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PORTLAND, Ore., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Paulson Capital Corp. (Nasdaq:PLCC), parent company of Paulson Investment Company, Inc., today reported a net loss of $1,430,851, or ($0.25) per share for the three months ended June 30, 2012, versus a loss of $2,362,021, or ($0.41) per share for the three months ended June 30, 2011. Revenues for the quarter ended June 30, 2012 totaled $332,708 compared to revenues of $2,575,434 for the same period in 2011. The lower revenues in the current quarter were largely due to an 89% decline in commissions as a result of the sale of substantially all of the Company's retail brokerage operations to JHS Capital Advisors, LLC which closed on April 16, 2012.
Chester L.F. Paulson, Chairman, stated:
"With the sale of our retail brokerage business and payment of the $0.05 cash dividend to our shareholders, we are very excited about our renewed focus of guiding and financing emerging companies. We recently announced the addition of two experienced industry veterans to our team, and are optimistic about the current outlook for investments in smaller public companies."
Paulson Capital Corp. is the parent company of Paulson Investment Company, Inc. Located in Portland, Oregon, Paulson Investment Company is a national leader in public offerings of small and emerging growth companies with capital needs of $5 million to $45 million. Founded by Chet Paulson in 1970, it has managed or underwritten more than 165 public offerings and has generated more than $1 billion for client companies.
This release may contain "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results of achievements may be materially different from those expressed or implied. The Company's plan and objectives are based on judgments with respect to future conditions in the securities markets as well as general assumptions regarding the economy and competitive environment in the securities industry, which can be volatile and out of our control. In particular, we make assumptions about our ability to complete corporate finance transactions and increase the volume and size of our securities operations, which are difficult or impossible to predict accurately and often beyond the control of the Company. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.