| Segment Information |
Segment information for the three months ended March 31, 2013 and 2012 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Brokerage and Advisory Services |
|
Ladenburg |
|
Corporate |
|
Total |
2013 |
|
|
|
|
|
|
|
Revenues |
$ |
169,836 |
|
|
$ |
17,400 |
|
|
$ |
69 |
|
|
$ |
187,305 |
|
Pre-tax income (loss) |
1,229 |
|
|
3,881 |
|
|
(4,464 |
) |
(1) |
646 |
|
EBITDA, as adjusted(2)
|
12,296 |
|
|
4,246 |
|
|
(2,581 |
) |
|
13,961 |
|
Identifiable assets |
313,635 |
|
|
23,855 |
|
|
2,556 |
|
|
340,046 |
|
Depreciation and amortization |
3,684 |
|
|
206 |
|
|
17 |
|
|
3,907 |
|
Interest |
4,956 |
|
|
3 |
|
|
1,277 |
|
|
6,236 |
|
Capital expenditures |
830 |
|
|
82 |
|
|
— |
|
|
912 |
|
Non-cash compensation |
668 |
|
|
156 |
|
|
589 |
|
|
1,413 |
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
Revenues |
$ |
143,804 |
|
|
$ |
10,876 |
|
|
$ |
35 |
|
|
$ |
154,715 |
|
Pre-tax income (loss) |
953 |
|
|
(208 |
) |
|
(3,116 |
) |
(1) |
(2,371 |
) |
EBITDA, as adjusted(2)
|
6,464 |
|
|
288 |
|
|
(1,444 |
) |
|
5,308 |
|
Identifiable assets |
316,887 |
|
|
18,762 |
|
|
3,696 |
|
|
339,345 |
|
Depreciation and amortization |
3,823 |
|
|
223 |
|
|
17 |
|
|
4,063 |
|
Interest |
4,966 |
|
|
3 |
|
|
1,091 |
|
|
6,060 |
|
Capital expenditures |
690 |
|
|
11 |
|
|
— |
|
|
701 |
|
Non-cash compensation |
528 |
|
|
272 |
|
|
564 |
|
|
1,364 |
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes interest on revolving credit and forgivable loan notes, compensation, professional fees and other |
general and administrative expenses.
(2) The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three months ended
March 31, 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
EBITDA, as adjusted |
2013 |
|
2012 |
Independent Brokerage and Advisory Services |
$ |
12,296 |
|
|
$ |
6,464 |
|
Ladenburg |
4,246 |
|
|
288 |
|
Corporate |
(2,581 |
) |
|
(1,444 |
) |
Total segments |
13,961 |
|
|
5,308 |
|
|
|
|
|
Adjustments: |
|
|
|
Interest income |
39 |
|
|
45 |
|
Change in fair value of contingent consideration |
23 |
|
|
5,555 |
|
Interest expense |
(6,236 |
) |
|
(6,060 |
) |
Depreciation and amortization |
(3,907 |
) |
|
(4,063 |
) |
Non-cash compensation expense |
(1,413 |
) |
|
(1,364 |
) |
Amortization of retention loans |
(1,808 |
) |
|
(1,792 |
) |
Loss attributable to noncontrolling interest |
(13 |
) |
|
— |
|
Pre-tax income (loss) |
$ |
646 |
|
|
$ |
(2,371 |
) |
|
| Schedule of reconciliation of EBITDA |
The following table reconciles EBITDA, as adjusted, to pre-tax income (loss) for the three months ended
March 31, 2013 and 2012:
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
EBITDA, as adjusted |
2013 |
|
2012 |
Independent Brokerage and Advisory Services |
$ |
12,296 |
|
|
$ |
6,464 |
|
Ladenburg |
4,246 |
|
|
288 |
|
Corporate |
(2,581 |
) |
|
(1,444 |
) |
Total segments |
13,961 |
|
|
5,308 |
|
|
|
|
|
Adjustments: |
|
|
|
Interest income |
39 |
|
|
45 |
|
Change in fair value of contingent consideration |
23 |
|
|
5,555 |
|
Interest expense |
(6,236 |
) |
|
(6,060 |
) |
Depreciation and amortization |
(3,907 |
) |
|
(4,063 |
) |
Non-cash compensation expense |
(1,413 |
) |
|
(1,364 |
) |
Amortization of retention loans |
(1,808 |
) |
|
(1,792 |
) |
Loss attributable to noncontrolling interest |
(13 |
) |
|
— |
|
Pre-tax income (loss) |
$ |
646 |
|
|
$ |
(2,371 |
) |
|