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Ladenburg Thalmann Reports First Quarter 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; Boston, Massachusetts and Princeton, New Jersey. For more information, please visit www.ladenburg.com.

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 performance, future expenses, future growth, growth of the independent brokerage and advisory area, and growth of 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, 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.

[Financial Table Follows]
 

LADENBURG THALMANN FINANCIAL SERVICES INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share and per share amounts)
   
Three Months Ended
March 31,

2012
 

2011
 
(unaudited)
Revenues:
 
Commissions $ 79,670 $ 28,733
Advisory fees 55,438 15,758
Investment banking 6,622 11,113
Principal transactions (401 ) (424 )
Interest and dividends 878 157
Service fees and other income   12,508     1,865  
Total revenues   154,715     57,202  
 
Expenses:
 
Commissions and fees 114,088 33,872
Compensation and benefits 19,640 14,143
Non-cash compensation 1,364 957
Brokerage, communication and clearance fees 2,134 1,820
Rent and occupancy, net of sublease revenue 1,676 822
Professional services 1,729 1,031
Interest 6,060 828
Depreciation and amortization 4,063 893
Amortization of retention loans 1,792 -
Other   10,095     2,081  
Total expenses   162,641     56,447  
(Loss) income before item shown below (7,926 ) 755
Change in fair value of contingent consideration   5,555     -  
(Loss) income before income taxes (2,371 ) 755
Income tax expense   608     346  
Net (loss) income $ (2,979 ) $ 409  
 
Net (loss) income per common share (basic and diluted) $ (0.02 ) $ 0.00  

Weighted average common shares used in computation of per share data:
Basic   183,820,137     183,366,512  
Diluted   183,820,137     186,327,158  

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