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.
Gilman Net Rises Despite Sales Decline
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.
