Ladenburg Thalmann posts 3Q net income of $12.8 million

Miami-based Ladenburg Thalmann Financial Services Inc. posted net income of $12.8 million for the third quarter, compared with $2.4 million a year earlier.

After paying preferred stock dividends, the company reported net income applicable to common shareholders of $8 million, or 4 cents a diluted share, compared with a net loss of $477,000 a year earlier.

Third-quarter revenue rose 12 percent to $223.7 million from $200.5 million a year earlier, fueled by continued growth in investment banking and capital makrets business and its broker-dealer and advisory business.

EBITDA, or earnings before interest, taxes, depreciation and amortization, adjusted, was $12.1 million, down 6 percent from $12.8 million the year-ago period.

Ladenburg Thalmann, whose shares trade on the New York Stock Exchange, reported results after the close of the market closed Monday.

This story was originally published November 10, 2014 at 7:14 PM with the headline "Ladenburg Thalmann posts 3Q net income of $12.8 million."