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