Rockwater Capital Corp. today released its results for fourth quarter and year ended Dec. 31, 2005.

Net earnings for 2005 were $8.6 million and fully diluted earnings per share were 42¢, compared to $8.5 million and 51¢ in 2004.

Revenue was a record $211.5 million, up 38.4% from $152.9 million a year ago.

Non-compensation expenses as a percentage of revenue declined to 21.6% from 25.1% in 2004.

Total client assets for 2005 climbed to $14.1 billion, up 11.9% from $12.6 billion a year ago.

Net earnings were $3.4 million for the fourth quarter, down from $5.4 million a year ago.

Quarterly revenue jumped to $58.2 million, up 32.3% from $44.0 million in the year ago period.

“All three business segments contributed to our record revenue of over $211 million and strong overall operating results,” said Robert Schultz, chairman of Rockwater, in a release. “Our success in 2005 validates our vision of building Rockwater into an integrated financial services firm focused on asset management, wealth management and capital markets.”

“2005 was a banner year for our investment dealer,” added Bill Packham, president and CEO. “We’re proud of the launch of its new brand identity, Blackmont Capital. In our wealth management group, we successfully recruited and retained advisors with established businesses. In our capital markets group, investment banking revenues increased dramatically. With the addition of KBSH, our asset management group has grown to become a significant contributor to our overall revenue and earnings.”