Annual report pursuant to section 13 and 15(d)

Segment Information (Tables)

v2.4.0.6
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2012
Segment Information

Segment information for the years ended December 31, 2012, 2011 and 2010 is as follows:

       
  Independent Brokerage and Advisory Services(1)   Ladenburg   Corporate   Total
2012                                    
Revenues   $ 598,851     $ 45,701     $ 5,559     $ 650,111  
Pre-tax (loss) income     (6,087 )      65       (8,870 )(2)      (14,892 ) 
EBITDA, as adjusted(3)     30,566       1,829       (1,891 )      30,504  
Identifiable assets     318,005       17,636       2,488       338,129  
Depreciation and amortization     15,158       835       68       16,061  
Interest     19,803       79       4,659       24,541  
Capital expenditures     5,356       115       6       5,477  
Non-cash compensation     1,640       850       2,254       4,744  
2011                                    
Revenues   $ 230,897     $ 41,459     $ 1,244     $ 273,600  
Pre-tax income (loss)     1,787       (3,131 )      (10,958 )(2)      (12,302 ) 
EBITDA, as adjusted(3)     12,181       (1,032 )      (2,727 )      8,422  
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 ) 
EBITDA, as adjusted(3)     5,287       (1,264 )      (1,322 )      2,701  
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  

(1) Includes Premier Trust from September 1, 2010 and Securities America from November 4, 2011.
(2) Includes interest on revolving credit and forgivable loan notes, compensation, acquisition-related expenses, professional fees and other general and administrative expenses.
EBITDA Adjusted To Pre Tax Loss [Table Text Block]
The following table reconciles EBITDA, as adjusted, to pre-tax loss for the years ended December 31, 2012, 2011 and 2010:

     
  Year Ended December 31,
EBITDA, as adjusted   2012   2011   2010
Independent Brokerage and Advisory Services   $ 30,566     $ 12,181     $ 5,287  
Ladenburg     1,829       (1,032 )      (1,264 ) 
Corporate     (1,891 )      (2,727 )      (1,322 ) 
Total segments     30,504       8,422       2,701  
Adjustments:                           
Interest income     185       70       (14 ) 
Change in fair value of contingent consideration     7,111       —       —  
Interest expense     (24,541 )      (6,543 )      (3,241 ) 
Depreciation and amortization     (16,061 )      (5,632 )      (3,978 ) 
Non-cash compensation expense     (4,744 )      (4,014 )      (5,439 ) 
Clearing conversion expense     —       —       (119 ) 
Acquisition-related expense     —       (2,971 )      —  
Amortization of retention loans     (7,346 )      (1,634 )      —  
Pre-tax loss   $ (14,892 )    $ (12,302 )    $ (10,090 )