LaBranche & Co Inc. (LAB, Financial) filed Quarterly Report for the period ended 2011-03-31.
Labranche & Co. Inc. has a market cap of $162.1 million; its shares were traded at around $3.96 with and P/S ratio of 3.6.
On a pro-forma basis, we reported a net loss from continuing operations for the first quarter of 2011 of $2.2 million, or $0.06 per share, which includes $1.4 million in expenses related to our proposed merger with Cowen, compared to a pro-forma net loss from continuing operations of $4.3 million, or $0.09 per share, for the first quarter of 2010.
As a result of the exit from the options market-making businesses and the Institutional Brokerage segment noted above, our balance sheet has been significantly reduced from $1.3 billion at December 31, 2010 to $530.6 million at March 31, 2011, principally due to the significant reduction in our trading assets and liabilities.
Included in the March 31, 2011 quarter other operating expenses were approximately $1.4 million of professional and consulting expenses related to the merger transaction with Cowen. By comparison, the March 31, 2010 quarter included favorable reductions to other operating expenses of $0.7 million related to interest on tax contingencies.
As of March 31, 2011, we had $530 million in assets, of which $139.2 million consisted of cash and short-term investments, primarily in overnight time deposits, government obligations maturing within 30 days and cash and securities segregated under federal regulations. This compares with $1,293 million in assets at December 31, 2010, of which $84.4 million consisted of cash and shortterm investments. To date, we have financed our
At March 31, 2011, our net cash capital position was $79.3 million. Fluctuations in net cash capital are common and are a function of variability in our total assets, statement of financial condition composition and total capital. We attempt to maintain cash capital sources in excess of our aggregate longer-term funding requirements (i.e., positive net cash capital). Over the previous 12 months, our net cash capital has averaged above $58.2 million.
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Labranche & Co. Inc. has a market cap of $162.1 million; its shares were traded at around $3.96 with and P/S ratio of 3.6.
Highlight of Business Operations:
For the first quarter of 2011, we reported an after-tax net loss of $8.1 million, or $0.20 per share, which includes net losses of $5.9 million in connection with the discontinuation of certain of our business lines and $1.4 million of costs related to our proposed merger with Cowen Group, Inc. (Cowen) that we previously announced on February 17, 2011. This compares to after-tax net income of $1.4 million, or $0.03 per share, for the first quarter of 2010, which included an after-tax charge of $4.3 million related to the redemption of all of our remaining outstanding public indebtedness.On a pro-forma basis, we reported a net loss from continuing operations for the first quarter of 2011 of $2.2 million, or $0.06 per share, which includes $1.4 million in expenses related to our proposed merger with Cowen, compared to a pro-forma net loss from continuing operations of $4.3 million, or $0.09 per share, for the first quarter of 2010.
As a result of the exit from the options market-making businesses and the Institutional Brokerage segment noted above, our balance sheet has been significantly reduced from $1.3 billion at December 31, 2010 to $530.6 million at March 31, 2011, principally due to the significant reduction in our trading assets and liabilities.
Included in the March 31, 2011 quarter other operating expenses were approximately $1.4 million of professional and consulting expenses related to the merger transaction with Cowen. By comparison, the March 31, 2010 quarter included favorable reductions to other operating expenses of $0.7 million related to interest on tax contingencies.
As of March 31, 2011, we had $530 million in assets, of which $139.2 million consisted of cash and short-term investments, primarily in overnight time deposits, government obligations maturing within 30 days and cash and securities segregated under federal regulations. This compares with $1,293 million in assets at December 31, 2010, of which $84.4 million consisted of cash and shortterm investments. To date, we have financed our
At March 31, 2011, our net cash capital position was $79.3 million. Fluctuations in net cash capital are common and are a function of variability in our total assets, statement of financial condition composition and total capital. We attempt to maintain cash capital sources in excess of our aggregate longer-term funding requirements (i.e., positive net cash capital). Over the previous 12 months, our net cash capital has averaged above $58.2 million.
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