Revenue during the quarter grew 9.22 percent to $290.29 million from $265.80 million in the previous year period. Gross margin for the quarter expanded 10 basis points over the previous year period to 99.18 percent. Operating margin for the quarter stood at negative 1.61 percent as compared to a negative 2.38 percent for the previous year period.

Operating loss for the quarter was $4.67 million, compared with an operating loss of $6.33 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $7.49 million compared with $5.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 67 basis points in the quarter to 2.58 percent from 1.91 percent in the last year period.

Richard Lampen, president and chief executive officer of Ladenburg, said, "Ladenburg continues to drive significant recurring revenue with strong asset growth and recruiting in our independent brokerage and advisory business. Our total client assets at quarter’s end increased year-over-year by 15% to $144.3 billion, including $60.3 billion in advisory assets under administration, both record totals. We continue to focus on improving margins through shared services and managing all of our operating segments efficiently. Ladenburg remains committed to generating strong returns and driving long-term growth."