Ladenburg Thalmann Financial Services Inc. (LTS) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.63 million, or $ 0.04 a share in the quarter, against a net loss of $2.20 million, or $0.05 a share in the last year period.
Revenue during the quarter went up marginally by 0.93 percent to $297.06 million from $294.33 million in the previous year period. Gross margin for the quarter contracted 7 basis points over the previous year period to 99.11 percent. Total expenses were 98.05 percent of quarterly revenues, down from 98.30 percent for the same period last year. This has led to an improvement of 25 basis points in operating margin to 1.95 percent.
However, the adjusted EBITDA for the quarter stood at $14.62 million compared with $12.96 million in the prior year period. At the same time, adjusted EBITDA margin improved 52 basis points in the quarter to 4.92 percent from 4.40 percent in the last year period.
Richard Lampen, President and Chief Executive Officer of Ladenburg, said, "Ladenburg continues to maintain its position as a leader in the independent brokerage and advisory business. We believe this business remains one of the fastest growing segments of the financial services industry, as the independent channel plays an increasingly important role in providing independent retail advice, financial planning and investment solutions to the mass affluent segment of "Main Street America."
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