Integrity Mutual Funds Inc., a mutual fund and financial services company, today reported a revenue drop of 46 percent for the first quarter of 2009.

The company reported revenue of $5,114,009, as opposed to $9,487,056 for the first quarter a year ago.

The decrease in revenues and earnings resulted from decreased commission and fee income relating to CFS, the Company's broker-dealer division, as well as a reduction in fee income received by the mutual fund division.

For the first quarter of 2009, the owner of Capital Financial Services, Inc reported a net loss of $147,141, or $(0.01) per diluted share, for the first quarter of 2009, compared to net income of $284,287, or $0.01 per diluted share, for the first quarter of 2008.

Investment