Ladenburg Thalman in high cotton

• Q2 adjusted EBITDA of $13.3M up 22% from a year ago. Revenues of $220.8M up 13.9%.
• Recurring revenue - advisory fees, trailing commissions, cash sweep fees, and other fees - accounted for about 68% of revenues for the six months ending June 30.
• Commissions of $106.3M up 7.5% Y/Y. Advisory fees of $82.1M up 21.3%. Investment banking  of $11.4M up 40.8%. Service fees and other income of $18.8M up 10.7%.
• Total expenses of $217.1M up 9.3%.
• A minor 871.5K shares repurchased during Q for an average price of $2.88 each and total cost of about $2.5M.
• Previously: Ladenburg Thalmann Financial EPS of $0
• LTS flat premarket