Lynnfield-based Investors Capital Holdings, a financial services holding company, has reported a 2008 net loss of $614,715, compared to net income of $52,221 in 2007 – a $666,936 swing.
The company posted revenues of $18.4 million for the quarter ended Dec. 31, down $4.9 million, or 21.1 percent, compared to the same period last year.
The firm said it experienced a $4.6 million, or 23.3 percent, decrease in commissions, primarily in direct and mutual fund business, coupled with a 2.6 percent decrease in investment advisory revenues.
"We’re doing all the right things to survive this global downturn," said Timothy B. Murphy, president and chief executive officer of Investors Capital Holdings. "Our net capital ratio is in great shape; our service satisfaction scores are up; our total operating expenses are down; and we’re providing our advisors with weekly practice management conference calls, marketing and branding assistance, and mentoring relationships to help them survive and, in some cases, thrive in this market. Our revenues may be down, but everyone’s revenues in our industry are down. We’re in a global recession. However, we anticipate that these same conditions will be presenting us with historic opportunities to attract productive reps from other segments of the industry."
