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.
Contact:
William J. Raike, President
(800) 478-2602
wraike@woodstockfg.com
www.woodstockfg.com
SOURCE Woodstock Holdings, Inc.