Continued Progress as Net Loss Narrows by 88% vs Third Quarter 2008

NEW YORK, Nov. 16 /PRNewswire-FirstCall/ -- Jesup & Lamont, Inc., (Amex: JLI), a full-service boutique brokerage and investment banking firm serving retail, institutional and corporate clients, today reported results for the three months ended September 30, 2009. Revenues for the third quarter ended September 30, 2009 increased by 5% to $10,115,000, from the $9,652,000 for the same period in 2008. Net loss applicable to common shares for the quarter were reduced by 88% to $559,000 compared to $4,614,000 for the same period in 2008, or $0.02 per share in 2009, compared to $0.27 per share in 2008.

"We are very encouraged by the third quarter results which were consistent with internal projections. Improved operating margins, lower general and administrative expenses and increased revenue all contributed to the results," stated Alan Weichselbaum, CEO of Jesup & Lamont, Inc. "The small loss in the third quarter was expected given the diminished revenues in the summer months of July and August and the upfront costs associated with the expansion of our business. We expect fourth quarter revenues to rise from third quarter as the additional advisors hired in the third quarter show their effect," he added.

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 150 registered brokers in over 20 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

                                                 September 30,  December 31,
                                                       2009          2008
                         Assets                    (Unaudited)     (Audited)
                                                  -----------   -----------
    Cash and cash equivalents                      $1,084,235      $410,840
    Bank certificate of deposit                     2,005,288             -
    Marketable securities owned, at market value      238,544        37,027
    Securities not readily marketable, at
     estimated fair value                             695,166       531,265
    Commissions and other receivables from
     clearing organizations                         1,691,104     1,033,520
    Other receivables                               1,838,253     1,849,816
    Secured demand note receivable                    225,000             -
    Deposits at clearing organizations              2,999,497       655,359
    Prepaid expenses and other assets                 663,880       513,393
    Notes receivable                                1,578,656     1,310,889
    Deferred tax asset                              2,117,000     2,117,000
    Furniture and equipment, net                      565,518       527,692
    Goodwill                                       13,272,165    13,272,165
    Intangible assets - customer lists and
     trademarks                                     4,101,806     4,143,601
                                                  -----------   -----------
        Total assets                              $33,076,112   $26,402,567
                                                  ===========   ===========

        Liabilities and Stockholders' Equity

    Accounts payable, accrued expenses and
     other liabilities                              7,032,179     5,240,366
    Due to clearing organizations                   1,287,839     1,180,108
    Accrued preferred stock dividends                 666,753       445,568
    Securities sold, but not yet purchased,
     at market value                                  207,746       170,603
    Notes payable                                  15,871,238    12,552,317
                                                  -----------   -----------
        Total liabilities                          25,065,755    19,588,962
                                                  -----------   -----------
    Commitments and Contingencies

    Subordinated Note Payable                         225,000             -
                                                  -----------   -----------
    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
     22,853,074 shares issued and outstanding         228,531       223,977
    Less: Treasury Stock                             (733,765)     (733,765)
    Capital stock subscribed                        6,269,996     2,894,996
    Additional paid-in capital                     38,109,172    37,328,573
    Accumulated deficit                           (36,095,864)  (32,908,079)
                                                  -----------   -----------
        Total stockholders' equity                  7,785,357     6,813,605
                                                  -----------   -----------
        Total liabilities and stockholders'
         equity                                   $33,076,112   $26,402,567
                                                  ===========   ===========



                     JESUP & LAMONT, INC. AND SUBSIDIARIES (Unaudited)
                         CONSOLIDATED STATEMENT OF OPERATIONS

                                                      Three Months Ended
                                                        September 30,
                                                      2009         2008
                                                   ----------    ----------
    Revenues
        Commissions and fees                       $7,994,432    $6,960,884
        Equity market making trading revenues, net  1,098,565     1,547,917
        Investment banking income                     945,405     1,333,375
        Net gain (loss) on securities received
         for banking services                          76,179      (190,602)
                                                   ----------    ----------
                                                   10,114,581     9,651,574
                                                   ----------    ----------
    Expenses
        Employee compensation and benefits          5,898,880     6,906,442
        Commissions, clearing and execution costs   3,440,927     4,343,310
        General and administrative                  1,241,537     2,534,890
        Communications and data processing            229,219       187,493
                                                   ----------    ----------
                                                   10,810,563    13,972,135
                                                   ----------    ----------
    Loss from operations                             (695,982)   (4,320,561)
                                                   ----------    ----------

    Other income (expenses)
        Other income                                    7,844             -
        Forgiveness of indebtedness                   541,833             -
        Interest income                                     -         8,229
        Interest expense                             (325,724)     (210,362)
                                                   ----------    ----------

                                                      223,953     (202,133)
                                                   ----------    ----------
    Net loss                                        (472,029)   (4,522,694)

    Accrued preferred stock dividends                (86,641)      (91,143)
                                                   ----------    ----------

    Loss applicable to common shareholders         $(558,670)  $(4,613,837)
                                                   ==========    ==========


        Basic and diluted loss per share
         applicable to common shareholders:

        Loss per share-basic                          $(0.02)       $(0.27)
                                                   ==========    ==========
        Loss per share diluted                        $(0.02)       $(0.27)
                                                   ==========    ==========
        Weighted average shares outstanding:
                    Basic                          29,452,047    17,387,654
                                                   ==========    ==========
                    Diluted                        29,452,047    17,387,654
                                                   ==========    ==========

SOURCE Jesup & Lamont, Inc.

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