Investors

Income Statement

LADENBURG THALMANN FINANCIAL SERVICES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
                                 
    Three months ended     Nine months ended  
    September 30,     September 30,  
    2009     2008     2009     2008  
 
                               
Revenues :
                               
 
                               
Commissions and fees
  $ 32,788     $ 25,130     $ 88,400     $ 64,617  
Investment banking
    3,077       4,178       8,750       13,385  
Asset management
    502       666       1,408       2,150  
Principal transactions
    709       (609 )     882       (452 )
Interest and dividends
    487       982       2,344       3,003  
Unrealized loss on NYSE Euronext restricted common stock
          (111 )           (111 )
Other income
    1,683       1,036       5,077       2,704  
 
                               
 
                       
Total revenues
  $ 39,246     $ 31,272     $ 106,861     $ 85,296  
 
                       
 
                               
Expenses :
                               
 
                               
Commissions and fees
  $ 23,099     $ 15,126     $ 62,439     $ 39,237  
Compensation and benefits
    10,843       11,198       29,743       31,685  
Non-cash compensation
    1,686       1,538       5,273       4,605  
Brokerage, communication and clearance fees
    1,663       1,638       5,110       3,877  
Rent and occupancy, net of sublease revenue
    480       917       2,589       1,967  
Professional services
    1,033       1,563       4,370       4,071  
Interest
    1,014       1,118       3,186       3,474  
Depreciation and amortization
    940       898       2,810       2,241  
Other
    2,308       2,277       6,001       5,344  
 
                               
 
                       
Total expenses
  $ 43,066     $ 36,273     $ 121,521     $ 96,501  
 
                       
 
                               
Loss before income taxes
    (3,820 )     (5,001 )     (14,660 )     (11,205 )
 
                               
Income tax (benefit) expense
    (92 )     690       467       752  
 
                               
 
                       
Net loss
  $ (3,728 )   $ (5,691 )   $ (15,127 )   $ (11,957 )
 
                       
 
                               
Net loss per common share (basic and diluted)
  $ (0.02 )   $ (0.03 )   $ (0.09 )   $ (0.07 )
 
                       
 
                               
Weighted average common shares used in computation of per share data:
                               
Basic
    167,624,573       167,303,935       168,875,151       163,850,741  
 
                       
 
                               
Diluted
    167,624,573       167,303,935       168,875,151       163,850,741  
 
                       
LADENBURG THALMANN FINANCIAL SERVICES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share amounts)
 
                         
    Year Ended December 31,  
    2008     2007     2006  
 
Revenues:
                       
Investment banking
  $ 14,714     $ 55,401     $ 18,531  
Commissions and fees
    97,615       31,958       15,780  
Asset management
    2,721       3,028       2,381  
Principal transactions
    (2,736 )     251       326  
Interest and dividends
    3,974       2,970       2,790  
Gain on NYSE merger transaction
                4,859  
Realized and unrealized loss on NYSE Euronext restricted common stock
                (1,001 )
Gain on sale of CBOE membership
                1,125  
Other income
    4,682       2,218       2,067  
                         
Total revenues
    120,970       95,826       46,858  
                         
Expenses:
                       
Compensation and benefits
    42,378       48,918       26,735  
Non-cash compensation
    6,265       6,694       2,885  
Commissions and fees
    61,006       9,012        
Brokerage, communication and clearance fees
    5,987       3,976       2,923  
Rent and occupancy, net of sublease revenue
    3,222       1,307       2,183  
Professional services
    5,976       3,944       2,558  
Interest
    4,534       2,304       499  
Depreciation and amortization
    3,292       1,491       754  
Loss on extinguishment of debt
          1,833        
Other
    7,554       6,443       3,473  
                         
Total expenses
    140,214       85,922       42,010  
                         
(Loss) income before income taxes
    (19,244 )     9,904       4,848  
Income tax expense
    1,019       513       189  
                         
Net (loss) income
  $ (20,263 )   $ 9,391     $ 4,659  
                         
Net (loss) income per common share (basic and diluted)
  $ (0.12 )   $ 0.06     $ 0.03  
                         
Weighted average common shares used in computation of per share data:
                       
Basic
    165,812,495       157,355,540       148,693,521  
                         
Diluted
    165,812,495       168,484,469       153,087,961