Ladenburg Thalmann reports Q2 net lossComtex News Network
Aug 23, 2012 (Datamonitor via COMTEX) --Ladenburg Thalmann Financial Services Inc., a provider of independent brokerage and advisory services, has reported a net loss of $4.98 million, or $0.03 loss per share, for the second quarter ended June 30, 2012, compared to a net income of $200,000, or $0 per share, for the second quarter ended June 30, 2011.
Total revenues were $163.38 million for the second quarter of 2012, compared to $60.23 million for the second quarter of 2011.
Net loss was $7.96 million, or $0.04 loss per share, for the six months ended June 30, 2012, compared to a net income of $609,000, or $0 per share, for the six months ended June 30, 2011. Total revenues were $318.1 million for the first six months of 2012, compared to $117.43 million for the first six months of 2011.
Phillip Frost, chairman of Ladenburg, said: "Ladenburg continued to see a significant increase in revenues as a result of the Securities American acquisition, which further expanded our growing independent brokerage and advisory business. With a leading national network of advisors and approximately $70 billion in client assets, Ladenburg is increasingly well positioned to capitalize on favorable demographic trends and drive growth. Simultaneously, we are continuing to selectively augment our investment banking capabilities with the addition of talented new hires in fast growing sectors such as healthcare, where our firm has considerable expertise."
Richard Lampen, president and CEO of Ladenburg, said: "We are pleased to deliver strong growth in EBITDA, as adjusted for the quarter and first half of the year, as the firm benefited from the addition of Securities America. We remain focused on additional opportunities to organically grow our independent brokerage and advisory platform, while concurrently expanding our talented team and service offerings in our investment banking and capital markets business. We are excited about Ladenburg's future prospects given our growing investment banking and research capabilities, robust institutional distribution, and leading network of 2,700 independent financial advisors."http://www.datamonitor.comRepublication or redistribution, including by framing or similar means,is expressly prohibited without prior written consent. Datamonitor shallnot be liable for errors or delays in the content, or for any actionstaken in reliance thereon