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Ladenburg Thalmann Reports Third Quarter 2011 Results

About Ladenburg

Ladenburg Thalmann Financial Services is engaged in independent brokerage and advisory services, investment banking, equity research, institutional sales and trading, and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp, Inc., Triad Advisors, Inc. and Securities America, Inc., which together have approximately 2,700 financial advisors and approximately $70 billion in client assets. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm providing services principally for middle market and emerging growth companies and high net worth individuals. Investacorp, Inc., a leading independent broker-dealer headquartered in Miami, Florida, has been serving the independent registered representative community since 1978. Founded in 1998, Triad Advisors, Inc. is a leading independent broker-dealer and registered investment advisor headquartered in Norcross, Georgia that offers a broad menu of products, services and total wealth management solutions. Securities America, based in Omaha, Nebraska, was founded in 1984 and is one of the largest and most successful independent broker-dealers in the country. Ladenburg Thalmann Financial Services is based in Miami, Florida. Ladenburg Thalmann & Co. is based in New York City, New York with regional offices in Miami and Boca Raton, Florida; Melville, New York; and Princeton, New Jersey. For more information, please visit

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial results, future growth, growth of the independent brokerage area, expected benefits from the Securities America acquisition, trends in the independent brokerage channel and our investment banking business. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the Company’s business. These risks, uncertainties and contingencies include those set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2010, as amended, the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2011 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company’s quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company’s revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
(Unaudited; in thousands, except share and per share amounts)

Three months ended

Nine months ended

September 30,

September 30,




Commissions $ 25,824 $ 27,397 $ 84,676 $ 79,047
Advisory fees 14,971 12,886 47,920 36,584
Investment banking 3,509 4,661 25,171 16,082
Principal transactions (524 ) (826 ) (1,576 ) (696 )
Interest and dividends 130 144 419 407
Other income   4,988     4,101     9,721     8,494  
Total revenues $ 48,898   $ 48,363   $ 166,331   $ 139,918  
Commissions and fees $ 31,158 $ 31,529 $ 102,845 $ 87,079
Compensation and benefits 10,903 9,772 37,503 32,003
Non-cash compensation 688 1,291 2,772 4,656
Brokerage, communication and clearance fees 1,766 1,537 5,189 4,891
Rent and occupancy, net of sublease revenue 810 795 2,425 2,329
Professional services 769 1,815 2,754 3,962
Interest 820 641 2,468 2,533
Depreciation and amortization 862 996 2,650 3,030
Acquisition related 700 700
Other   3,208     2,965     8,535     8,618  
Total expenses $ 51,684   $ 51,341   $ 167,841   $ 149,101  
Loss before income taxes (2,786 ) (2,978 ) (1,510 ) (9,183 )
Income tax expense   284     227     951     654  
Net loss $ (3,070 ) $ (3,205 ) $ (2,461 ) $ (9,837 )
Net loss per common share (basic and diluted) $ (0.02 ) $ (0.02 ) $ (0.01 ) $ (0.06 )
Weighted average common shares used in computation
of per share data:
Basic and diluted   182,810,137     181,327,242     183,068,493     173,370,977  

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