Jesup & Lamont, Inc. Reports Improved Results for the Second Quarter Ended June 30, 2009

Share Name	Share Symbol	Market	Type
Jesup & Lamont, Common Stock	AMEX:JLI	AMEX	Ordinary Share

Jesup & Lamont, Common Stock (AMEX:JLI)
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Return to Profitability NEW YORK, Aug. 14 /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 June 30, 2009. Revenues for the second quarter ended June 30, 2009 were $9,937,559, an increase of 3% from the $9,624,568 for the same period in 2008. The net income applicable to common shareholders for the second quarter ended June 30, 2009 was $390,033 compared to the net loss of ($4,132,276) for the same period in 2008, or $.01 per basic and fully diluted share in 2009, compared to ($0.26) per basic and fully diluted share in 2008. Revenues increased 52.7% from the first quarter of 2009. "We are encouraged by Jesup & Lamont's return to profitability and generally improved results in the second quarter," stated Alan Weichselbaum, CEO of Jesup & Lamont, Inc. "Jesup & Lamont generated operating income of more than $800,000 compared to a loss of more than $4.1 million in the prior year. We achieved these results through a cost cutting program that generated improved operating margins and lower general and administrative expenses, despite the continuing economic slowdown and related uncertainty in the financial markets. Financial strength and liquidity also improved with a total of $2.44 million in cash and equivalents, certificates of deposit and owned marketable securities at June 30, 2009 compared to less than $500,000 at year end, even as we continued to build a quality institutional department, added a fixed income trading business to our product mix and continued to build our retail brokerage business. As economic conditions moderate, we expect these efforts to further improve our business." About Jesup & Lamont, Inc. Established in 1877, Jesup & Lamont, Inc. 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 its two wholly owned brokerage subsidiaries, offers full service broker-dealer and registered investment advisory services through its approximately 120 producing registered representatives in over 16 locations including offices in New York, San Francisco, Boston, Boca Raton, Chicago, Fort Lauderdale and Orlando. The Company's Jesup & 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 June 30, December 31, 2009 2008 Assets (Unaudited) (Audited) ----------- ----------- Cash and cash equivalents $122,201 $410,840 Bank certificate of deposit 2,102,543 - Marketable securities owned, at market value 216,478 37,027 Securities not readily marketable, at estimated fair value 620,994 531,265 Commissions and other receivables from clearing organization 2,269,286 1,033,520 Other receivables 1,701,615 1,849,816 Deposits at clearing organization 3,040,523 655,359 Prepaid expenses and other assets 539,323 513,393 Notes receivable 1,688,901 1,310,889 Deferred tax asset 2,117,000 2,117,000 Furniture and equipment, net 516,924 527,692 Goodwill 13,272,165 13,272,165 Intangible assets - customer lists and trademarks 4,130,738 4,143,601 ----------- ----------- Total assets $32,338,691 $26,402,567 =========== =========== Liabilities and stockholders' equity Accounts payable, accrued expenses and other liabilities 7,437,971 5,685,934 Due to clearing organization 1,264,546 1,180,108 Securities sold, but not yet purchased, at market value 249,320 170,603 Notes payable 16,420,708 12,552,317 ----------- ----------- Total liabilities 25,372,545 19,588,962 ----------- ----------- Stockholders' equity Convertible preferred stock, series C, F, and G, $.01 par value 1,000,000 shares authorized 728,739 issued and outstanding $7,287 $7,903 Common stock, $.01 par value 100,000,000 shares authorized 22,647,522 shares issued and outstanding 226,475 223,977 Less: Treasury Stock (733,765) (733,765) Capital stock subscribed 5,084,996 2,894,996 Additional paid-in capital 37,918,347 37,328,573 Accumulated deficit (35,537,194) (32,908,079) ----------- ----------- Total stockholders' equity 6,966,146 6,813,605 ----------- ----------- Total liabilities and stockholders' equity $32,338,691 $26,402,567 =========== =========== JESUP & LAMONT, INC. AND SUBSIDIARIES (UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, 2009 2008 ---------- ----------- Revenues Commissions and fees $7,353,816 $7,406,599 Equity market making trading revenues, net 732,559 1,848,455 Investment banking income 327,480 839,662 Net gain (loss) on securities received for banking services 1,523,704 (470,148) ---------- ----------- 9,937,559 9,624,568 ---------- ----------- Expenses Employee compensation and benefits 3,983,168 5,207,603 Commissions, clearing and execution costs 3,771,009 5,782,462 General and administrative 1,240,183 2,502,933 Communications and data processing 143,082 268,784 ---------- ----------- 9,137,442 13,761,782 ---------- ----------- Loss from operations 800,117 (4,137,214) ---------- ----------- Other income (expenses) Other income 2,576 $806,744 Interest income 23,353 Interest expense (369,600) (781,925) ---------- ----------- (367,024) 48,172 ---------- ----------- Net loss 433,093 (4,089,042) Accrued preferred stock dividends (43,060) (43,234) ---------- ----------- Net loss applicable to common shareholders $390,033 $(4,132,276) ========== =========== Basic and diluted earnings per share applicable to common shareholders: Earnings (loss) per share-basic $0.01 $(0.26) ========== =========== Earnings (loss) per share diluted $0.01 $(0.26) ========== =========== Weighted average shares outstanding: Basic 28,849,754 15,875,835 ========== =========== Diluted 28,849,754 15,875,835 ========== =========== DATASOURCE: Jesup & Lamont, Inc. CONTACT: Steven Rabinovici, Chairman of Jesup & Lamont, Inc., +1-212-918-0401

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JLI Jesup & Lamont, Common Stock