WOODSTOCK, Ga., March 23, 2011 /PRNewswire/ -- Woodstock Holdings, Inc. (OTCBB: WSFL), (the "Company"), a financial services holding company, posted net income of $0.279 million on total revenue of $12.7 million for the year ended December 31, 2010 compared to net loss of $0.238 million on total revenue of $8.9 million for the year ended December 31, 2009. Total revenue for the quarter grew by $2.7 million, or 128%, compared to the prior period.
The Company operates primarily through its wholly-owned subsidiary, Woodstock Financial Group, Inc. ("WFG"), a registered broker-dealer, insurance agency and investment advisory firm.
The increase is due primarily to a rise in commission revenues as markets continue to rebound from the recent recession. For the year ended December 31, 2010 commission revenues increased by $3,187,408, or approximately 40%, to $11,133,983 from $7,946,575 for the comparable period in 2009. The increase was due to successful recruiting efforts, along with an increase in transactional business for the first quarter and third quarter and fee based business in the second quarter.
William J. Raike, President and CEO stated: "One of the key elements to our success in 2010 can be attributed to improved efficiencies throughout our entire scope of business services. We were proud to share this growth with our shareholders by issuing a cash dividend in the 4th quarter of 2010."
Woodstock Financial Group provides a complete line of products and services to independent financial professionals throughout the US. Our agents offer traditional brokerage, insurance products, and advisory services to their clients.
Mr. Raike attributed part of 2010's earnings to an increase in assets under management in Woodstock's fee-based advisory. "An increase in assets under management is inherent during a rising market, but the advisors we have been able to attract have had a well-established and loyal client base."
At December 31, 2010, WFG had regulatory net capital of $761,433, $661,433 in excess of its required net capital of $100,000. WFG's net capital ratio was 1.95 to 1. The SEC Uniform Net Capital Rule (Rule 15c3-1) requires that WFG maintain net capital of $100,000 and a ratio of specified aggregate indebtedness to net capital (a "net capital ratio") not to exceed 15 to 1.
The Company continues to benefit from improving the overall quality of its representatives, a key component of the Company's strategy for achieving growth in revenues and net income. The firm seeks to continually improve the quality of its representatives by helping them expand their skills and practices, recruiting established, high-quality representatives, and terminating low-quality advisors.
About Woodstock Holdings, Inc.:
Woodstock Holdings, Inc. (OTCBB: WSFL) is a financial services holding company that operates primarily through its broker/dealer and investment advisor subsidiary, Woodstock Financial Group, Inc. Our mission is to provide outstanding service and support to our registered representatives, including advisory programs, strategic practice management, marketing services, and technology, to help them grow their business. For more information, please call (800) 478-2602 or visit www.woodstockfg.com.
Certain statements contained in this press release that are not historical fact may be deemed to be forward-looking statements under federal securities laws. There are many factors that could cause our future actual results to differ materially from those suggested by or forecast in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, interest rate fluctuations, regulatory changes affecting the financial services industry, competitive factors effecting demand for our services, availability of funding, and other risks including those identified in the Company's Securities and Exchange Commission filings.
Woodstock Holdings, Inc., 117 Town Lake Parkway, Woodstock, GA 30188, Distributor.
SOURCE Woodstock Holdings, Inc.