(March 15 – 09:30 ET) – Assante Corp. is reporting a net loss for the year ended Dec. 31, 2000, largely due to a large restructuring charge and amortization.

Assante recorded a net loss of $15 million, or 21¢ a share in 2000. In 1999, the company posted net earnings of 2¢ a share. A restructuring charge of $23 million and amortization of goodwill of $27.8 million dragged down the bottom line.

Goodwill in 1999 was $13.9 million, and the increased amortization of goodwill was primarily a result of the acquisitions made late in 1999 and early 2000. The fourth quarter loss totalled $483,000 (1¢ per share) versus a loss of $18,000 in the 1999 period.

The firm saw its earnings before interest, income tax, depreciation and amortization and restructuring costs up by $18.2 million to $75.7 million, a 32% gain. EBITDA in the fourth quarter of 2000 was $18.5 million compared to $15.5 million in 1999.

Assante’s assets under management rose to $4.6 billion at Dec. 31, 2000 from $3.8 billion at Dec. 31, 1999, an increase of 23%. Much of that growth came from assets migrating to in-house funds, as assets under administration, including directed assets remained constant at $25 billion.

During 2000, revenue increased to $403.6 million, up 27% from 1999. The growth is attributable to a $40 million increase in revenues from the sports and entertainment firms acquired in 1999 and internal growth from existing operations

Advisor compensation increased from $176.4 million in 1999 to $207.9 million in 2000, down to 51.5% from 55.6% in 1999. The firm says the decrease in advisor compensation as a percentage of revenue is primarily due to the sports and entertainment channel having a significantly lower advisor compensation-to-revenue ratio. Selling, general and administration costs have increased to $120.1 million in 2000 from $83.3 million in 1999.

During the first quarter, the company recorded a $23.0 million restructuring charge, it has so far incurred $15.3 million of these costs, including a write down of capital assets of $0.8 million.