MIAMI, Nov. 22, 2010 (GLOBE NEWSWIRE) -- Southern Trust Securities Holding Corp. ("STSHC") (OTCBB:SOHL), a financial services company offering broker-dealer, investment banking, investment advisory and wealth management services, announced operating results for its third quarter period ended September 30, 2010.
For the three month period ended September 30, 2010 STSHC generated $826,988 of revenue compared to $272,663 of revenue for the same three-month ended period of 2009, representing a 203% increase in revenue. Net income for the quarter ended September 30, 2010 was a loss of $17,496, or $.001 per share compared to a loss of $496,844, or $.04 per share for the quarter ended September 30, 2009.
For the nine month period ended September 30, 2010 STSHC generated $2,190,369 of revenue compared to $971,121 of revenue for the same nine-month period of 2009, representing a 125% increase in revenue. Net income for the nine month ended September 30, 2010 was a loss of $47,278, or $.003 per share compared to a loss of $2,014,857, or $0.15 per share for the nine month ended September 30, 2009.
STSHC's CEO Mr. Robert Escobio commented, "We are very pleased with our third quarter operating results. Our revenue has continued to increase particularly with our core brokerage business where we are seeing increased trading revenue due in part to our customers renewed confidence in the markets. In addition, our subsidiary Southern Trust Metals has added to its customer base due to investors increased interest in precious metals such as gold, silver and palladium."
Mr. Escobio continued, "As Southern Trust continues to increase revenue we expect to increase our profitability due in large part to the low cost infrastructure we have built. We hope to see growth in all our business segments and are looking forward to an exciting end of year and 2011."
About Southern Trust Securities Holding Corp.
STSHC is a financial services company offering securities brokerage, investment banking, asset management and private wealth management for a growing base of retail and institutional, corporate, and high-net-worth clients primarily in Latin America and Asia. STSHC services include access to international investment opportunities in U.S. and foreign capital markets, offshore entities for financial planning, and cross-border transactions, including private placements, bridge financing and reverse mergers into publicly-traded shell corporations. STSHC operates through its subsidiaries, Southern Trust Securities, Inc. (STS) and Southern Trust Securities Asset Management, Inc. (STSAM), Southern Trust Metals, Inc. (STM) and affiliated Geneva-based International Private Wealth Management S.A. (IPWM). STS is a member of the Securities Investors Protection Corporation (SIPC), National Futures Association (NFA), and Financial Industry Regulatory Authority (FINRA). STS clears trades through, and maintains client accounts with, Pershing LLC, a wholly owned subsidiary of The Bank of New York Mellon Co.
Forward- Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the STSHC's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Except as otherwise required by federal securities laws, the Corporation undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.