Posted on Friday, 11.06.09

Ladenburg Thalmann Reports Third Quarter 2009 Results

Revenues up 25% in First Nine Months of 2009 Due to Acquisition

MIAMI -- Ladenburg Thalmann Financial Services Inc. (AMEX: LTS) today announced financial results for the three and nine months ended September 30, 2009.

Third quarter 2009 revenues were $39.25 million, a 26% increase from revenues of $31.27 million in the third quarter of 2008. The Company had a net loss of $3.73 million, or $(0.02) per diluted share, in the third quarter of 2009, compared to a net loss of $5.69 million, or $(0.03) per diluted share, in the comparable 2008 period. Third quarter 2009 results include an increase in Triad Advisors revenues of $10.90 million from the inclusion of Triad Advisors (acquired August 2008) for the full period. The 2009 third quarter results included $1.03 million in professional fee expense and $2.63 million of non-cash charges for depreciation, amortization and compensation expense, while the third quarter 2008 results included $1.56 million in professional fee expense and $2.44 million of non-cash charges for depreciation, amortization and compensation expense.

For the nine months ended September 30, 2009, the Company had revenues of $106.86 million, a 25% increase over revenues of $85.30 million for the comparable 2008 period. The Company had a net loss of $15.13 million, or $(0.09) per diluted share, compared to a net loss of $11.96 million, or $(0.07) per diluted share, in the comparable 2008 period. The 2009 nine month results included an increase in Triad Advisors revenues of $37.52 million from the inclusion for the full period of Triad Advisors. The results for the nine months ended September 30, 2009 included $4.37 million in professional fee expense and $8.08 million of non-cash charges for depreciation, amortization and compensation expense, while the comparable 2008 results included $4.07 million in professional fee expense and $6.85 million of non-cash charges for depreciation, amortization and compensation expense.

Third quarter 2009 EBITDA, as adjusted, was a loss of $191,000, compared to a loss of $1.80 million for the 2008 period. EBITDA, as adjusted, for the nine months ended September 30, 2009 was a loss of $3.46 million, compared to a loss of $1.38 million for the 2008 period. EBITDA, as adjusted, for both periods excludes non-cash compensation expense and other items.

The following table presents a reconciliation of EBITDA, as adjusted, to net loss as reported.

	Three months ended September 30,						Nine months ended September 30,
(in thousands)		2009			2008			2009			2008

Total revenues	$	39,246		$	31,272		$	106,861		$	85,296
Total expenses		43,066			36,273			121,521			96,501
Pre-tax loss		(3,820	)		(5,001	)		(14,660	)		(11,205	)
Net loss		(3,728	)		(5,691	)		(15,127	)		(11,957	)

Reconciliation of EBITDA, as adjusted, to net loss:
EBITDA, as adjusted		(191	)		(1,802	)		(3,456	)		(1,384	)
Add:
Interest income		11			45			65			189
Income tax benefit		92			—			—			—
Sale of exchange memberships		—			310			—			310
Less:
Interest expense		(1,014	)		(1,118	)		(3,186	)		(3,474	)
Income tax expense		—			(690	)		(467	)		(752	)
Depreciation and amortization expense		(940	)		(898	)		(2,810	)		(2,241	)
Non-cash compensation expense		(1,686	)		(1,538	)		(5,273	)		(4,605	)
Net loss	$	(3,728	)	$	(5,691	)	$	(15,127	)	$	(11,957	)

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