starbuxsux
11年前
$LTS - Information Builders' Customer Securities America Earns Position on2013 InformationWeek 500 List
Sep 10, 2013 08:30:45 (ET)
NEW YORK, NY, Sep 10, 2013 (Marketwired via COMTEX) -- Information Builders, a leader in business intelligence (BI) and analytics, information integrity, and integration solutions, today announced that its customer Securities America Inc., a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (nyse mkt:LTS), has been named to the 2013 InformationWeek 500 list for the first time.
Securities America is one of the nation's largest independent broker-dealers supporting over 1,700 financial professionals, serving more than 300,000 investors. The company earned the prestigious honor from InformationWeek as one of the top technology innovators in the U.S. for Dashboard 2.0, the integrated advisor workstation platform it developed in partnership with Information Builders.
Financial institutions rely on their broker-dealers to grow, but these businesses are challenged with servicing clients quickly and effectively when the data they need is spread across multiple tools and databases. Drawing on Information Builders' WebFOCUS BI platform, Dashboard 2.0 integrates these diverse investor profile, portfolio, and performance assets into a seamless dashboard with a simplified workflow. This self-service solution allows Securities America's financial advisors to rapidly access, and visually explore, client and portfolio information through powerful dashboards and reports, secured and customized by role, consolidating multiple core systems into a single view.
"The theme of this year's InformationWeek 500 is digital business. It's a movement, rooted in data analytics, mobile computing, social networking, and other customer-focused technologies that are turning companies and industries on their ear," said InformationWeek Editor In Chief Rob Preston. "Every enterprise is now a digital business -- or needs to become one fast. The organizations in our ranking are leading the way."
"Information Builders is thrilled that Securities America earned this recognition by InformationWeek as one of most innovative companies in America," said Gerald Cohen, president and CEO of Information Builders. "This award underscores the tremendous business value of deploying information access more broadly. Information Builders is extremely passionate about empowering companies through smarter use of data and enabling them to satisfy tech-savvy clients. We're committed to helping Securities America and all our customers continue to multiply the value of their information."
InformationWeek identifies and honors the nation's most innovative users of information technology with its annual InformationWeek 500 listing, and tracks the technology, strategies, investments, and administrative practices of some of the best-known organizations in the country. Past overall winners in Financial Services include The Vanguard Group, CME Group, and Principal Financial Group. Unique among corporate rankings, the InformationWeek 500 spotlights the power of innovation in information technology.
About Information Builders Information Builders helps organizations transform data into business value. Our software solutions for business intelligence and analytics, integration, and data integrity empower people to make smarter decisions, strengthen customer relationships, and drive growth. Our dedication to customer success is unmatched in the industry. That's why tens of thousands of leading organizations rely on Information Builders to be their trusted partner. Founded in 1975, Information Builders is headquartered in New York, NY, with offices around the world, and remains one of the largest independent, privately held companies in the industry. Visit us at informationbuilders.com, follow us on Twitter at @infobldrs, like us on Facebook, and visit our LinkedIn page.
About Securities America Headquartered in La Vista, NE, Securities America Inc. is a national top 10 independent broker-dealer (as ranked by Financial Planning magazine). For more than 25 years, Securities America's mission has been to foster the success of financial professionals so they can provide quality, objective counsel and services to their clients. Advisors benefit from the firm's industry-leading programs in practice management, advisory services, and retirement income distribution, supported by state-of-the-art technology. Founded in 1993, Securities America Advisors Inc. is an SEC-Registered Investment Advisory firm that offers investment management, financial advice, and financial planning through a national network of independent financial advisors. Securities America Financial Corp. is a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (nyse mkt:LTS). Securities America received the inaugural Thought Leadership Award from the Retirement Income Industry Association in March 2011 and the inaugural Bank Insurance & Securities Association (BISA) Technology Innovation Award in March 2013. Additional information is available at www.securitiesamerica.com . Securities America, Inc., a Registered Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc., an SEC Registered Investment Advisor.
About InformationWeek For more than 30 years, InformationWeek has provided millions of IT executives worldwide with the insight and perspective they need to leverage the business value of technology. InformationWeek provides CIOs and IT executives with commentary, analysis, and research through its thriving online community, digital issues, webcasts, proprietary research, and live, in-person events. InformationWeek's award-winning editorial coverage can be found at www.informationweek.com .
Press Contacts
Kathleen Moran
Information Builders
(917) 339-6313
kathleen_moran@ibi.com
Kate Finigan
LEWIS PR
(617) 226-8840
informationbuilders@lewispr.com
SOURCE: Information Builders
starbuxsux
11年前
Ladenburg Thalmann Reports Second Quarter Financial Results
8:00 AM ET 8/7/13 | BusinessWire
--Total Client Assets Exceed $75 Billion and Managed Assets Exceed $30 Billion
--Shareholders' Equity of $175 Million Following Preferred Stock Offering
Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS, LTS PrA) today announced financial results for the three and six months ended June 30, 2013.
Second quarter 2013 revenues were $193.9 million, a 19% increase from revenues of $163.4 million in the second quarter of 2012. Net loss attributable to the Company for the second quarter was $5.5 million or $(0.04) per basic and diluted common share compared to a net loss of $5.0 million, or $(0.03) per basic and diluted common share in the comparable 2012 period. The second quarter 2013 results were impacted by a loss on extinguishment of debt of approximately $3.8 million relating to the prepayment of $90.4 million of debt, which will significantly reduce interest expense in future periods. The second quarter 2013 results also included approximately $5.3 million of non-cash charges for depreciation, amortization and compensation, $1.8 million of amortization of retention loans related to the Securities America acquisition and interest expense of approximately $4.9 million. The second quarter 2012 results included non-cash charges of approximately $5.3 million for depreciation, amortization and compensation, $1.8 million of amortization of retention loans related to the Securities America acquisition and interest expense of $6.2 million.
For the six months ended June 30, 2013, the Company had revenues of $381.2 million, a 20% increase over revenues of $318.1 million for the comparable 2012 period. Net loss attributable to the Company was $5.4 million or $(0.03) per basic and diluted common share for the six months ended June 30, 2013 compared to a net loss attributable to the Company of $8.0 million or $(0.04) per basic and diluted common share in the comparable 2012 period. The results for the six months ended June 30, 2013 included the loss on extinguishment of debt of approximately $3.8 million, approximately $10.6 million of non-cash charges for depreciation, amortization and compensation, approximately $3.6 million of amortization of retention loans related to the Securities America acquisition and interest expense of approximately $11.1 million. The comparable 2012 results included $10.7 million of non-cash charges for depreciation, amortization and compensation, a $6.2 million gain from a change in fair value of contingent consideration related to the Securities America acquisition, approximately $3.6 million of amortization of retention loans related to the Securities America acquisition and $12.3 million of interest expense.
EBITDA, as adjusted, for the three months ended June 30, 2013 was $10.9 million, a 43% increase from $7.6 million for the 2012 period. EBITDA, as adjusted, for the six months ended June 30, 2013 was $24.9 million, an increase of 92% from $13.0 million in the 2012 period. Attached hereto as Table 2 is a reconciliation of EBITDA, as adjusted, to net loss attributable to the Company as reported (see "Non-GAAP Financial Measures" below).
For the trailing twelve months ended June 30, 2013, revenues were $713.2 million and EBITDA, as adjusted, was $42.4 million.
At June 30, 2013, shareholders' equity was $175.3 million, an increase of 242% compared to $51.2 million at December 31, 2012.
Dr. Phillip Frost, Chairman of Ladenburg, said, "Ladenburg performed well in our two business areas, the independent brokerage and advisory business and investment banking. With the successful integration of Securities America into our independent brokerage and advisory platform, our robust national network has over $75 billion in client assets and is well positioned to continue to capitalize on the numerous favorable demographic trends impacting this vibrant space. With over $30 billion in managed assets, Ladenburg has a substantial recurring revenue stream on which to build and our recent successful public offering of preferred shares provides us with permanent capital to continue to make targeted investments to grow our businesses."
Richard Lampen, President and Chief Executive Officer of Ladenburg, added, "We are pleased that both sides of our business helped drive EBITDA growth and record levels of revenue in the second quarter. Our investment banking and capital markets business demonstrated strength in yield-oriented equities and in the healthcare sector. We remain focused on additional opportunities to selectively grow our investment banking business and our independent brokerage and advisory platform. We are enthusiastic about Ladenburg's future prospects given our growing investment banking and research capabilities, robust institutional distribution and leading network of approximately 2,700 independent financial advisors."
Stock Repurchase Program
During the period from January 1, 2013 through June 30, 2013, Ladenburg repurchased 470,929 shares of its common stock at a cost of approximately $0.7 million, at an average price of $1.60. Since the inception of its stock repurchase program in March 2007, Ladenburg has repurchased 3,452,896 shares at a total cost of approximately $5.4 million. Ladenburg has the authority to repurchase an additional 4,047,104 shares under its current repurchase plan.
Non-GAAP Financial Measures
Earnings before interest, taxes, depreciation and amortization, or EBITDA, adjusted for acquisition-related expense, amortization of retention loans made in connection with the Securities America acquisition and change in fair value of contingent consideration related to acquisitions, loss on extinguishment of debt, gains or losses on sales of assets and non-cash compensation expense is a key metric the Company uses in evaluating its financial performance. EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. The Company considers EBITDA, as adjusted, important in evaluating its financial performance on a consistent basis across various periods. Due to the significance of non-cash and non-recurring items, EBITDA, as adjusted, enables the Company's Board of Directors and management to monitor and evaluate the business on a consistent basis. The Company uses EBITDA, as adjusted, as a primary measure, among others, to analyze and evaluate financial and strategic planning decisions regarding future operating investments and potential acquisitions. The Company believes that EBITDA, as adjusted, eliminates items that are not indicative of its core operating performance, such as amortization of retention loans made in connection with the Securities America acquisition or do not involve a cash outlay, such as stock-related compensation. The presentation of EBITDA, as adjusted, should not be construed as an inference that the Company's future results will be unaffected by unusual or non-recurring items or by non-cash items, such as non-cash compensation, which is expected to remain a key element in its long-term incentive compensation program. EBITDA, as adjusted, should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities.
About Ladenburg
Ladenburg Thalmann Financial Services is engaged in independent brokerage and advisory services, investment banking, equity research, institutional sales and trading, and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp, Inc., Triad Advisors, Inc. and Securities America, Inc., which together have approximately 2,700 financial advisors and approximately $75 billion in client assets. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm providing services principally for middle market and emerging growth companies and high net worth individuals. Investacorp, Inc., a leading independent broker-dealer headquartered in Miami, Florida, has been serving the independent registered representative community since 1978. Founded in 1998, Triad Advisors, Inc. is a leading independent broker-dealer and registered investment advisor headquartered in Norcross, Georgia that offers a broad menu of products, services and total wealth management solutions. Securities America, based in Omaha, Nebraska, was founded in 1984 and is one of the largest and most successful independent broker-dealers in the country. Ladenburg Thalmann Financial Services is based in Miami, Florida. Ladenburg Thalmann & Co. is based in New York, New York with regional offices in Miami, Naples and Boca Raton, Florida; Melville, New York; Boston, Massachusetts; Houston, Texas and Calabasas, California. For more information, please visit www.ladenburg.com.
# # #
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth, future interest expense, growth of the independent brokerage and advisory area, growth of our independent brokerage and advisory business and growth of our investment banking business. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the Company's business. These risks, uncertainties and contingencies include those set forth in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2012 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that the Company's quarterly revenue and profits can fluctuate materially depending on many factors, including the number, size and timing of completed offerings and other transactions. Accordingly, the Company's revenue and profits in any particular quarter may not be indicative of future results. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
[Financial Table Follows]
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TABLE 1 LADENBURG THALMANN FINANCIAL SERVICES INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share and per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30 2013 2012 2013 2012 ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ Revenues: Commissions $ 98,971 $ 83,662 $ 192,038 $ 163,332 Advisory fees 67,663 57,009 131,000 112,447 Investment banking 8,112 10,079 21,181 16,701 Principal transactions 429 (401 ) 849 (802 ) Interest and dividends 1,702 1,173 3,313 2,051 Service fees and other income 16,992 11,863 32,793 24,371 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total revenues 193,869 163,385 381,174 318,100 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Expenses: Commissions and fees 143,568 120,679 278,036 234,767 Compensation and benefits 21,821 20,941 45,456 40,581 Non-cash compensation 1,379 1,227 2,792 2,591 Brokerage, communication and clearance fees 2,736 2,566 5,324 5,008 Rent and occupancy, net of sublease revenue 1,471 1,606 2,970 3,282 Professional services 2,066 1,938 4,154 3,667 Interest 4,876 6,192 11,112 12,252 Depreciation and amortization 3,870 4,070 7,777 8,133 Amortization of retention loans 1,841 1,791 3,649 3,583 Loss on extinguishment of debt 3,754 - 3,754 - Other 11,263 7,961 20,303 17,748 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Total expenses 198,645 168,971 385,327 331,612 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Loss before item shown below (4,776 ) (5,586 ) (4,153 ) (13,512 ) Change in fair value of contingent consideration (144 ) 647 (121 ) 6,202 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Loss before income taxes (4,920 ) (4,939 ) (4,274 ) (7,310 ) Income tax expense 616 44 1,139 652 -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Net loss (5,536 ) (4,983 ) (5,413 ) (7,962 ) Net loss attributable to noncontrolling interest (13 ) - (26 ) - -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Net loss attributable to the Company $ (5,523 ) $ (4,983 ) $ (5,387 ) $ (7,962 ) Dividends declared on preferred stock (1,028 ) - (1,028 ) - -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- -------------------- ----------- -------------------- Net loss available to common shareholders $ (6,551 ) $ (4,983 ) $ (6,415 ) $ (7,962 ) ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ==================== Net loss per share available to common shareholders (basic and $ (0.04 ) $ (0.03 ) $ (0.03 ) $ (0.04 ) diluted) ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ==================== Weighted average common shares used in computation of per share data: Basic and diluted 183,488,108 183,551,171 183,473,696 183,685,654 ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ==================== ==================== =========== ====================
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TABLE 2 LADENBURG THALMANN FINANCIAL SERVICES INC. The following table presents a reconciliation of EBITDA, as adjusted, to net loss attributable to the Company as reported. Trailing twelve months Three months ended Six months ended ended June 30, June 30, June 30, ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- -------------------------------- (Unaudited; dollars in thousands) 2013 2012 2013 2012 2013 -------------------------------- -------------------------------- -------------------------------- -------------------------------- -------------------------------- Total revenues $ 193,869 $ 163,385 $ 381,174 $ 318,100 $ 713,185 Total expenses 198,645 168,971 385,327 331,612 725,829 Pre-tax loss (1) (4,920 ) (4,939 ) (4,274 ) (7,310 ) (11,856 ) Net loss attributable to the Company (5,523 ) (4,983 ) (5,387 ) (7,962 ) (13,779 ) Reconciliation of EBITDA, as adjusted, to net loss attributable to the Company: EBITDA, as adjusted $ 10,907 $ 7,645 $ 24,867 $ 12,954 $ 42,417 Add: Interest income 50 49 90 93 182 Change in fair value of contingent consideration (144 ) 647 (121 ) 6,202 788 Less: Extinguishment of debt (3,754 ) - (3,754 ) - (3,754 ) Interest expense (4,876 ) (6,192 ) (11,112 ) (12,252 ) (23,401 ) Income tax expense (616 ) (44 ) (1,139 ) (652 ) (1,949 ) Depreciation and amortization (3,870 ) (4,070 ) (7,777 ) (8,133 ) (15,705 ) Non-cash compensation (1,379 ) (1,227 ) (2,792 ) (2,591 ) (4,945 ) Amortization of retention loans (1,841 ) (1,791 ) (3,649 ) (3,583 ) (7,412 ) -------------------- ------- -- -------------------- ------- -- -------------------- ------- -- -------------------- ------- -- -------------------- ------- -- Net loss attributable to the Company $ (5,523 ) $ (4,983 ) $ (5,387 ) $ (7,962 ) $ (13,779 ) ==================== ======= == ==================== ======= == ==================== ======= == ==================== ======= == ==================== ======= ==
(1) Includes the elimination of $2,545 consisting of $5,148 of revenue net of employee brokerage commission expenses of $2,603 related to sale of the Company's Series A Preferred Stock.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130807005377r1&sid=cmtx6&distro=nx
SOURCE: Ladenburg Thalmann Financial Services Inc.
Sard Verbinnen & Co
Paul Caminiti/Jonathan Doorley/Emily Deissler
212-687-8080
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