(August 17 – 10:15 ET) – Assante Corp. has released its consolidated financial results for the three months ended June 30.

The company’s loss widened to ($1.5 million) in the quarter, compared with a loss of ($1.1 million) in the second quarter of 1999. Goodwill charges in the quarter increased by 98% to $7.1 million, as a result of acquisitions completed in the last year.

Revenue increased 24% to $92.6 million for the period, although revenue from the financial advisory channel only increased 6% to $79.1 million. Overall operating expenses increased by 6% in the financial advisory channel to $64.5 million. Adviser compensation increased to $46.1 million from $41.8 million in 1999. The sports and entertainment channel added revenue of $13.5 million. Overall selling, general and administration costs increased to $28.1 million from $18.7 million in 1999.

EBITDA before restructuring costs rose 37% to $18.4 million. Assets under administration grew by 14% to $25.4 billion, and assets under management increased to $4.1 billion, up 23%.

During the first quarter the company took a $23 million charge for the estimated costs of integrating its back-office processing systems and its distribution channels and developing an overall branding strategy. It has spent $4.3 million of this reserve so far.

The integration initiative continues. Assante has acquired new office space on Bay Street for the headquarters of its distribution channel. The business development and corporate services operations of C.M. Oliver, DPM, Equion, Financial Concept Group and THE Financial Planning Group are currently being consolidated at that location.

The company’s U.S. investment management arm, Reinhardt Werba Bowen has changed its name to Assante Asset Management Inc. In October and November, C.M. Oliver, DPM, Equion, FCG and FPG will be merged into two firms: Assante Financial Management Ltd., a mutual fund dealer, and Assante Capital Management Ltd., an investment dealer.

The company says it is also working on several strategic alliances to expand into co-branded banking, credit card, debit card and other products.