Ladenburg Thalmann Financial Services In (LTS) filed Annual Report for the period ended 2010-12-31.
Ladenburg Thalmann Fncl. has a market cap of $176.4 million; its shares were traded at around $0.967 with and P/S ratio of 1.2.
Highlight of Business Operations:approximately 602 financial advisors served approximately 125,000 accounts nationwide and had approximately $13.0 billion in client assets at December 31, 2010. On a consolidated basis, total client assets exceeded $22 billion at December 31, 2010.
Recent Developments Private Equity Offering On May 28, 2010, we entered into stock purchase agreements with various investors, including investors who are our directors and executive officers, who agreed to purchase an aggregate of 14,050,000 shares of our common stock at a price of $1.00 per share. On September 15, 2010, we sold an aggregate of 13,325,000 shares and received gross proceeds of $13,325,000 from investors who are not affiliated with us. Under NYSE Amex rules, our shareholders approved the sale of the remaining 725,000 shares to investors who are our directors and executive officers, or affiliates thereof, at our 2010 Annual Meeting on September 24, 2010. On October 1, 2010 we sold such 725,000 shares of common stock to our affiliates and received gross proceeds of $725,000. The funds received from the private equity offering were used for general corporate purposes and repayment of debt.
Corporate Finance Ladenburg's capital markets group provides capital origination services primarily to middle-market companies. Ladenburg's investment bankers develop financing strategies, transaction structures and financing instruments for its corporate clients. Ladenburg offers a broad range of financing options including underwritten public offerings, registered direct offerings, at-the-market offerings, PIPEs (private investment in public equity) and other private placements. Ladenburg's ability to effectively structure offerings and to identify likely buyers of such offerings makes it a valuable advisor to small and middle-market companies. Although the initial public offering market may not be consistently favorable, we expect that Ladenburg will participate in follow-on offerings, registered direct offerings, PIPEs and other private placements to generate corporate finance revenues. We believe there is a significant opportunity for continued growth in the registered direct and PIPEs areas given issuers desire to identify and pursue faster and less costly financing alternatives to traditional follow-on offerings and institutional investors continuing interest in these financing transactions. Further, we believe the establishment of relationships with issuers through our capital raising efforts will lead to additional investment banking services, including further capital raising, and other advisory services. In 2010, we participated in 46 underwritten offerings that raised an aggregate of approximately $10.8 billion. In 2010, Ladenburg placed six registered direct and PIPE offerings, that raised an aggregate of approximately $38 million for clients in the healthcare, biotechnology, energy and other industries.
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