Gilman Ciocia Inc (fka GTAX)

[The GidDy uP Kid]

The acquisition of Gilman will enable National Holdings to increase its rep count to over 825 advisers with over $ 9 billion in client assets and over $1.3 billion in RIA assets.

We now are able to add more recurring revenues from managed monies and packaged products to further counterbalance more cyclical and must be transactional revenue.

Potentially, enabling greater leverage and savings to a consolidated NFS relationship and approach.

We will be able to expand our business lines into tax prep and bring in needed personnel in areas such as insurance and mutual funds.

We believe that we will achieve cost savings through reduction of duplicative public company expenses, personnel, occupancy, systems and process redundancy.

Details about the cost savings, including areas and amounts are still being analyzed and will be communicated the later date. As a reminder, National has already implemented material cost savings initiatives, lowering costs by approximately $3 million annually since last July.

As a recap, the merged company will now have $9 billion in assets and increase of 57 percent over where National was prior to the merger.

For the trailing 12 months ended March 31, 2013, our consolidated revenues would be $157 million which is 30 percent higher than the 119 that National had. Our RIA assets will increase by about 30 percent to 1.3 billion and a registered rep count will increase 21 percent to 825 reps from 680.

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