LPL Financial Announces Financial Results For Second Quarter 2013

- Record-Setting Net Revenue Exceeds $1 Billion - - Quarterly Dividend Raised 40% to $0.19 Per Share -

BOSTON, July 31, 2013 (GLOBE NEWSWIRE) -- LPL Financial Holdings Inc. (Nasdaq:LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), today announced net revenue of $1,018.9 million for the second quarter of 2013, up 12.2% compared to second quarter 2012 net revenue of $907.8 million.
  Three Months Ended June 30,   Six Months Ended June 30,  
  2013 2012 % Change 2013 2012 % Change
Financial Highlights (unaudited) (dollars in thousands, except per share data )
GAAP Measures:            
Net Revenue $1,018,920 $907,843 12.2% $1,993,716 $1,809,616 10.2%
Net Income $45,091 $39,502 14.1% $99,808 $80,681 23.7%
Earnings Per Share — diluted $0.42 $0.35 20.0% $0.93 $0.72 29.2%
Non-GAAP Measures:            
Adjusted Earnings $65,883 $54,973 19.8% $134,026 $118,172 13.4%
Adjusted Earnings Per Share $0.61 $0.49 24.5% $1.25 $1.05 19.0%
Adjusted EBITDA $131,045 $111,579 17.4% $266,965 $236,534 12.9%
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A full reconciliation of GAAP measures to non-GAAP measures, along with an explanation of these metrics, follows later in this release.

"Our second-quarter top-line results mark the strongest quarter in LPL's history with net revenues surpassing $1 billion," said Mark Casady, chairman and CEO of LPL Financial. "We continued to build upon our strong momentum from the first quarter, driven by improving business fundamentals including increased advisor productivity, rising asset levels and excellent production retention. Under these strong top-line conditions, we are able to generate more robust earnings growth and margin expansion as we leverage our infrastructure and control our expenses. This resulted in adjusted earnings per share increasing 25% year-over-year to $0.61 per share for the quarter."

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