LaBranche says 3Q loss grows as revenue drops

Stock-trading firm LaBranche says 3rd-quarter loss widens as it earns fewer fees; stock drops

• On 12:36 pm EDT, Tuesday October 20, 2009

NEW YORK (AP) -- LaBranche & Co., a stock-exchange trading firm, said Tuesday that it lost more in the third quarter than it did a year earlier as it earned far fewer fees.

The stock fell to a multiyear low.

The New York-based company lost $8.9 million, or 17 cents per share, in the quarter that ended Sept. 30. That is more than the $5.6 million, or 9 cents per share, a year earlier. The results from a year ago were hurt by a loss in the value of its New York Stock Exchange shares.

In the most recent quarter, total revenue fell 62 percent to $29.3 million from $77.3 million, as revenue from what it called principal transactions slid 94 percent. Commissions and other fees rose, however.

LaBranche shares fell 17 cents, or 5.6 percent, to $2.87 midday Tuesday, rebounding from an earlier low of $2.82.