Ladenburg Thalmann (AMEX: LTS) yesterday reported its results for the first quarter ended March 31, 2008. The broker and investment bank posted a net loss of $1.03 million, a penny per diluted share, compared to net income of $874,000 for the prior year quarter. The company generated revenues of $28.79 million, up 81% from revenues of $15.92 million in the first quarter of 2007. The current year revenues included $15.46 million of revenue from Investacorp, following the October 19, 2007 acquisition of that company
First quarter 2008 EBITDA, as adjusted, was $2.23 million, compared to $2.69 million for the first quarter 2007. EBITDA, as adjusted, for both periods excludes non-cash compensation expense and other items. During the latest quarter, the company incurred total expenses of $29.9 million, up from $14.9 million in the preceding year quarter.
Dr. Phillip Frost, Chairman of Ladenburg, said, "We are pleased with Ladenburg’s progress in building an important diversified investment bank. While there are industry headwinds to overcome, we believe our strategy, as partly reflected by the recent acquisitions of Investacorp and Punk Ziegel, has positioned us well for cyclical markets. We are pleased with the opportunity to capitalize on Punk Ziegel’s strong healthcare and banking research and to expand our institutional equity business. We remain mindful of our mission to build value for our shareholders."Shares were trading at $1.99, the last time I checked.
Reference
http://www.pzk.com
http://www.sec.gov/Archives/edgar/data/1029730/000095014408003980/g13398exv99w1.htm
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