| 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 wealth management services provided by 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 September 30, 2012
and 2011 was as follows:
|
|
|
Independent
Brokerage and
Advisory Services (1)
|
|
|
Ladenburg |
|
|
Corporate |
|
|
Total (1) |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
149,201 |
|
|
$ |
10,560 |
|
|
$ |
73 |
|
|
$ |
159,834 |
|
| Pre-tax loss |
|
|
(2,226 |
)(2)
|
|
|
(358 |
) |
|
|
(3,045 |
)(3)
|
|
|
(5,629) |
(2) |
| Identifiable assets |
|
|
310,724 |
|
|
|
21,208 |
|
|
|
1,904 |
|
|
|
333,836 |
|
| Depreciation and amortization |
|
|
3,759 |
|
|
|
203 |
|
|
|
17 |
|
|
|
3,979 |
|
| Interest |
|
|
4,942 |
|
|
|
3 |
|
|
|
1,203 |
|
|
|
6,148 |
|
| Capital expenditures |
|
|
853 |
|
|
|
4 |
|
|
|
— |
|
|
|
857 |
|
| Non-cash compensation |
|
|
244 |
|
|
|
195 |
|
|
|
615 |
|
|
|
1,054 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
40,339 |
|
|
$ |
6,872 |
|
|
$ |
1,687 |
|
|
$ |
48,898 |
|
| Pre-tax income (loss) |
|
|
1,283 |
|
|
|
(2,498 |
) |
|
|
(1,571 |
)(3)
|
|
|
(2,786 |
) |
| Identifiable assets |
|
|
76,777 |
|
|
|
21,556 |
|
|
|
2,459 |
|
|
|
100,792 |
|
| Depreciation and amortization |
|
|
613 |
|
|
|
232 |
|
|
|
17 |
|
|
|
862 |
|
| Interest |
|
|
4 |
|
|
|
3 |
|
|
|
813 |
|
|
|
820 |
|
| Capital expenditures |
|
|
70 |
|
|
|
8 |
|
|
|
— |
|
|
|
78 |
|
| Non-cash compensation |
|
|
153 |
|
|
|
195 |
|
|
|
340 |
|
|
|
688 |
|
Segment information for the nine months ended September 30, 2012
and 2011 was as follows:
|
|
|
Independent
Brokerage and
Advisory Services (1)
|
|
|
Ladenburg |
|
|
Corporate |
|
|
Total (1) |
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
442,993 |
|
|
$ |
34,758 |
|
|
$ |
183 |
|
|
$ |
477,934 |
|
| Pre-tax loss |
|
|
(3,738 |
)(2)
|
|
|
(301 |
) |
|
|
(8,900 |
)(3)
|
|
|
(12,939) |
(2) |
| Identifiable assets |
|
|
310,724 |
|
|
|
21,208 |
|
|
|
1,904 |
|
|
|
333,836 |
|
| Depreciation and amortization |
|
|
11,430 |
|
|
|
631 |
|
|
|
51 |
|
|
|
12,112 |
|
| Interest |
|
|
14,850 |
|
|
|
75 |
|
|
|
3,475 |
|
|
|
18,400 |
|
| Capital expenditures |
|
|
3,631 |
|
|
|
15 |
|
|
|
6 |
|
|
|
3,652 |
|
| Non-cash compensation |
|
|
1,210 |
|
|
|
687 |
|
|
|
1,748 |
|
|
|
3,645 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenues |
|
$ |
129,577 |
|
|
$ |
35,323 |
|
|
$ |
1,431 |
|
|
$ |
166,331 |
|
| Pre-tax income (loss) |
|
|
4,346 |
|
|
|
(396 |
) |
|
|
(5,460 |
)(3)
|
|
|
(1,510 |
) |
| Identifiable assets |
|
|
76,777 |
|
|
|
21,556 |
|
|
|
2,459 |
|
|
|
100,792 |
|
| Depreciation and amortization |
|
|
1,834 |
|
|
|
765 |
|
|
|
51 |
|
|
|
2,650 |
|
| Interest |
|
|
19 |
|
|
|
85 |
|
|
|
2,364 |
|
|
|
2,468 |
|
| Capital expenditures |
|
|
159 |
|
|
|
29 |
|
|
|
— |
|
|
|
188 |
|
| Non-cash compensation |
|
|
435 |
|
|
|
804 |
|
|
|
1,533 |
|
|
|
2,772 |
|
|
(1) |
Amounts for 2012 include Securities
America which was acquired on November 4, 2011. |
|
(2) |
Includes $909 and $7,111 income
from change in the fair value of contingent consideration related
to Securities America acquisition for the three and nine months
ended September 30, 2012, respectively. |
|
(3) |
Includes interest on revolving
credit and forgivable loan notes, compensation, professional fees
and other general and administrative expenses. |
|