Southwest Securities first quarter results show improvement, but still lag behind last year as the firm looks to dig out from behind a challenging economy as well as some legal and recruitment issues.

The firm’s retail segment earned a profit of $319,000 in the first quarter of this fiscal year after being down $1.9 million last quarter. Revenue was also higher, rising from $26.6 million to $28 million. Those numbers, however, were still down year-over-year from $29.2 million in revenue and $1.28 million in profit for the first quarter of 2011.

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