The sale of many of its offices two years ago pushed financial planning and tax prep firm Gilman+Ciocia Inc. into the black for fiscal 2004, as a $6.1 million gain on that sale wiped out an operating loss of just over $1 million for the year ended June 30.
The result was net income of $5.1 million for fiscal 2004, compared to a loss of just under $14 million for 2003. Revenue rose to $59.9 million in the most recently ended year, up from $54.2 million the prior year. The company says that it derives just over 89 percent of its revenue from financial planning services, and the remainder from tax preparation fees.
During the last two fiscal years, Gilman+Ciocia has sold 63 offices. That includes 47 sold to Pinnacle Tax Advisors, controlled by former G&C executives Thomas Povinelli and David Puyear. Although the actual agreement to sell the offices was reached in fiscal 2002, the recognition of revenue from the sale was delayed by litigation between Pinnacle and G+C.
G+C now has 36 offices in six states.
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