Boston, MA 08/12/2014 (wallstreetpr) – Ladenburg Thalmann Financial Services (NYSEMKT:LTS)’s chairman, Dr. Phillip Frost was happy to announce the firm performance in the quarter that ended on June 30, 2014. The financial facts and figures for the three- and six-month period fetched sturdy revenue growth along with adjusted EBITDA.
A definitive agreement with KMS:
Ladenburg Thalmann Financial Services (NYSEMKT:LTS) engaged in publicly-traded brokerage as well as advisory services publicly announced the earnings release on August 11, 2014. On the same day it also announced to sign into a definitive agreement in order to acquire KMS Financial services, the Seattle-based company.
$24.0 million transaction:
According to the terms and policies of the agreement, Ladenburg Thalmann Financial Services (NYSEMKT:LTS) will pay $24.0 million for the acquisition. The purchase amount consists of $11.0 million in cash, $8.0 million of 4-year notes along with 1,440,992 shares of the company’s ordinary stock. After the transaction is over, the CEO, President and the management team of KMS will work as a stand-alone business in Seattle.
Facts and figures of 2Q result:
The second quarter was pleasing for the company as it received record revenue of $220.8 million, which increased 14% year over year. While, the revenue earned by Ladenburg in 2013 was $193.9 million. The adjusted EBITDA also zoomed to $13.3 million, 22% increase year over year. In fact, Ladenburg posted record client assets of near about $93 billion. The client assets increased 20% year over year. In the 2Q, the amount of shareholders’ equity has been mentioned as $243 million.
Net income and loss:
The net income attributable to Ladenburg Thalmann Financial Services (NYSEMKT:LTS) for the 2Q2014 was $2.9 million, compared to a net loss attributable of $5.5 million in 2Q2013. The 2Q result of 2014 includes almost $5.9 million of non-cash charges for amortization, compensation and depreciation, while, in 2013, the figure for the same was $5.2 million.
