| Segment Information |
18. Segment Information
The Company has two operating segments. The independent brokerage
and advisory services segment includes the broker-dealer and
investment advisory services provided by Investacorp, Securities
America and Triad to their independent contractor financial
advisors and Premier Trust which includes the wealth management
services. The Ladenburg segment includes the investment banking,
sales and trading and asset management services and investment
activities conducted by Ladenburg and LTAM. During 2011, the
Premier Trust segment was reclassified into the independent
brokerage and advisory services segment due to the complementary
nature of Premier Trust’s operations to those of the
Company’s independent broker-dealer subsidiaries.
Segment information for the years ended December 31, 2011, 2010 and
2009 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Independent
Brokerage
and
Advisory
Services(1) |
|
Ladenburg |
|
Corporate |
|
Total |
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
230,897 |
|
|
$ |
41,459 |
|
|
$ |
1,244 |
|
|
$ |
273,600 |
|
| Pre-tax income (loss) |
|
|
1,787 |
|
|
|
(3,131 |
) |
|
|
(10,958 |
)(2) |
|
|
(12,302 |
) |
| Identifiable assets |
|
|
322,245 |
|
|
|
18,437 |
|
|
|
6,463 |
|
|
|
347,145 |
|
| Depreciation and amortization |
|
|
4,567 |
|
|
|
996 |
|
|
|
69 |
|
|
|
5,632 |
|
| Interest |
|
|
3,191 |
|
|
|
89 |
|
|
|
3,263 |
|
|
|
6,543 |
|
| Capital expenditures |
|
|
1,381 |
|
|
|
58 |
|
|
|
— |
|
|
|
1,439 |
|
| Non-cash compensation |
|
|
1,072 |
|
|
|
1,014 |
|
|
|
1,928 |
|
|
|
4,014 |
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
151,379 |
|
|
$ |
41,194 |
|
|
$ |
1,953 |
|
|
$ |
194,526 |
|
| Pre-tax income (loss) |
|
|
1,086 |
|
|
|
(4,364 |
) |
|
|
(6,812 |
)(2) |
|
|
(10,090 |
) |
| Identifiable assets |
|
|
78,306 |
|
|
|
21,484 |
|
|
|
2,035 |
|
|
|
101,825 |
|
| Depreciation and amortization |
|
|
2,290 |
|
|
|
1,620 |
|
|
|
68 |
|
|
|
3,978 |
|
| Interest |
|
|
26 |
|
|
|
16 |
|
|
|
3,199 |
|
|
|
3,241 |
|
| Capital expenditures |
|
|
498 |
|
|
|
110 |
|
|
|
— |
|
|
|
608 |
|
| Non-cash compensation |
|
|
1,735 |
|
|
|
1,464 |
|
|
|
2,240 |
|
|
|
5,439 |
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
111,931 |
|
|
$ |
38,671 |
|
|
$ |
73 |
|
|
$ |
150,675 |
|
| Pre-tax income (loss) |
|
|
802 |
|
|
|
(8,006 |
) |
|
|
(10,400 |
)(2) |
|
|
(17,604 |
) |
| Identifiable assets |
|
|
72,108 |
|
|
|
20,940 |
|
|
|
1,589 |
|
|
|
94,637 |
|
| Depreciation and amortization |
|
|
2,311 |
|
|
|
1,764 |
|
|
|
68 |
|
|
|
4,143 |
|
| Interest |
|
|
19 |
|
|
|
21 |
|
|
|
3,937 |
|
|
|
3,977 |
|
| Capital expenditures |
|
|
61 |
|
|
|
338 |
|
|
|
— |
|
|
|
399 |
|
| Non-cash compensation |
|
|
1,938 |
|
|
|
2,270 |
|
|
|
3,326 |
|
|
|
7,534 |
|
|
(1) |
Includes Premier Trust from September
1, 2010 and Securities America from November 4, 2011. |
|
(2) |
Includes interest, compensation,
acquisition related expense, professional fees and other general
and administrative expenses. |
|