Assante Corp. announced a wider loss today for its third quarter ended September 30. Net loss for the quarter was $3.4 million, compared to $1 million for the third quarter of 2000.

The firm attributes the wider loss to restructuring charges, increased amortization of capital assets and an increase in goodwill amortization. Earnings before interest, income tax, depreciation and amortization before restructuring costs were $19.1 million for the quarter, unchanged from the third quarter of 2000.

Revenues for the quarter were $86.8 million, down 8% from the same quarter last year. Lower revenues from the distribution of mutual funds and related products, weak equity markets and lower redemption fee revenues contributed to the decline. Offsetting these factors were increased revenues from the sports and entertainment business and net sales of portfolio management services.

Assets under management at September 30, totalled $5.1 billion. Assante continues to convert assets under administration to assets under management, up to 23.6% from 17.2% at the same time last year. Assets under administration were $21.6 billion compared to $25.6 billion last September. Market conditions were primarily responsible for the decrease.

“In these uncertain times, and in particular following the tragic events of September 11th, people are increasingly seeking solid, professional investment guidance,” said Martin Weinberg, chairman, president and CEO. “The Assante model fills that need with integrated life management solutions furnished by seasoned professionals who are well equipped to chart the most appropriate course for each client.”

“The relative stability of our financial results for the quarter demonstrates the strength of our strategy of offering our services in multiple businesses and markets,” Weinberg continued. “We believe this business model affords us the best opportunity to withstand periods of market and economic uncertainty.”

The firm reports that its consolidation initiative, to bring all 17 Canadian distribution firms under a common operating platform, continues. It says that subject to regulatory approval, more products and services including bank accounts, lines of credit, the Assante All product (a unique home equity line of credit program), Internet banking and mortgages will be implemented in early 2002. Work is ongoing to cancel or restructure the remaining Class I Special shares series I through VI, held by former owners of certain sports and entertainment firms.