LAB » Topics » Explanatory Note:

This excerpt taken from the LAB 10-K filed Apr 15, 2005.

Explanatory Note:


LaBranche & Co Inc. (the “Company”) is filing this Amendment to its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2005 (the “Original Report”) solely to revise Item 6. “Selected Financial Data” on page 34 of the Original Report and the first paragraph of the “Executive Overview” section of Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on page 35 of the Original Report in order to (i) reflect the correct amount of our pro forma net income available to common stockholders for the full year 2004, which excludes the Lava sale and the charges for exchange membership impairment, debt repurchase, goodwill impairment and acceleration of preferred stock discount accretion, as $16.5 million, or $0.27 per diluted share, rather than $16.7 million, or $0.28 per diluted share, as reflected in the Original Report, and (ii) provide a reconciliation of this non-GAAP financial information to the Company’s reported results under U.S. GAAP, which was inadvertently omitted from the Original Report. The Company previously furnished this required reconciliation of non-GAAP financial information to U.S. GAAP results in its report on Form 8-K dated January 21, 2005 in connection with its issuance of a press release announcing its financial results for the fourth quarter and full year ended December 31, 2004.  The reconciliation included herein also corrects an error included in the previously furnished reconciliation. No other changes in the Original Report are being made by means of this filing.




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