Adjusted EBITDA is considered a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933, as amended. Adjusted EBITDA should be considered in addition to, rather than as a substitute for, important GAAP financial measures including pre-tax income, net income and cash flows from operating activities. Items excluded from adjusted EBITDA are significant and necessary components to the operations of our business; therefore, adjusted EBITDA should only be used as a supplemental measure of our operating performance.

Adjusted EBITDA is reconciled with GAAP net income as follows:
  Quarter Ended June 30,
  2012 2011
     
Adjusted EBITDA:  $ 583,998  $ (352,390)
     
Adjustments to conform Adjusted EBITDA to GAAP Net income (loss):    
Income tax provision  (187,340)  (439,547)
Interest expense  (8,968) (7,944)
Depreciation and amortization  (83,021) (108,468)
Non-cash compensation  (42,987)  (48,069)
Non-recurring professional fees  --  (299,291)
     
Net income (loss)  $ 261,682  $ (1,255,709)
CONTACT: Robert Foney, Chief Marketing Officer         781.477.4814         rfoney@investorscapital.com         www.investorscapital.com

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