Jesup & Lamont Inc. Reports Results for 1st Quarter 2010

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Revenue Increases by 58%

NEW YORK, May 19 /PRNewswire-FirstCall/ -- Jesup & Lamont Inc., (Amex: JLI), a full-service brokerage and investment banking firm serving retail and institutional clients, today reported financial results for the Quarter ended March 31, 2010. Revenues for the Quarter ended March 31, 2010 were $10,282,086, an increase of 58% from the $6,507,110 for the same period in 2009. The net income (loss) applicable to common shareholders for the Quarter ended March 31, 2010 was ($3,822,513) compared to the net loss of ($3,019,148) for same period in 2009, or ($0.10) per basic and fully diluted share in 2010, compared to ($0.10) per basic and fully diluted share in 2009.

Alan Weichselbaum, CEO of Jesup & Lamont Inc. stated, "We are encouraged by the increase in revenue over last year. On the expense side, the company was burdened with a number of onetime expenses such as the settlement of litigations, consolidation of our business operations and increased legal and accounting costs related to our proposed merger with Tri-Artisan partners aggregating to approximately $1.6 million of the quarterly loss." He further stated, "We look forward to completing the merger later this year and still believe we are on target to return to profitability before the end on 2010."

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
		(UNAUDITED)
		March 31,	December 31,
		2010	2009
	Assets

Cash and cash equivalents		$ 340,392	345,170
Bank certificate of deposit		2,022,174	2,014,102
Marketable securities owned, at market value		16,959	23,288
Securities not readily marketable, at estimated fair value		697,165	946,080
Commissions and other receivables from clearing organizations		1,621,804	1,559,391
Other receivables		2,176,081	2,437,989
Securities borrowed under a secured demand note		225,000	225,000
Deposits at clearing organizations		771,578	1,312,294
Prepaid expenses and other assets		1,388,954	959,710
Notes receivable, net of allowance of $561,000		1,301,273	1,370,984
Deferred tax asset		2,117,000	2,117,000
Furniture and equipment, net		645,236	669,974
Goodwill		13,272,165	13,272,165
Intangible assets - customer lists and trademarks		4,043,943	4,072,875

	Total assets	$ 30,639,724	31,326,022

	Liabilities and Stockholders' Equity

Accounts payable, accrued expenses and other liabilities		$ 9,997,283	8,360,666
Due to clearing organizations		1,338,528	1,314,213
Accrued preferred stock dividends		712,126	753,394
Securities sold, but not yet purchased, at market value		179,712	170,892
Secured demand note payable		225,000	225,000
Notes payable		16,044,285	16,332,091

	Total liabilities	28,496,934	27,156,256

Stockholders' equity
Convertible preferred stock, series F, and G
	$.01 par value, 1,000,000 shares authorized
	698,437 issued and outstanding and
	728,575 issued and outstanding	6,984	7,285
Common stock, $.01 par value, 100,000,000 shares authorized
	33,163,330 shares issued and outstanding
	and 32,548,715 issued and outstanding	331,633	325,487
	Less: Treasury Stock	(733,765)	(733,765)
Capital stock subscribed		3,251,000	1,585,000
Additional paid-in capital		43,399,399	43,275,707
Accumulated deficit		(44,112,461)	(40,289,948)

	Total stockholders' equity	2,142,790	4,169,766

	Total liabilities and stockholders' equity	$ 30,639,724	31,326,022

	JESUP & LAMONT INC. AND SUBSIDIARIES (UNAUDITED) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
			Three Months ended March 31,
			2010	2009

Revenues
	Commissions and fees		$ 8,594,237	5,541,397
	Equity market making trading revenues, net		826,565	383,381
	Investment banking income		1,156,371	413,910
	Net gain (loss) on securities received for banking services		(295,087)	168,431


			10,282,086	6,507,119

Expenses
	Employee compensation and benefits		7,123,415	4,959,831
	Commissions, clearing and execution costs		3,328,787	2,304,581
	General and administrative		2,934,437	1,789,402
	Communications and data processing		197,540	144,541

			13,584,179	9,198,355

Loss from operations			(3,302,093)	(2,691,236)

Other income (expenses)
	Interest income		8,427	360
	Abandonment of premises		(106,289)	-
	Interest expense		(349,158)	(236,789)
			(447,020)	(236,429)

Net loss			(3,749,113)	(2,927,665)

Accrued preferred stock dividends			(73,400)	(91,483)

Net loss applicable to common shareholders			$(3,822,513)	(3,019,148)


	Basic and diluted net loss per share applicable to common
		shareholders:

		Net loss per share-basic	$ (0.10)	(0.10)

		Net loss per share diluted	$ (0.10)	(0.10)

		Weighted average shares outstanding:
		Basic	39,158,433	28,933,076

		Diluted	39,158,433	28,933,076