| 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 June 30, 2012 and
2011 was as follows:
| |
|
Independent
Brokerage and
Advisory
Services(1) |
|
|
Ladenburg |
|
|
Corporate |
|
|
Total(1) |
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
149,988 |
|
|
$ |
13,322 |
|
|
$ |
75 |
|
|
$ |
163,385 |
|
|
| Pre-tax (loss) income |
|
|
(1,829 |
)(2) |
|
|
322 |
|
|
|
(3,432 |
)(3) |
|
|
(4,939 |
) |
(2) |
| Identifiable assets |
|
|
313,912 |
|
|
|
24,346 |
|
|
|
2,087 |
|
|
|
340,345 |
|
|
| Depreciation and amortization |
|
|
3,847 |
|
|
|
206 |
|
|
|
17 |
|
|
|
4,070 |
|
|
| Interest |
|
|
4,444 |
|
|
|
68 |
|
|
|
1,680 |
|
|
|
6,192 |
|
|
| Capital expenditures |
|
|
2,087 |
|
|
|
— |
|
|
|
7 |
|
|
|
2,094 |
|
|
| Non-cash compensation |
|
|
438 |
|
|
|
220 |
|
|
|
569 |
|
|
|
1,227 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
47,132 |
|
|
$ |
13,185 |
|
|
$ |
(86 |
) |
|
$ |
60,231 |
|
|
| Pre-tax income (loss) |
|
|
1,816 |
|
|
|
525 |
|
|
|
(1,820 |
)(3) |
|
|
521 |
|
|
| Identifiable assets |
|
|
81,758 |
|
|
|
26,064 |
|
|
|
1,738 |
|
|
|
109,560 |
|
|
| Depreciation and amortization |
|
|
611 |
|
|
|
267 |
|
|
|
17 |
|
|
|
895 |
|
|
| Interest |
|
|
9 |
|
|
|
1 |
|
|
|
810 |
|
|
|
820 |
|
|
| Capital expenditures |
|
|
61 |
|
|
|
12 |
|
|
|
— |
|
|
|
73 |
|
|
| Non-cash compensation |
|
|
147 |
|
|
|
353 |
|
|
|
627 |
|
|
|
1,127 |
|
|
Segment information for the six months ended June 30, 2012 and 2011
was as follows:
|
|
|
Independent
Brokerage and
Advisory
Services(1) |
|
|
Ladenburg |
|
|
Corporate |
|
|
Total(1) |
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
293,792 |
|
|
$ |
24,198 |
|
|
$ |
110 |
|
|
$ |
318,100 |
|
|
| Pre-tax (loss) income |
|
|
(514 |
)(2) |
|
|
57 |
|
|
|
(6,853 |
)(3) |
|
|
(7,310 |
) |
(2) |
| Identifiable assets |
|
|
313,912 |
|
|
|
24,346 |
|
|
|
2,087 |
|
|
|
340,345 |
|
|
| Depreciation and amortization |
|
|
7,670 |
|
|
|
429 |
|
|
|
34 |
|
|
|
8,133 |
|
|
| Interest |
|
|
8,910 |
|
|
|
72 |
|
|
|
3,270 |
|
|
|
12,252 |
|
|
| Capital expenditures |
|
|
2,777 |
|
|
|
11 |
|
|
|
7 |
|
|
|
2,795 |
|
|
| Non-cash compensation |
|
|
966 |
|
|
|
492 |
|
|
|
1,133 |
|
|
|
2,591 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
89,238 |
|
|
$ |
28,451 |
|
|
$ |
(256 |
) |
|
$ |
117,433 |
|
|
| Pre-tax income (loss) |
|
|
3,063 |
|
|
|
2,102 |
|
|
|
(3,889 |
)(3) |
|
|
1,276 |
|
|
| Identifiable assets |
|
|
81,758 |
|
|
|
26,064 |
|
|
|
1,738 |
|
|
|
109,560 |
|
|
| Depreciation and amortization |
|
|
1,221 |
|
|
|
533 |
|
|
|
34 |
|
|
|
1,788 |
|
|
| Interest |
|
|
15 |
|
|
|
82 |
|
|
|
1,551 |
|
|
|
1,648 |
|
|
| Capital expenditures |
|
|
88 |
|
|
|
21 |
|
|
|
— |
|
|
|
109 |
|
|
| Non-cash compensation |
|
|
282 |
|
|
|
609 |
|
|
|
1,193 |
|
|
|
2,084 |
|
|
|
(1) |
Amounts for 2012 include Securities
America which was acquired on November 4, 2011. |
|
(2) |
Includes $647 and $6,202 income
from change in the fair value of contingent consideration related
to Securities America acquisition for the three and six months
ended June 30, 2012, respectively. |
|
(3) |
Includes interest on revolving
credit and forgivable loan notes, compensation, professional fees
and other general and administrative expenses. |
|