MINOT, N.D., Aug. 22, 2011 (GLOBE NEWSWIRE) -- Capital Financial Holdings, Inc. (OTCBB:CPFH), a financial services company, today reported revenues for the second quarter of 2011 of $4,698,677, a 9% decrease from revenues of $5,155,622 for the second quarter of 2010.
The Company reported net income of $170,073, or $0.01 per diluted share, for the second quarter of 2011, compared to net income of $39,263, or $0.01 per diluted share, for the second quarter of 2010. Net income for the six months ended June 30, 2011 was $244,342 or $0.01 per diluted share, compared to a net loss of $61,048, or ($0.01) per diluted share, for the six months ended June 30, 2010.
The decrease in revenues for the second quarter resulted primarily from a reduction in the commission and fee income received by the Company's broker-dealer division. The increase in earnings for the second quarter resulted from the early payoff of the Convertible Promissory Note, which was paid off at a discounted rate.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve a number of risks and uncertainties. The Company cautions that various factors, including the factors described under the caption forward-looking statements in the Company's annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and growth in the financial services industry, regulatory changes; general economic conditions; competitive factors including compressed net profit margins; changes in product mix; labor strikes; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Capital Financial Holdings, Inc. is publicly traded over the OTC Bulletin Board under the symbol CPFH.OB. The Company continues to operate as a Broker-Dealer with its wholly owned subsidiary Capital Financial Services, Inc.; a full-service brokerage firm that specializes in providing investment products and services to independent investment advisors and financial planners throughout the United States. More information is available at http://capitalfinancialholdings.com or by calling (877) 814-6379.