MINOT, N.D., Aug. 18, 2009 (GLOBE NEWSWIRE) -- Capital Financial Holdings, Inc. (OTCBB:IMFD), a mutual fund and financial services company, today reported revenues for the second quarter of 2009 of $5,389,687, a 42% decrease from revenues of $9,260,788 for the second quarter of 2008. Revenues for the six months ended June 30, 2009 were $10,503,695, a 44% decrease from revenues of $18,747,843 for the six months ended June 30, 2008.
The Company reported net income of $208,499, or $0.01 per diluted share, for the second quarter of 2009, compared to net income of $336,521, or $0.02 per diluted share, for the second quarter of 2008. Net income for the six months ended June 30, 2009 was $61,358 or $.00 per diluted share, compared to net income of $620,808, or $.03 per diluted share, for the six months ended June 30, 2008.
The decrease in earnings and revenues resulted primarily from decreased fee income received from the Company's sponsored mutual funds and from decreased commission and fee income received by the Company's broker-dealer division.
Capital Financial Holdings, Inc. is publicly traded over the OTC Bulletin Board under the symbol IMFD.OB. On July 31, 2009 the Company completed the previously announced sale of its mutual fund division and is no longer in the mutual fund service business. As a result of the sale the consolidated financial statements going forward will show the mutual fund division as a discontinued operation. The Company continues to operate as a Broker-Dealer through 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, financial planners, and investment advisors throughout the United States. More information is available at http://capitalfinancialholdings.com or by calling (877) 814-6379.