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Ladenburg Thalmann Reports Third Quarter 2011 Results

Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) today announced financial results for the three and nine months ended September 30, 2011.

Third quarter 2011 revenues were $48.9 million, a 1.1% increase from revenues of $48.4 million in the third quarter of 2010. The Company had a net loss of $3.1 million, or $(0.02) per basic and diluted share, in the third quarter of 2011, compared to a net loss of $3.2 million, or $(0.02) per basic and diluted share, in the comparable 2010 period. Third quarter 2011 results included $0.8 million in professional fee expense, $0.7 million in acquisition related expense, $1.9 million of forgiven principal and interest under the loan agreement with National Financial Services and $1.6 million of non-cash charges for depreciation, amortization and compensation expense, while third quarter 2010 results included $2.0 million of forgiven principal and interest under the loan agreement with National Financial Services, $1.8 million in professional fee expense and $2.3 million of non-cash charges for depreciation, amortization and compensation expense.

For the nine months ended September 30, 2011, the Company had revenues of $166.3 million, an 18.9% increase over revenues of $139.9 million for the comparable 2010 period. The Company had a net loss of $2.5 million, or $(0.01) per basic and diluted share in the nine months ended September 30, 2011, compared to a net loss of $9.8 million, or $(0.06) per basic and diluted share, in the comparable 2010 period. The 2011 nine month results included $2.8 million in professional fee expense and $5.4 million of non-cash charges for depreciation, amortization and compensation expense, while the comparable 2010 results included $4.0 million in professional fee expense and $7.7 million of non-cash charges for depreciation, amortization and compensation expense.

Third quarter 2011 EBITDA, as adjusted, was $0.3 million compared to a loss of $0.0 million for the 2010 period. EBITDA, as adjusted, for the nine months ended September 30, 2011 was $7.1 million, compared to $1.4 million for the 2010 period. EBITDA, as adjusted, for both periods excludes non-cash compensation expense and other items.

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