First profitable quarters since its transition into the financial services industry
Rubicon Financial has reported a 34% increase in quarter over quarter revenues – from $2.32 million for the three months ended March 31, 2009, to $3.11 million for the quarter ended June 30, 2009.
During the three- and six-month periods ended June 30, 2009, Rubicon generated a net operating income of $179,557 and $28,433, respectively. These were the first quarters with operating income since Rubicon’s transition into the financial services industry.
Rubicon’s CEO, Joseph Mangiapane, Jr., said: I personally want to thank all the employees of our subsidiaries for all their hard work and dedication in delivering our customers and brokers excellent service. It is extremely gratifying to see all of our efforts finally start to be reflected in our financial results. We were able to turn a profit in the midst of one of the worst economic recessions ever.
We are continuing to strategically enhance our financial services offerings, while monitoring operating expenses, in anticipation of continued profitability. The Rubicon team has continued to show their support and commitment towards stabilizing a financial services platform capable of withstanding the current market volatility.
The revenue increase for both the second quarter and the six months ended June 30, 2009 reflects the vigilant implementation of Rubicon’s business model, resulting in growth in commission revenues in both the brokerage and insurance subsidiaries, the company claims.