Empire Financial Reports Results for the Second Quarter Ended June 30, 2007

Share Name	Share Symbol	Market	Type
Empire Financial Holding	AMEX:EFH	AMEX	Ordinary Share

Empire (AMEX:EFH)
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Revenue Increases of 77% and 69% for the Second Quarter and Six Months LONGWOOD, Fla., Aug. 13 /PRNewswire-FirstCall/ -- Empire Financial Holding Company (AMEX:EFH), a full service brokerage and investment banking firm serving retail and institutional clients, today reported sharply increased revenues in the second quarter and for the six months ended June 30, 2007. Revenues for the second quarter ended June 30, 2007 were $14,116,068, an increase of 77% for the same period in 2006. Net loss applicable to common shareholders was ($1,215,992) compared to ($130,631) for the same period in 2006 or ($0.11) per share basic and fully diluted in 2007, compared to ($0.02) per share basic and fully diluted for the same period in 2006. Revenues for the six months ended June 30, 2007 were $28,075,703, an increase of 69% for the same period in 2006. Net loss applicable to common shareholders was ($3,304,422) compared to income of $418,235 for the same period in 2006 or ($0.31) per share basic and fully diluted in 2007, compared to $0.06 per basic share and $0.04 per fully diluted share for the same period in 2006. Total shareholders' equity of $16,544,747 at June 30, 2007 was more than $8.2 million higher than the shareholders' equity reported at June 30, 2006. "While we are not pleased with our operational loss in the second quarter it is important to reflect the progress we have made. At quarter's end our regulatory net capital had increased to $5MM from $1.5MM versus Q1. Particularly encouraging was our revenue growth and the mix of business as the quarter ended. The Company closed 6 financing transactions during the quarter raising more than $200 million of growth capital for its investment banking clients and has a significant backlog of projects looking forward," stated Donald A. Wojnowski Jr., Empire Financial Holding Company President and CEO. Wojnowski added, "We appreciate our shareholders', clients' and employees' support and look to continue to make fiscal improvement as the year progresses." The Company will host a conference call Tuesday August 14, 2007, at 8:30 AM EDT. The dial-in number is 1-800-531-3250 -- PIN-3689703. About Empire Financial Holding Company Empire Financial Holding Company, through its wholly owned subsidiaries, Empire Financial Group, Inc. and Jesup & Lamont, provides full-service retail brokerage services through its network of independently owned and operated and Company owned and operated offices. Through its market-making and trading division, the Company offers securities order execution services for unaffiliated broker dealers and makes markets in domestic and international securities. Empire Financial also provides Investment Banking services for clients as well as turn-key fee based investment advisory and registered advisor custodial services through its wholly owned subsidiaries, Empire Investment Advisors, Inc. and Jesup & Lamont. Forward-Looking Statement Disclaimer This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, without limitation, fluctuations in the volume of transactional services provided by the Company, competition with respect to financial services commission rates, the effect of general economic and market conditions, factors affecting the securities brokerage industry as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. EMPIRE FINANCIAL HOLDING COMPANY CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL CONDITION (UNAUDITED) June 30, 2007 Assets: Cash and cash equivalents ............................... $ 867,314 Marketable securities owned, at market value ............ 3,340,613 Securities not readily marketable, at estimated fair value .................................................. 2,036,700 Commissions and other receivables from clearing organizations........................................... 5,525,535 Deposits at clearing organizations ...................... 4,087,709 Furniture and equipment, net ............................ 715,794 Prepaid expenses and other assets ....................... 1,778,302 Deferred tax assets, net ................................ 2,117,000 Notes receivable ........................................ 744,419 Intangible assets, net .................................. 17,184,356 ---------- Total assets .......................................... $ 38,397,742 ============ Liabilities and stockholders' equity Liabilities: Accounts payable, accrued expenses and other liabilities 3,248,731 Due to clearing organizations ........................... 5,009,097 Securities sold, but not yet purchased, at market value . 961,305 Line of credit payable .................................. 1,999,450 Notes payable ........................................... 9,718,242 Deferred rent payable ................................... 47,039 Short-term loans - related parties ...................... 869,131 ---------- Total liabilities ..................................... 21,852,995 ---------- Commitments and Contingencies Stockholders' equity: Convertible preferred stock, series C and F, $.01 par value 1,000,000 shares authorized 827,049 issued and outstanding ............................................ $ 8,270 Common stock, $.01 par value 100,000,000 shares authorized 11,035,184 shares issued and outstanding .... 110,352 Additional paid-in capital .............................. 25,690,644 Accumulated deficit ..................................... (9,264,519) ---------- Total stockholders' equity ............................ 16,544,747 ---------- Total liabilities and stockholders' equity ............ $ 38,397,742 ============ EMPIRE FINANCIAL HOLDING COMPANY AND SUBSIDIARIES (UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS THREE MONTHS ENDED ENDED June 30, June 30, 2007 2006 ------------ ------------ Revenues: Commissions and fees ................... $ 6,991,908 $ 5,149,221 Trading income ......................... 1,902,144 1,893,686 Investment banking income .............. 5,222,016 929,842 ------------ ------------ 14,116,068 7,972,749 ------------ ------------ Expenses: Employee compensation and benefits ..... 4,924,714 2,380,176 Commissions and clearing costs ......... 7,648,360 4,711,373 General and administrative ............. 2,378,240 862,085 Communications and data processing ..... 190,286 82,683 ------------ ------------ 15,141,600 8,036,317 ------------ ------------ Loss from operations ..................... (1,025,532) (63,568) Other income (expenses): Interest and other income .............. 386,312 61,914 Interest expense ....................... (530,039) (126,354) ------------ ------------ (143,727) (64,440) ------------ ------------ Loss before income taxes ................. (1,169,259) (128,008) Less: Provision for income taxes ....... -- 51,820 ------------ ------------ Net Loss ............................... (1,169,259) (76,188) Preferred stock dividends .............. (46,733) (54,443) ------------ ------------ Net Loss applicable to common shareholders .......................... $ (1,215,992) $ (130,631) ============ ============ Basic and diluted Loss per share applicable to common shareholders: Loss per share-basic and diluted ..... $ (0.11) $ (0.02) ============ ============ Loss per share diluted ............... $ (0.11) $ (0.02) ============ ============ Weighted average shares outstanding: Basic .............................. 11,033,503 6,889,005 ============ ============ Diluted ............................ 11,033,503 6,889,005 ============ ============ EMPIRE FINANCIAL HOLDING COMPANY AND SUBSIDIARIES (UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF INCOME SIX MONTHS SIX MONTHS ENDED ENDED June 30, June 30, 2007 2006 ------------ ------------ Revenues: Commissions and fees ................... $ 16,937,071 $ 9,726,718 Trading income ......................... 4,323,292 5,393,811 Investment banking income .............. 6,815,340 1,464,842 ------------ ------------ 28,075,703 16,585,371 ------------ ------------ Expenses: Employee compensation and benefits ..... 8,961,738 4,946,923 Commissions and clearing costs ......... 16,864,162 8,821,056 General and administrative ............. 4,330,770 1,786,759 Communications and data processing ..... 411,390 151,082 ------------ ------------ 30,568,060 15,705,820 ------------ ------------ Income (loss) from operations ............ (2,492,357) 879,551 Other income (expenses): Interest and other income .............. 407,450 119,200 Interest expense ....................... (1,138,749) (154,718) ------------ ------------ (731,299) (35,518) ------------ ------------ Income (loss) before income taxes ........ (3,223,656) 844,033 Less: Provision for income taxes ....... -- (323,314) ------------ ------------ Net income (loss) ...................... (3,223,656) 520,719 Preferred stock dividends .............. (80,766) (102,484) ------------ ------------ Net income (loss) applicable to common shareholders .......................... $ (3,304,422) $ 418,235 ============ ============ Basic and diluted earnings (loss) per share applicable to common shareholders: Earnings (loss) per share-basic and diluted ............................. $ (0.31) $ 0.06 ============ ============ Earnings (loss) per share diluted .... $ (0.31) $ 0.04 ============ ============ Weighted average shares outstanding: Basic .............................. 10,728,168 6,871,381 ============ ============ Diluted ............................ 10,728,168 11,037,983 ============ ============ DATASOURCE: Empire Financial Holding Company CONTACT: Donald A. Wojnowski Jr., President, Empire Financial Holding Company, +1-407-551-1841, fax, +1-407-830-5078, Web site: http://www.empirenow.com/

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EFH Empire Financial Holding