Quarterly report pursuant to sections 13 or 15(d)

Segment Information (Tables)

Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

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.

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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