Annual report pursuant to section 13 and 15(d)

Condensed Consolidated Statements Of Cash Flows

v2.4.0.8
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) $ (522) $ (16,354) $ 3,893
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Change in fair value of contingent consideration 121 (7,111) 0
Adjustment to deferred rent (106) (356) (595)
Amortization of intangible assets 11,594 11,683 4,060
Write-of of intangible asset 143 0 0
Depreciation and other amortization 3,676 4,378 1,572
Loss on extinguishment of debt 4,547 0 0
Amortization of debt discount 1,219 1,993 39
Amortization of debt issue cost 435 478 642
Amortization of retention loans 7,160 7,346 1,634
Deferred income taxes 954 877 (16,590)
Benefit attributable to reduction of goodwill 77 71 84
Non-cash interest expense on forgivable loans 132 1,258 423
Gain on forgiveness of accrued interest under forgivable loans (1,067) (1,365) (450)
Gain on forgiveness of principal of note payable under forgivable loans (3,929) (3,929) (1,429)
Non-cash compensation expense 6,766 4,744 4,014
Loss on write-off of furniture, fixtures and leasehold improvements, net 430 7 0
(Increase) decrease in operating assets:      
Securities owned, at fair value (2,711) (64) 669
Receivables from clearing broker (14,418) 1,426 (8,203)
Receivables from other broker-dealers 23 (1,636) 851
Other receivables, net (1,153) (1,661) (6,209)
Notes receivable from financial advisors, net 237 (2,186) (19,634)
Cash surrender value of life insurance (1,163) 954 924
Other assets (5,367) (2,081) 25
Increase (decrease) in operating liabilities:      
Securities sold, but not yet purchased, at fair value (209) 214 58
Accrued compensation 8,081 1,518 653
Accrued interest (2,397) 1,680 2,964
Commissions and fees payable 1,230 5,679 912
Deferred compensation liability 1,101 (746) (833)
Accounts payable and accrued liabilities 5,990 831 (2,823)
Net cash provided by operating activities 20,874 7,648 (33,349)
Cash flows from investing activities:      
Payment for business acquisition 0 (552) 0
Payment for Securities America acquisition, net of cash received 0 0 (125,685)
Purchases of fixed assets (6,861) (5,477) (1,439)
Sale of fixed assets 88 0 0
Increase in restricted assets (250) 0 50
Other 0 99 0
Net cash used in investing activities activities (7,023) (5,930) (127,074)
Cash flows from financing activities:      
Issuance of Series A preferred stock 147,929 0 0
Issuance of common stock 1,256 795 682
Series A preferred stock dividends paid (6,911) 0 0
Issuance of notes payable and warrants 1,709 0 175,700
Repurchases of common stock (6,446) (1,407) (1,493)
Principal payments on notes payable (111,113) (219) 5,600
Principal (repayments) borrowings under revolving credit facility, net (25,500) 2,950 (1,492)
Third party investment in subsidiary 120 0 0
Net cash provided by financing activities 1,044 2,119 178,997
Net increase in cash and cash equivalents 14,895 3,837 18,574
Cash and cash equivalents, beginning of period 35,434 31,597 13,023
Cash and cash equivalents, end of period 50,329 35,434 31,597
Supplemental cash flow information:      
Interest paid 16,034 22,968 2,461
Taxes paid 544 488 372
Acquisition of Securities America [Member]
      
Supplemental cash flow information:      
Assets acquired 0 0 232,059
Liabilities assumed 0 0 (74,948)
Net assets acquired 0 0 157,111
Fair value of contingent earnout 0 0 (7,111)
Cash paid in acquisition 0 0 150,000
Cash acquired in acquisition 0 0 (24,315)
Net cash paid in acquisition 0 0 125,685
Acquisition of Business [Member]
      
Supplemental cash flow information:      
Assets acquired 0 1,364 0
Liabilities assumed 0 0 0
Net assets acquired 0 1,364 0
Fair value of contingent earnout 0 (812) 0
Cash paid in acquisition $ 0 $ 552 $ 0