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Ladenburg Thalmann Reports Third Quarter 2011 Results

Stocks in this article: LTS

At September 30, 2011, shareholders’ equity was $46.4 million as compared to $46.9 million at December 31, 2010.

Ladenburg also announced today that its Board of Directors has authorized the repurchase of up to an additional 5,000,000 shares. The repurchase program is in addition to the Company's existing 2,500,000 share repurchase program. Repurchases under the program will depend on market conditions, share price and other factors. The repurchase program authorizes the Company to purchase its common stock from time to time through open market purchases, negotiated transactions or other means, including accelerated share repurchases and 10b5-1 trading plans in accordance with applicable securities laws.

Dr. Phillip Frost, Chairman of Ladenburg, said, “Our performance this quarter is further evidence of the merits of combining the stable, recurring revenues of the independent brokerage business with the less predictable but potentially more lucrative investment banking/capital markets businesses. The transformational acquisition of Securities America that we recently closed provides Ladenburg with a leadership position in the attractive independent brokerage and advisory area, one of the most vibrant areas in the financial services industry. With approximately 2,700 advisors and approximately $70 billion in client assets, Ladenburg is well positioned to capitalize on the substantial growth opportunities in this space.”

Richard Lampen, President and Chief Executive Officer of Ladenburg, said, “Increased advisory fees at our independent brokerage business drove revenue higher. In the capital markets business, increased private placement revenues partially offset a decline in underwritten public offerings during a challenging quarter in the market. To date in 2011, Ladenburg has also participated in 55 underwritten offerings that raised approximately $8.5 billion, and placed two registered direct and eight PIPE offerings that raised approximately $124.2 million. It is also worth noting that, consistent with Ladenburg’s strategy, the firm is not engaged in proprietary trading and has no direct exposure to the mortgage market or European sovereign debt. Today’s announcement to purchase an additional 5,000,000 Ladenburg shares underscores the Board’s confidence in the firm’s future.”

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