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TheStreet Open House

Ladenburg Thalmann Reports Third Quarter Financial Results

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

Third quarter 2012 revenues were $159.8 million, a 227% increase from revenues of $48.9 million in the third quarter of 2011. Net loss for the third quarter was $6.0 million or $(0.03) per basic and diluted share as compared to a net loss of $3.1 million, or $(0.02) per basic and diluted share in the comparable 2011 period. EBITDA, as adjusted, for the three months ended September 30, 2012 was $6.3 million, as compared to $0.3 million for the 2011 period. The third quarter 2012 results included approximately $6.7 million of expense due to amortization of intangible assets and retention loans, depreciation and non-cash compensation and $6.1 million of interest expense. The foregoing amounts were offset in part by a $0.9 million gain from a change in fair value of contingent consideration related to the Securities America acquisition. The third quarter 2011 results included approximately $1.6 million of non-cash charges for depreciation, amortization and compensation expense, acquisition related expense of $0.7 million and interest expense of $0.8 million.

For the nine months ended September 30, 2012, the Company had revenues of $477.9 million, a 187% increase over revenues of $166.3 million for the comparable 2011 period. The Company had a net loss of $14.0 million or $(0.08) per basic and diluted share for the nine months ended September 30, 2012 as compared to a net loss of $2.5 million or $(0.01) per basic and diluted share in the comparable 2011 period. EBITDA, as adjusted, for the nine months ended September 30, 2012 was $19.3 million as compared to $7.1 million in the 2011 period. The results for the nine months ended September 30, 2012 included approximately $21.1 million of expense due to amortization of intangible assets and retention loans, depreciation and non-cash compensation and $18.4 million of interest expense. The foregoing amounts were offset in part by a $7.1 million gain from a change in fair value of contingent consideration related to the Securities America acquisition. The comparable 2011 results included approximately $5.4 million of non-cash charges for depreciation, amortization and compensation expense, acquisition related expense of $0.7 million and $2.5 million of interest expense.

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