Investors
Income Statement
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands, except share and per share amounts)
(Unaudited)
|
Three
months ended
|
Six
months ended
|
|||||||||||||||
|
June 30,
|
June 30,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Commissions
and fees
|
$ | 38,092 | $ | 29,169 | $ | 74,520 | $ | 55,940 | ||||||||
|
Investment
banking
|
6,302 | 1,660 | 10,888 | 5,673 | ||||||||||||
|
Asset
management
|
750 | 452 | 1,361 | 907 | ||||||||||||
|
Principal
transactions
|
(161 | ) | 469 | 130 | 173 | |||||||||||
|
Interest
and dividends
|
137 | 820 | 263 | 1,856 | ||||||||||||
|
Other
income
|
2,464 | 1,755 | 4,393 | 3,066 | ||||||||||||
|
Total
revenues
|
$ | 47,584 | $ | 34,325 | $ | 91,555 | $ | 67,615 | ||||||||
|
Expenses:
|
||||||||||||||||
|
Commissions
and fees
|
$ | 28,624 | $ | 20,625 | $ | 55,550 | $ | 39,056 | ||||||||
|
Compensation
and benefits
|
10,892 | 8,988 | 22,231 | 18,898 | ||||||||||||
|
Non-cash
compensation
|
1,605 | 1,665 | 3,365 | 3,585 | ||||||||||||
|
Brokerage,
communication and clearance fees
|
1,770 | 1,731 | 3,354 | 3,447 | ||||||||||||
|
Rent
and occupancy, net of sublease revenue
|
863 | 718 | 1,739 | 2,109 | ||||||||||||
|
Professional
services
|
1,035 | 1,278 | 2,147 | 3,337 | ||||||||||||
|
Interest
|
936 | 1,050 | 1,892 | 2,178 | ||||||||||||
|
Depreciation
and amortization
|
915 | 931 | 1,829 | 1,870 | ||||||||||||
|
Other
|
2,985 | 2,179 | 5,653 | 3,975 | ||||||||||||
|
Total
expenses
|
$ | 49,625 | $ | 39,165 | $ | 97,760 | $ | 78,455 | ||||||||
|
Loss before
income taxes
|
(2,041 | ) | (4,840 | ) | (6,205 | ) | (10,840 | ) | ||||||||
|
Income
tax expense
|
188 | 318 | 427 | 559 | ||||||||||||
|
Net
loss
|
$ | (2,229 | ) | $ | (5,158 | ) | $ | (6,632 | ) | $ | (11,399 | ) | ||||
|
Net
loss per common share (basic and diluted)
|
$ | (0.01 | ) | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.07 | ) | ||||
|
Weighted
average common shares used in computation of per share
data:
|
||||||||||||||||
|
Basic
|
170,744,411 | 167,318,663 | 169,326,908 | 169,510,804 | ||||||||||||
|
Diluted
|
170,744,411 | 167,318,663 | 169,326,908 | 169,510,804 | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||||||
| 2009 | 2008 | 2007 | ||||||||||
|
Revenues:
|
||||||||||||
|
Commissions and fees
|
$ | 123,821 | $ | 97,277 | $ | 31,958 | ||||||
|
Investment banking
|
15,155 | 14,714 | 55,401 | |||||||||
|
Asset management
|
2,002 | 2,721 | 3,028 | |||||||||
|
Principal transactions
|
846 | (2,736 | ) | 251 | ||||||||
|
Interest and dividends
|
2,372 | 4,299 | 2,970 | |||||||||
|
Other income
|
6,479 | 4,695 | 2,218 | |||||||||
|
Total revenues
|
150,675 | 120,970 | 95,826 | |||||||||
|
Expenses:
|
||||||||||||
|
Commissions and fees
|
87,165 | 60,790 | 9,012 | |||||||||
|
Compensation and benefits
|
40,232 | 42,644 | 48,918 | |||||||||
|
Non-cash compensation
|
7,534 | 6,265 | 6,694 | |||||||||
|
Brokerage, communication and clearance fees
|
6,836 | 6,010 | 3,976 | |||||||||
|
Rent and occupancy, net of sublease revenue
|
3,476 | 3,222 | 1,307 | |||||||||
|
Professional services
|
5,725 | 5,976 | 3,944 | |||||||||
|
Interest
|
3,977 | 4,534 | 2,304 | |||||||||
|
Depreciation and amortization
|
3,734 | 3,292 | 1,491 | |||||||||
|
Loss on extinguishment of debt
|
— | — | 1,833 | |||||||||
|
Other
|
9,600 | 7,481 | 6,443 | |||||||||
|
Total expenses
|
168,279 | 140,214 | 85,922 | |||||||||
|
(Loss) income before income taxes
|
(17,604 | ) | (19,244 | ) | 9,904 | |||||||
|
Income tax expense
|
1,069 | 1,019 | 513 | |||||||||
|
Net (loss) income
|
$ | (18,673 | ) | $ | (20,263 | ) | $ | 9,391 | ||||
|
Net (loss) income per common share (basic and diluted)
|
$ | (0.11 | ) | $ | (0.12 | ) | $ | 0.06 | ||||
|
Weighted average common shares used in computation of per share data:
|
||||||||||||
|
Basic
|
168,623,375 | 165,812,495 | 157,355,540 | |||||||||
|
Diluted
|
168,623,375 | 165,812,495 | 168,484,469 | |||||||||
