National Investment Managers, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported revenues, were $11.0 million compared to approximately $11.2 million for the same period in 2008. Earnings before interest, taxes, depreciation, amortization, change in derivative financial instruments and stock-based compensation was $2.0 million for the third quarter 2009, compared with approximately $2.8 million from the same period in 2008. Net loss was approximately $1.1 million with preferred dividends of approximately $494,000, resulting in a net loss available to common shareholders of approximately $1.6 million, or $0.04 per fully diluted share. For the same period in 2008, net income was approximately $2.0 million, with approximately $494,000 in preferred dividends, resulting in net income available to common shareholders of approximately $1.5 million, or $0.03 per fully diluted share. Net operating income was $0.03 million compared to $0.99 million for the same period a year ago. Net loss before income tax was $1.65 million compared to net profit before income tax of $1.45 million for the same period a year ago. For the nine months, the company reported net loss available to common stockholders was $0.37 million or $0.01 per basic and diluted share on revenue of $37.73 million compared to net income available to common stockholders was $0.15 million or $0.00 per basic and diluted share on revenue of $31.85 million for the same period a year ago. Net operating income was $2.71 million compared to $1.94 million for the same period a year ago. Net loss before income tax was $0.41 million compared to net income before income tax of $0.28 million for the same period a year ago. Net income before preferred stock dividends was $1.12 million compared to $1.64 million for the same period a year ago. The company expects fourth quarter 2009 results to be much stronger than fourth quarter 2008.

On September 29, 2009, to increase funding in connection with the revolving line of credit and Term loan Agreement, dated as of November 30, 2007, National Investment Managers, Inc. entered into (i) Amendment No. 2 and allonge to revolving line of credit note and (ii) Amendment No. 9 to revolving line of credit and term loan agreement with RBS Citizens, National Association whereas the company and senior lender have agreed to temporarily increase the maximum principal amount available under the revolving note to $2,500,000 from the date hereof until December 31, 2009. After December 31, 2009, the company is required to repay any amounts outstanding under the revolving note in excess of $2,000,000. As a condition of the Amendment No. 9 - senior loan, the company is required to pay the senior lender certain amendment fees and related costs and modify certain seller notes. On September 29, 2009, in conjunction with the above agreement, the company also entered into consent and Amendment No. 8 to securities purchase and loan agreement with Woodside Capital Partners IV, LLC, Woodside Capital Partners IV QP, LLC, Woodside Capital Partners V, LLC and Woodside Capital Partners V QP, LLC and Woodside Agency Services, LLC, as collateral agent, which (i) amended the securities purchase and loan agreement, dated November 30, 2007, and (ii) provided the consent of the subordinated senior lenders to the company entering Amendment No. 9 - Senior Loan. As consideration for the consent and amendments, the company agreed to pay the subordinated senior lenders a certain fee due on the maturity of the notes under the securities purchase agreement and also agreed to the appointment of an independent director to the company's board of directors acceptable to the subordinated senior lenders prior to December 31, 2009.

National Investment Managers Inc. reported financial results for the second quarter and first half year ended June 30, 2009. Revenues for the three months ended June 30, 2009, increased to a second-quarter record $14.1 million compared to $11.8 million for the same period in 2008, an increase of 19.7%. The company's earnings before interest, taxes, depreciation, amortization, change in derivative financial instruments and stock-based compensation was $4.7 million for the second quarter 2009, up from $3.8 million from the same period in 2008. Net income for the quarter ended June 30, 2009, was approximately $2.5 million with preferred dividends of approximately $494,000, resulting in a net income available to common shareholders of approximately $2.0 million, or $0.03 per fully diluted share. For the same period in 2008, net income was approximately $833,000, with approximately $494,000 in preferred dividends, resulting in net income available to common shareholders of approximately $340,000, or $0.01 per fully diluted share. First half revenues of $26.7 million in 2009 compared with revenues of $20.7 million in 2008, an increase of 29.1%. First half EBITDA SBC of $6.7 million in 2009 against EBITDA SBC of $4.9 million in the same period 2008, an increase of approximately $1.8 million, or 37%. The performance in the second quarter and first half of 2009 was driven by continued organic growth and operating improvements in retirement plan administration business.