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LPL Financial Announces Financial Results For Third Quarter 2013

Stocks in this article: LPLA

- Advisory and brokerage assets exceeded $400 billion - - Advisor headcount grew by 154 net new advisors - - The Company repurchased 3.3 million shares in the third quarter - - The Company's Board of Directors declares a cash dividend of $0.19 per share -

BOSTON, Oct. 30, 2013 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq:LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), today announced net revenue of $1,053.2 million for the third quarter of 2013, up 16.1% compared to third quarter 2012 net revenue of $907.2 million.

  Three Months Ended September 30,   Nine Months Ended September 30,  
  2013 2012 % Change 2013 2012 % Change
Financial Highlights (unaudited) (dollars in thousands, except per share data )
GAAP Measures:            
Net Revenue $1,053,212 $907,228 16.1% $3,046,928 $2,716,844 12.1%
Net Income $37,631 $34,299 9.7% $137,439 $114,980 19.5%
Earnings Per Share — diluted $0.36 $0.31 16.1% $1.29 $1.02 26.5%
Non-GAAP Measures:            
Adjusted Earnings $59,550 $52,999 12.4% $193,576 $171,172 13.1%
Adjusted Earnings Per Share $0.56 $0.47 19.1% $1.81 $1.52 19.1%
Adjusted EBITDA $120,283 $108,000 11.4% $387,248 $344,534 12.4%
A full reconciliation of GAAP measures to non-GAAP measures, along with an explanation of these metrics, follows later in this release.

"Increasing advisor productivity led to record revenue performance and, combined with ongoing share repurchases, generated adjusted earnings per share of $0.56 for the quarter, a 19% increase year-over-year," said Mark Casady, chairman and CEO of LPL Financial. "Combined with the progress we're seeing from investments we've made to deliver new technologies and a 'smarter, simpler, more personal' service offering to advisors, we believe we will achieve greater efficiency and scale in 2014."

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