PORTLAND, Ore., March 21, 2013 (GLOBE NEWSWIRE) -- Paulson Capital Corp. (Nasdaq:PLCC), parent company of Paulson Investment Company, Inc. ("PICI"), today reported a net loss of $395,809, or ($0.07) per share for the year ended December 31, 2012 versus a net loss of $3,124,020, or ($0.54) per share for the year ended December 31, 2011. Revenues for the year ended December 31, 2012 totaled $7,724,591 compared to revenues of $15,405,567 for the prior year. The lower revenues in fiscal 2012 were largely due to a 74% decline in commissions as a result of the sale of substantially all of the Company's retail brokerage operations to JHS Capital Advisors, LLC which closed on April 16, 2012.
As announced in February 2013, the Company has been exploring the restructure of PICI's business, which would include bringing in new capital and adding new management people and brokers. The restructuring, which is designed to expand PICI's investment banking capabilities to include early- and late-stage private financing, would be subject to FINRA approval.
Chester L.F. Paulson, Chairman, stated:
"With the sale of our retail brokerage business and the contemplated restructuring of Paulson Investment's business, this has been a year of transition for the Company. We are building upon our 40 years of experience of advising and underwriting emerging companies in the public market place to include early- and late-stage private financing. We believe Paulson will be well positioned to capitalize on the tremendous opportunities presented by recent positive regulatory changes for capital raising by smaller companies in both the public and private venture sectors."
Paulson Capital Corp. is the parent company of Paulson Investment Company, Inc. Located in Portland, Oregon, Paulson Investment Company is a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chet Paulson in 1970, it has managed or underwritten more than 166 public offerings and has generated approximately $1.2 billion for client companies.
This release may contain "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. The Company's plan and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate finance transactions and increase the volume and size of our securities operations, which are difficult or impossible to predict accurately and often beyond the control of the Company. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.