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TheStreet Open House

Ladenburg Thalmann Reports Fourth Quarter And Full Year 2011 Results

Stocks in this article: LTS

Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) today announced financial results for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter 2011

Fourth quarter 2011 revenues were $107.3 million, a 96% increase from revenues of $54.6 million in the fourth quarter of 2010. Revenues for the 2011 period included $57.1 million from Securities America, acquired November 4, 2011. Net income for the fourth quarter 2011 was $6.4 million, or $0.03 per diluted share, an improvement from a net loss of $1.1 million, or $(0.01) per diluted share, in the comparable 2010 period. EBITDA, as adjusted, for the three months ended December 31, 2011 was $1.4 million, as compared to $1.3 million in the 2010 period. The fourth quarter 2011 results included an income tax benefit of $17.1 million primarily resulting from the Securities America acquisition, $3.9 million of expenses and amortization of retention loans related to the Securities America acquisition, $1.5 million of professional services expense and $4.2 million of non-cash charges for depreciation, amortization and compensation expense, while the fourth quarter 2010 results included $1.4 million of professional services expense and $1.7 million of non-cash charges for depreciation, amortization and compensation expense.

Full Year 2011

Full year 2011 revenues were $273.6 million, a 41% increase over revenues of $194.5 million in 2010. The Company recorded net income of $3.9 million, or $0.02 per diluted share, in 2011 compared to a net loss of $11.0 million, or $(0.06) per diluted share, in 2010. 2011 EBITDA, as adjusted, was $8.4 million compared to $2.7 million for 2010. The 2011 results included an income tax benefit of $16.2 million primarily resulting from the Securities America acquisition, $4.6 million of expenses and amortization of retention loans related to the Securities America acquisition, interest expense of $6.5 million, professional services expense of $4.2 million and non-cash charges of $9.6 million for depreciation, amortization and compensation. The 2010 results included professional services expense of $5.4 million and non-cash charges of $9.4 million for depreciation, amortization and compensation.

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