Reuters: Mergers News: UPDATE 1-LPL Investment to begin paying dividends in second half

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-LPL Investment to begin paying dividends in second half Apr 30th 2012, 11:22 Mon Apr 30, 2012 7:22am EDT * Expects to pay regular divs of up to $0.12/shr * Declares special dividend of $2/shr * Shareholders Hellman & Friedman, TPG Capital to sell 14.5 mln shares * Q1 adj EPS $0.56 vs est $0.54 April 30 (Reuters) - Private equity-backed LPL Investment Holdings Inc, the top U.S. independent brokerage, declared a special dividend of $2 per share on Monday, and said it would begin regular quarterly payouts in the second half of 2012. Boston-based LPL, which sells technology, clearing and other services to self-employed brokers, said it expected to pay regular quarterly dividends, initially up to 12 cents a share, or 48 cents a share annually, beginning in the second half. Separately, the company said its principal shareholders Hellman & Friedman and TPG Capital would sell 14.5 million shares in a secondary offering. For the first quarter, LPL posted a profit of $41.2 million or 37 cents a share, down from $49.0 million, or 43 cents a share, a year ago, primarily due to charges related to debt refinancing. Excluding certain non-cash charges, the company earned 56 cents a share, topping analysts' estimates of a profit of 54 cents a share, according to Thomson Reuters I/B/E/S. Revenue rose about 3 percent to $901.3 million. Analysts had expected revenue of $890.5 million. Advisory assets in LPL's fee-based platforms rose 11.1 percent to $110.8 billion. Total advisory and brokerage assets were up 7.3 percent to $354.1 billion. Shares of the company closed at $38.94 on Friday on Nasdaq. Link this Share this Digg this Email Reprints

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