Ladenburg Thalmann Financial Services has reported a net loss of $8.3m, or $0.05 per diluted share, for the fourth quarter ended December 31, 2008, compared to a net income of $10.6m, or $0.06 per diluted share, for the fourth quarter ended December 31, 2007.
Revenues for the fourth quarter of 2008 were $35.7m, a 30% decrease from $50.9min the fourth quarter of 2007.
The company recorded a net loss of $20.3m, or $0.12 per diluted share, for the full year ended December 31, 2008, compared to a net income of $9.4m, or $0.06 per diluted share, for the full year ended December 31, 2007. For the year 2008, revenues were $121m, a 26% increase over $95.8m in 2007.
Richard Lampen, president and CEO of Ladenburg, said: We continue to take measures to position Ladenburg for more normal markets, including reducing operating expenses. At the same time, we remain committed to our long-term growth plan and continue to evaluate adding talented staff and potential acquisition opportunities on both sides of the business, many of which are becoming more attractively priced in this down cycle. We will proceed cautiously but opportunistically. Last, we are pleased to have retired approximately $17m in debt in 2008.
