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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