Lynnfield, Mass.-based Investors Capital Holdings, the financial-services holding company of independent broker/dealer Investors Capital Corporation, has reported net income of $0.21 million for its second fiscal quarter ended September 30, 2009, vs. a net loss of $0.49 million for same quarter of 2008.
The firm also posted a profit for its first fiscal quarter ended June 30, 2009.
“Prudent spending and effective cost cutting were primary catalysts in the financial turnaround,” says President and CEO Timothy B. Murphy. “For the second quarter in a row, we’ve managed to generate a profit in a market that has depressed total revenues for Investors Capital and other firms in our space.”
Total revenues for the most recent quarter fell 18.0 percent to $18.9 million from $23.1 million in the prior quarter. The firm decreased total operating expenses 28.3% to $3.4 million for the quarter from $4.7 million in the prior period,.