NEW YORK, May 21 /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 March 31, 2009. Revenues for the first quarter ended March 31, 2009 were $6,507,119, a decrease of 46% from the $11,990,659 for the same period in 2008. The net loss applicable to common shareholders for the first quarter ended March 31, 2009 was ($3,019,148) compared to ($955,513) for the same period in 2008, or ($0.14) per basic and fully diluted share in 2009, compared to ($0.09) per basic and fully diluted share in 2008. "During the quarter we continued our efforts to decrease costs and increase our capability to boost revenue during the rest of 2009. Preliminary results in April do show decreased expenses and increases in revenues over the First Quarter," indicated Steven Rabinovici, Chairman of Jesup & Lamont Inc. About Jesup & Lamont Inc. Established in 1877, Jesup & Lamont 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 wholly owned subsidiaries, offers full service broker-dealer and registered investment advisory services through its approximately 150 registered representatives in over 20 locations including offices in New York, San Francisco, Boston, Boca Raton, Chicago, Fort Lauderdale and Orlando. The Company's Jesup and 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 March 31, December 31, 2009 2008 Assets (Unaudited) (Audited) Cash and cash equivalents $55,220 $410,840 Marketable securities owned, at market value 1,059,607 37,027 Securities not readily marketable, at estimated fair value 702,193 531,265 Commissions and other receivables from clearing organization 1,017,169 1,033,520 Other receivables 1,700,040 1,849,816 Deposits at clearing organization 2,600,532 655,359 Prepaid expenses and other assets 644,055 513,393 Notes receivable, net 1,738,265 1,310,889 Deferred tax asset 2,117,000 2,117,000 Furniture and equipment, net 535,133 527,692 Goodwill 13,272,165 13,272,165 Intangible assets - customer lists and trademarks 4,114,670 4,143,601 Total assets $29,556,048 $26,402,567 Liabilities and stockholders' equity Accounts payable, accrued expenses and other liabilities 7,152,763 5,685,934 Due to clearing organization 1,965,331 1,180,108 Securities sold, but not yet purchased, at market value 228,014 170,603 Notes payable 14,318,028 12,552,317 Total liabilities 23,664,136 19,588,962 Stockholders' equity Convertible preferred stock, series C, F, and G, $.01 par value 1,000,000 shares authorized 790,277 issued and outstanding $7,903 $7,903 Common stock, $.01 par value 100,000,000 shares authorized 22,397,700 shares issued and outstanding 223,977 223,977 Less: Treasury Stock (733,765) (733,765) Stock subscription receivable 4,884,976 2,894,996 Additional paid-in capital 37,436,048 37,328,573 Accumulated deficit (35,927,227) (32,908,079) Total stockholders' equity 5,891,912 6,813,605 Total liabilities and stockholders' equity $29,556,048 $26,402,567 See accompanying selected notes to the consolidated financial statements. JESUP & LAMONT, INC. AND SUBSIDIARIES (UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2009 2008 Revenues Commissions and fees $4,778,829 $7,646,297 Equity market making trading revenues, net 1,145,949 2,703,390 Investment banking income 413,910 1,404,787 Net G/L on sec rec for banking services 168,431 236,185 6,507,119 11,990,659 Expenses Employee compensation and benefits 2,716,067 2,679,168 Clearing and execution costs 4,548,345 7,983,779 General and administrative 1,789,402 1,679,961 Communications and data processing 144,541 252,552 9,198,355 12,595,460 Loss from operations (2,691,236) (604,801) Other income (expenses) Other income Interest income 360 11,708 Interest expense (236,789) (315,687) (236,429) (303,979) Net loss (2,927,665) (908,780) Accrued preferred stock dividends (91,483) (46,733) Net loss applicable to common Shareholders $(3,019,148) $(955,513) Basic and diluted earnings per share applicable to common shareholders: Earnings (loss) per share-basic $(0.14) $(0.09) Earnings (loss) per share diluted $(0.14) $(0.09) Weighted average shares outstanding: Basic 21,873,582 11,141,907 Diluted 21,873,582 11,141,907 DATASOURCE: Jesup & Lamont Inc. CONTACT: Steven Rabinovici, Chairman of Jesup & Lamont Inc., +1-212-918-0401 Web Site: http://www.empirenow.com/

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