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A decrease in expenses helped financial planning firm Gilman Cioccia record a 41.2-percent rise in net income for the first quarter ended March 31, despite a 10.9-percent drop in revenue. Much of the expense savings came from attrition among the company's independent financial planners who receive a higher commission payout percentage than do company planners. Net income for the most recently ended period rose to $1.24 million from $287,000. Revenue dropped to just under $11 million from $12.3 million a year earlier. Financial planning revenue dropped to $7.3 million, off 10.8 percent from $8.2 million in last year's corresponding period. Attrition of the independent reps was also behind the revenue loss.

The company also say a 11.2-percent drop in revenue from tax preparation and accounting services $3.7 million, from $4.1 million a year earlier. Gilman said that IRS delay in accepting and processing tax returns. The IRS also led to lower payroll taxes because the company delayed higher seasonal tax employees.

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