MINOT, N.D., Nov. 10, 2011 (GLOBE NEWSWIRE) -- Capital Financial Holdings, Inc. (OTCBB:CPFH), a financial services company, today reported revenues for the third quarter of 2011 of $4,170,723, a 12% decrease from revenues of $4,714,262 for the third quarter of 2010.
The Company reported a net loss of $121,608, or ($0.01) per diluted share, for the third quarter of 2011, compared to a net loss of $154,942, or ($0.01) per diluted share, for the third quarter of 2010. Net income for the nine months ended September 30, 2011 was $122,734 or $0.00 per diluted share, compared to a net loss of $215,990, or ($0.02) per diluted share, for the nine months ended September 30, 2010.
The decrease in revenues for the third quarter resulted from a reduction in the commission income received by the Company's broker-dealer division.
The increase in earnings for the third quarter resulted primarily from a reduction in the general and administrative expenses of the Company. The increase in earnings for the nine months ended September 30, 2011 was due primarily to an 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.