Investors Capital Holdings, Ltd. (NYSE MKT: ICH, the “Company”), a financial services holding company, posted second quarter total revenue of $22.28 million for the period ended September 30, 2013 (the “quarter”). The firm posted a net loss of $0.78 million for the quarter. Investors Capital Holdings, Ltd. operates primarily through its wholly-owned subsidiary, Investors Capital Corporation (“ICC”), a dually registered independent broker-dealer and investment advisory firm. Total revenue increased 9.6% to $22.28 million compared to total revenue of $20.32 million for the quarter ended September 30, 2012 (the “prior period”). The increase was due primarily to top-line growth of both commissions and advisory fees organically through the firm’s practice management initiatives, attracting and recruiting new financial advisors, and improved financial market conditions. Total revenue also increased fiscal year to date. For the six-month period ending September 30, 2013, total revenue rose 10.3% to $45.36 million compared with $41.13 million for the six-month fiscal year period ending September 30, 2012. Commission revenue climbed 7.8% to $17.02 million, compared to $15.78 million in the prior period, due to an increase in direct business from improved market conditions as well as new business from new advisors. Improving financial markets also benefitted advisory fee revenue, which increased 14.0% to $4.54 million, compared to $3.98 million in the prior period. Total expenses increased $3.30 million or 16.6% to $23.19 million, principally as a result of increases in commissions and advisory fees compensated to our independent representatives and in regulatory, legal, and professional costs. Regulatory, legal and professional expenses more than doubled, driven principally by related legal costs incurred to litigate and strategically resolve claims concerning investment products sold by our representatives prior to the recent recession. The firm posted an operating loss of $0.91 million compared to operating income of $0.43 million for the prior period and a net loss of $0.78 million for the quarter compared to net income of $0.28 million for the prior period.