The third quarter numbers were very good and the stock has really taken off after that. Topline growth has never been a problem for the company. Even the bottomline was improving recently. It has come closer to reporting a net profit on a full year basis. On a ttm basis, the company has a revenue of $728 million and the net loss is $9.25 million. In 2012, the revenues were around $650 million and the net loss was $16 million. For the nine months ended September 30, 2013, the Company reported revenues of $581 million, up 22% over $478 million for the first nine months of 2012. Net loss attributable to the Company was $3.0 million compared to $14.0 million for the first nine months of 2012. So 2013 is most likely going to be a much better year for Ladenburg. The support of Dr. Frost is always encouraging for investors. Most of his companies' stocks have done great over the last few months. He is always on the lookout for collaboration between his various companies. His company Biozone Pharmaceutical (BZNE) was recently merged with Cocrystal Discovery, another company where Teva (TEVA) and OPKO (OPK) have a stake. Ladenburg has now appreciated by 143% over the last 52 weeks with most of the gains coming in 2013. It has broken out above important hurdles, and one or two good quarters can take it even higher. The market has recognized the potential of the company, and the low percentage of float has helped matters. The valuations are still reasonable, as the market cap to sales is 0.73. The cash on books on September 30 was around $55 million and the debt was around $75 million. So Ladenburg seems to be good for more, though it needs to deliver consistent performance over the next few quarters.
