| 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 Securities America,
Investacorp and Triad to their independent contractor financial
advisors and Premier Trust. The Ladenburg segment includes the
investment banking, sales and trading and asset management services
and investment activities conducted by Ladenburg and LTAM.
Segment information for the three months ended March 31, 2012 and
2011 was as follows:
| |
|
Independent
Brokerage and
Advisory Services(1) |
|
|
Ladenburg |
|
|
Corporate |
|
|
Total |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
143,804 |
|
|
$ |
10,876 |
|
|
$ |
35 |
|
|
$ |
154,715 |
|
| Pre-tax income (loss) |
|
|
1,315 |
(2) |
|
|
(265 |
) |
|
|
(3,421 |
)(3) |
|
|
(2,371 |
) |
| Identifiable
assets |
|
|
316,887 |
|
|
|
18,762 |
|
|
|
3,696 |
|
|
|
339,345 |
|
| Depreciation and
amortization |
|
|
3,823 |
|
|
|
223 |
|
|
|
17 |
|
|
|
4,063 |
|
| Interest |
|
|
4,466 |
|
|
|
4 |
|
|
|
1,590 |
|
|
|
6,060 |
|
| Capital
expenditures |
|
|
690 |
|
|
|
11 |
|
|
|
— |
|
|
|
701 |
|
| Non-cash compensation |
|
|
528 |
|
|
|
272 |
|
|
|
564 |
|
|
|
1,364 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
42,106 |
|
|
$ |
15,266 |
|
|
$ |
(170 |
) |
|
$ |
57,202 |
|
| Pre-tax income
(loss) |
|
|
1,247 |
|
|
|
1,576 |
|
|
|
(2,068 |
)(3) |
|
|
755 |
|
| Identifiable
assets |
|
|
79,807 |
|
|
|
24,432 |
|
|
|
1,858 |
|
|
|
106,097 |
|
| Depreciation and
amortization |
|
|
610 |
|
|
|
266 |
|
|
|
17 |
|
|
|
893 |
|
| Interest |
|
|
6 |
|
|
|
81 |
|
|
|
741 |
|
|
|
828 |
|
| Capital
expenditures |
|
|
27 |
|
|
|
9 |
|
|
|
— |
|
|
|
36 |
|
| Non-cash compensation |
|
|
135 |
|
|
|
255 |
|
|
|
567 |
|
|
|
957 |
|
|
|
(1) |
Includes Securities America from November 4, 2011. |
|
|
(2) |
Includes $5,555 income from change in the fair value of contingent
consideration related to acquisition. |
|
(3) |
Includes interest on revolving
credit and forgivable loan notes, compensation, professional fees
and other general and administrative expenses. |
|