Investors Capital Holdings, Ltd. (NYSE MKT: ICH, the “Company”), a financial services holding company, posted second quarter net income of $0.28 million on total revenue of $20.32 million for the period ended September 30, 2012 (the “quarter end”). Continued expense reduction initiatives coupled with slight revenue growth translated into consecutive operating and net income postings for the first two quarters of the fiscal year. Second-quarter expenses continued to decline in all major expense categories. Investors Capital Holdings, Ltd. operates primarily through its wholly-owned subsidiary, Investors Capital Corporation (“ICC”), a dually registered broker-dealer and investment advisory firm. Total revenue increased 0.8% to $20.32 million compared to revenue of $20.17 million for the quarter ended September 30, 2011 (the “prior period”). The increase was due to a rise in commission revenue and other fee income, but offset by a decline in advisory fees. Commission revenue rose 0.8% to $15.78 million, compared to $15.66 million in the prior period. Advisory fees declined 2.5% to $3.98 million, compared to $4.08 million in the prior period. Results of operations were positively impacted by reduced operating costs in all major categories. Total expenses decreased $1.67 million or 7.7%. Total compensation costs declined as the Company realigned operating expenses with top-line revenues and profit margins. The firm reported operating income of $0.43 million compared to an operating loss of $1.39 million for the prior period. Net income was $0.28 million for the quarter compared to a net loss of $0.88 million for the prior period. Investors Capital continues to benefit from enhancing the overall quality of its representatives by providing broad practice management solutions to assist its advisors in growing their practices and recruiting established, high-performing representatives. The firm’s average revenue per representative, based on a rolling 12-month period, rose at the end of the second quarter to $169,373, an increase of 0.1% over $169,130 for the prior rolling 12-month period.