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Rubicon Financial Announces Results of Operations for March 31, 2010

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  Published in House and Home on Tuesday, May 25th 2010 at 10:20 GMT by Market Wire
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IRVINE, CA--(Marketwire - May 25, 2010) - Rubicon Financial Incorporated (OTCBB: [ RBCF ]) is pleased to announce its financial and operating results for the first quarter ended March 31, 2010.

For the three months ended March 31, 2010, Rubicon generated approximately $3.5 million in revenues, compared to approximately $2.3 million for the quarter ended March 31, 2009, an increase of in excess of 52%. The significant increase in revenues is primarily a result of our continued focus on providing alternative investment products and the recruitment of additional registered representatives in our broker/dealer subsidiary, Newport Coast Securities, Inc. ("NCS").

NCS represents our cornerstone of services and contributed approximately 98% of our total revenue for the quarter. NCS was acquired in June of 2008 and has been located in the Orange County, California area since 1985. At the time of acquisition the firm was a $5,000 broker/dealer that had approximately 38 registered representatives in 9 branch offices, producing approximately $2 million in revenues.

Since acquiring NCS, Rubicon has expended tremendous time and resources into transforming NCS into a full service broker-dealer that provides retail and institutional securities services as well as investment banking, trading, market-making, brokerage, investment advisory and financial planning services. NCS is now a $100,000 broker/dealer with approximately 104 registered representatives in 44 branch offices producing in excess of $11.8 million in revenues for the year ended December 31, 2009.

NCS's CEO, Kathleen McPherson, commented, "Even with the turbulent market conditions, we continue to increase revenues, recruit additional registered representatives and expand our operations."

During the three months ended March 31, 2010 Rubicon's operating expenses increased by 47% to approximately $3.6 million, compared to approximately $2.5 million for 2009. This was primarily a result of increased professional fees. However, even with the increase in operating expenses, Rubicon reduced its net operating loss by 12% to $133,091, from $151,124 for the same period of 2009.

"The revenue increase for quarter reflects the vigilant implementation of our business model," stated Joseph Mangiapane, Jr., Rubicon's CEO. "We are continuing to evaluate our business model and weave our way through the tumultuous market conditions in an attempt to continue our growth."

About Rubicon Financial Incorporated:
Rubicon Financial Incorporated is a publicly-traded, financial services holding company that has grown through the acquisition of multiple businesses within the financial services industries. Rubicon has the capability of providing the clients of its various wholly owned subsidiaries with convenience, low pricing and enhanced customer service. Rubicon is located in Orange County, California, in the center of one of the nation's wealthiest regions, as well as one of California's most populated and affluent business communities. Rubicon currently or in the future intends to offer a diverse number of financial services and products, including but not limited to: insurance, both personal and commercial; mortgage and real estate services; retail brokerage services; securities market making; investment banking for small to midsized companies; and commodity trading and marketing services. Each respective financial service or product is offered by fully licensed professionals employed through wholly owned subsidiaries of Rubicon.

Readers are urged to review Rubicon's Form 10-Q for the quarter ended March 31, 2010, available on the SEC's website ([ www.sec.gov ]), for a discussion of Rubicon's results of operations and review the first quarter of 2010 financial statements.

Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: any implied or perceived benefits resulting from the Rubicon's operations; Rubicon's and its subsidiaries business prospects; the ability of Rubicon to execute its business plan as a diversified financial services company; the successful acquisition of other financial services companies; any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Important factors that could cause actual results to differ materially from the forward-looking statements Rubicon makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. Rubicon undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.