Merriman has stated that 2008 was clearly a tough year for the organisation.

The firm encountered difficulties largely due to a combination of large legal expenses and a very challenging capital markets situation.

Merriman went on to pay tribute to the firm’s staff, and has said that opportunities still exist for Merriman Curhan Ford, which will aim to capitalise upon them.

In January the firm made a raft of senior personnel changes, with chief financial officer Peter Coleman also assuming responsibility as chief operating officer.

At the same time it was announced that operating business chiefs Merriman, Ford and Ganeles would be paid against operating profits and receive no salary.