Jesup & Lamont Reports Results for 2007

2007 Record Revenues up 42% over 2006

LONGWOOD, Fla., March 31 /PRNewswire-FirstCall/ -- Jesup & Lamont, Inc.
(Amex: JLI), a brokerage and investment banking firm serving retail and
institutional clients, today reported financial results for the year ended
December 31, 2007.
Revenues for the year ended December 31, 2007 increased by 42% to
$50,671,898 from $35,642,045 in 2006. Net loss applicable to common
shareholders, was ($10,901,898) in 2007 compared to net loss applicable to
common shareholders of ($220,721) in 2006 or ($1.00) per basic and diluted
share in 2007 and ($0.03) during 2006.
For the year ended December 31, 2007, as detailed in the Form 10 KSB
filing, the Company incurred non repeatable and non cash charges totaling
approximately $9 million.
"We believe 2007 was a very challenging year for both our industry and our
company," commented Donald A. Wojnowski Jr., President and CEO. "The Company
has continued its dramatic revenue growth but faced a number of one time and
non repeatable expense events during the year. The market environment in the
fourth quarter spurred us to thoroughly examine our cost structure and to
begin making cuts in our expense structure that will impact results in 2008
and beyond."
About Jesup & Lamont, Inc.
Established in 1877, Jesup & Lamont 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 is a full service broker-dealer with over
300 retail brokers in over 30 offices nationwide; institutional sales offices
in New York, San Francisco, Boston, Boca Raton and Orlando. The company 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
(FORMERLY EMPIRE FINANCIAL HOLDING COMPANY)
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
December 31, 2007

Assets:

Cash and cash equivalents .................................$ 535,536
Marketable securities owned, at market value .............. 5,178,988
Securities not readily marketable, at estimated fair value. 1,229,659
Commissions receivable from clearing organization ......... 1,672,328
Other receivables ......................................... 795,030
Deposits at clearing organizations ........................ 4,177,837
Furniture and equipment, net .............................. 619,153
Prepaid expenses and other assets ......................... 1,671,215
Deferred tax assets ....................................... 2,117,000
Notes receivable .......................................... 979,221
Intangible assets, net .................................... 17,576,493
------------

Total assets ............................................$36,552,460
============

Liabilities and stockholders' equity

Liabilities:

Line of credit payable ....................................$ 1,999,450
Accounts payable, accrued expenses and other liabilities .. 4,992,314
Due to clearing organizations ............................. 7,689,830
Securities sold, but not yet purchased, at market value ... 522,771
Notes payable ............................................. 9,766,176
------------

Total liabilities .......................................$24,970,541
------------

Commitments and contingencies

Stockholders' equity:

Convertible preferred stock, series C and F
$.01 par value 1,000,000 shares authorized
827,049 issued and outstanding ..........................$ 8,270
Common stock, $.01 par value
100,000,000 shares authorized
11,106,442 shares issued and outstanding ................ 111,065
Stock subscribed .......................................... 2,000,000
Additional paid-in capital ................................ 26,324,579
Accumulated deficit .......................................(16,861,995)

------------

Total stockholders' equity ..............................$11,581,919
------------

Total liabilities and stockholders' equity ..............$36,552,460
============

JESUP & LAMONT, INC. AND SUBSIDIARIES
(FORMERLY EMPIRE FINANCIAL HOLDING COMPANY)
CONSOLIDATED STATEMENTS OF OPERATIONS

TWELVE MONTHS TWELVE MONTHS
ENDED ENDED
December 31, December 31,
2007 2006
------------- -------------

Revenues:
Commissions and fees ................. $ 32,733,847 $ 20,373,890
Trading income ....................... 6,488,356 11,724,530
Investment banking income ............ 11,449,695 3,543,625
------------ ------------
50,671,898 35,642,045
------------ ------------

Expenses:
Employee compensation and benefits ... 20,498,566 10,927,254
Commissions and clearing costs ....... 29,577,137 19,181,312
General and administrative ........... 9,468,625 4,662,492
Communications and data processing ... 877,642 381,049
------------ ------------
60,421,970 35,152,107
------------ ------------

Income (loss) from operations .......... (9,750,072) 489,938
------------ ------------

Other income (expenses):
Other income ......................... 350,000 -
Interest income ...................... 150,021 432,949
Interest expense ..................... (1,477,614) (912,236)
------------ ------------

(977,593) (479,287)
------------ ------------

Income (loss) before income taxes ...... (10,727,665) 10,651
Income taxes ........................... - -
------------ ------------

Net income (loss) ...................... (10,727,665) 10,651

Preferred stock dividends .............. (174,233) (231,372)
------------ ------------

Net income (loss) applicable to common
stockholders .......................... $(10,901,898) $ (220,721)
============ ============

Basic and diluted earnings (loss) per
share applicable to common stockholders:

Earnings (loss) per share-basic
and diluted ......................... $ (1.00) $ (0.03)
============ ============
Earnings (loss) per share diluted .... $ (1.00) $ (0.03)
============ ============

Weighted average shares outstanding:
Basic ................................ 10,926,021 7,102,379
============ ============
Diluted .............................. 10,926,021 7,102,379
============ ============

SOURCE Jesup & Lamont, Inc.

Donald A. Wojnowski, CEO and President of Jesup & Lamont, Inc.,
+1-407-774-1300, DWojnowski@empirenow.com