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TheStreet Open House

Ladenburg Thalmann Reports Second Quarter Financial Results

Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS) today announced financial results for the three and six months ended June 30, 2012.

Second quarter 2012 revenues were $163.4 million, a 171% increase from revenues of $60.2 million in the second quarter of 2011. Net loss for the second quarter was $5.0 million or $(0.03) per basic and diluted share as compared to net income of $200,000, or $0.00 per basic and diluted share in the comparable 2011 period. EBITDA, as adjusted, for the three months ended June 30, 2012 was $7.6 million, as compared to $3.3 million for the 2011 period. The second quarter 2012 results included approximately $7.1 million due to amortization of intangible assets and retention loans and non-cash compensation and interest expense of approximately $6.2 million. The foregoing amounts were offset in part by a $647,000 gain from a change in fair value of contingent consideration related to the Securities America acquisition. The second quarter 2011 results included $2.0 million of non-cash charges for depreciation, amortization and compensation expense and interest expense of $0.8 million.

For the six months ended June 30, 2012, the Company had revenues of $318.1 million, a 171% increase over revenues of $117.4 million for the comparable 2011 period. The Company had a net loss of $8.0 million or $(0.04) per basic and diluted share for the six months ended June 30, 2012 as compared to net income of $609,000 or $0.00 per basic and diluted share in the comparable 2011 period. EBITDA, as adjusted, for the six months ended June 30, 2012 was $13.0 million as compared to $6.8 million in the 2011 period. The results for the six months ended June 30, 2012 included approximately $14.3 million due to amortization of intangible assets and retention loans and non-cash compensation and interest expense of approximately $12.3 million. The foregoing amounts were offset in part by a $6.2 million gain from a change in fair value of contingent consideration related to the Securities America acquisition. The comparable 2011 results included $3.9 million of non-cash charges for depreciation, amortization and compensation expense and $1.6 million of interest expense.

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