Dr. Phillip Frost, Chairman of Ladenburg, said, “Ladenburg saw substantial revenue growth in the first quarter as we continued to build on our leadership position in the independent brokerage and advisory space. We are proud of our talented network of approximately 2,700 advisors and believe we will continue to have success attracting new additions to our team. As we look ahead, we are optimistic about the opportunities for growth in the independent business given the many positive demographic trends impacting it.”
Richard Lampen, President and Chief Executive Officer of Ladenburg, added, “The addition of Securities America helped drive strong performance at our independent brokerage and advisory business, resulting in significant growth in EBITDA for the quarter. We are off to a strong start in the second quarter in our investment banking and capital markets business, and have made targeted investments to strengthen these areas in 2012. We expanded our institutional equity business by adding a talented team of traders and salespeople and added a senior investment banker in the energy space at a time of heightened activity in that sector. Ladenburg is well positioned to serve its clients in the independent brokerage and capital markets businesses.”
Stock Repurchase Program
During the period from January 1, 2012 through March 31, 2012, Ladenburg repurchased 179,992 shares of its common stock at a cost of approximately $358,000, representing an average price per share of $1.99. Since the inception of its stock repurchase program in March 2007, Ladenburg has repurchased 2,249,292 shares at a total cost of approximately $3.6 million. Ladenburg has the authority to repurchase an additional 5,250,708 shares under its current repurchase plan. During the first quarter of 2012, the Company's directors and officers, and their affiliates, purchased an aggregate of 148,000 shares in open market transactions at a total cost of approximately $293,000, representing an average price per share of $1.97.