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Jesup & Lamont, Inc. Reports Improved Results for the Second Quarter Ended June 30, 2009
PR Newswire
Aug 14, 2009
NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Jesup & Lamont, Inc., (Amex: JLI), a full-service boutique brokerage and investment banking firm serving retail and institutional clients, today reported results for the three months ended June 30, 2009. Revenues for the second quarter ended June 30, 2009 were $9,937,559, an increase of 3% from the $9,624,568 for the same period in 2008. The net income applicable to common shareholders for the second quarter ended June 30, 2009 was $390,033 compared to the net loss of ($4,132,276) for the same period in 2008, or $.01 per basic and fully diluted share in 2009, compared to ($0.26) per basic and fully diluted share in 2008. Revenues increased 52.7% from the first quarter of 2009.
"We are encouraged by Jesup & Lamont's return to profitability and generally improved results in the second quarter," stated Alan Weichselbaum, CEO of Jesup & Lamont, Inc. "Jesup & Lamont generated operating income of more than $800,000 compared to a loss of more than $4.1 million in the prior year. We achieved these results through a cost cutting program that generated improved operating margins and lower general and administrative expenses, despite the continuing economic slowdown and related uncertainty in the financial markets. Financial strength and liquidity also improved with a total of $2.44 million in cash and equivalents, certificates of deposit and owned marketable securities at June 30, 2009 compared to less than $500,000 at year end, even as we continued to build a quality institutional department, added a fixed income trading business to our product mix and continued to build our retail brokerage business. As economic conditions moderate, we expect these efforts to further improve our business."
About Jesup & Lamont, Inc.
Established in 1877, Jesup & Lamont, Inc. has an extensive history on Wall Street, with its origins encompassing such successes as providing brokerage services to Standard Oil and raising capital for the construction of Rockefeller Center. Jesup & Lamont, through its two wholly owned brokerage subsidiaries, offers full service broker-dealer and registered investment advisory services through its approximately 120 producing registered representatives in over 16 locations including offices in New York, San Francisco, Boston, Boca Raton, Chicago, Fort Lauderdale and Orlando. The Company's Jesup & Lamont Securities Corporation subsidiary also publishes proprietary research on several industries including Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare and offers comprehensive investment banking services.
Forward-Looking Statement Disclaimer
This press release contains "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risk, uncertainties or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include, without limitation, fluctuations in the volume of transactional services provided by the Company, competition with respect to financial services commission rates, the effect of general economic and market conditions, factors affecting the securities brokerage industry as well as other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to revise or update any forward-looking statement.
JESUP & LAMONT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
June 30, December 31,
2009 2008
Assets (Unaudited) (Audited)
----------- -----------
Cash and cash equivalents $122,201 $410,840
Bank certificate of deposit 2,102,543 -
Marketable securities owned, at market value 216,478 37,027
Securities not readily marketable, at
estimated fair value 620,994 531,265
Commissions and other receivables from
clearing organization 2,269,286 1,033,520
Other receivables 1,701,615 1,849,816
Deposits at clearing organization 3,040,523 655,359
Prepaid expenses and other assets 539,323 513,393
Notes receivable 1,688,901 1,310,889
Deferred tax asset 2,117,000 2,117,000
Furniture and equipment, net 516,924 527,692
Goodwill 13,272,165 13,272,165
Intangible assets - customer lists
and trademarks 4,130,738 4,143,601
----------- -----------
Total assets $32,338,691 $26,402,567
=========== ===========
Liabilities and stockholders' equity
Accounts payable, accrued expenses
and other liabilities 7,437,971 5,685,934
Due to clearing organization 1,264,546 1,180,108
Securities sold, but not yet purchased,
at market value 249,320 170,603
Notes payable 16,420,708 12,552,317
----------- -----------
Total liabilities 25,372,545 19,588,962
----------- -----------
Stockholders' equity
Convertible preferred stock, series C, F,
and G, $.01 par value 1,000,000 shares
authorized 728,739 issued and outstanding $7,287 $7,903
Common stock, $.01 par value 100,000,000
shares authorized 22,647,522 shares issued
and outstanding 226,475 223,977
Less: Treasury Stock (733,765) (733,765)
Capital stock subscribed 5,084,996 2,894,996
Additional paid-in capital 37,918,347 37,328,573
Accumulated deficit (35,537,194) (32,908,079)
----------- -----------
Total stockholders' equity 6,966,146 6,813,605
----------- -----------
Total liabilities and stockholders'
equity $32,338,691 $26,402,567
=========== ===========
JESUP & LAMONT, INC. AND SUBSIDIARIES (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30,
2009 2008
---------- -----------
Revenues
Commissions and fees $7,353,816 $7,406,599
Equity market making trading revenues, net 732,559 1,848,455
Investment banking income 327,480 839,662
Net gain (loss) on securities received
for banking services 1,523,704 (470,148)
---------- -----------
9,937,559 9,624,568
---------- -----------
Expenses
Employee compensation and benefits 3,983,168 5,207,603
Commissions, clearing and execution costs 3,771,009 5,782,462
General and administrative 1,240,183 2,502,933
Communications and data processing 143,082 268,784
---------- -----------
9,137,442 13,761,782
---------- -----------
Loss from operations 800,117 (4,137,214)
---------- -----------
Other income (expenses)
Other income 2,576 $806,744
Interest income 23,353
Interest expense (369,600) (781,925)
---------- -----------
(367,024) 48,172
---------- -----------
Net loss 433,093 (4,089,042)
Accrued preferred stock dividends (43,060) (43,234)
---------- -----------
Net loss applicable to common shareholders $390,033 $(4,132,276)
========== ===========
Basic and diluted earnings per share
applicable to common shareholders:
Earnings (loss) per share-basic $0.01 $(0.26)
========== ===========
Earnings (loss) per share diluted $0.01 $(0.26)
========== ===========
Weighted average shares outstanding:
Basic 28,849,754 15,875,835
========== ===========
Diluted 28,849,754 15,875,835
========== ===========
SOURCE Jesup & Lamont, Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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