NYSE specialist firm LaBranche & Co Inc. announced today that it has initiated a review of strategic alternatives, is selling a division, and will take a significant non-cash charge.

The company’s board of directors has retained Freeman & Co Securities LLC and Weil, Gotshal & Manges LLP to assist the board in its review. The firm says that there can be no assurance that the review will result in any particular strategic or financial transaction or, if it does, what the terms or timing will be. It says it does not expect to make further public statements with respect to this announcement “unless and until review of strategic options results in a transaction”.

The company also announced that it had agreed to sell its AMEX equity specialist operation to Cohen Specialists, LLC and expects to close the transaction today.

And, LaBranche said that it would likely incur a “substantial non-cash charge” for a writedown of intangible assets related to its entire specialist business.

It expects to report, in its 2007 second quarter earnings announcement later this month, positive net income before taking into account any potential impairment charges and unrealized losses related to its investment in NYSE Euronext, Inc. However, the company expects to report a net loss for U.S. GAAP purposes for the second quarter of 2007 including these charges.

LaBranche & Co Inc. is the parent of LaBranche & Co. LLC, one of the largest specialists in exchange-listed securities. It is also the parent of LaBranche Structured Holdings, Inc., whose subsidiaries are specialists and market-makers in options, exchange-traded funds and futures on various exchanges domestically and internationally. Another subsidiary, LaBranche Financial Services, LLC, provides mainly securities trading and brokerage services to institutional investors.