(January 16 – 16:40 ET) – IPC Financial Network Inc.’s is reporting improved revenues for the first quarter ended Nov. 30, 2000.

Revenues in the first quarter increased to $16.1 million, compared with $6 million in the first quarter a year ago.

The company experieced a loss of $1.7 million in the quarter, compared to a loss of $1 million in the year ago period. Contributing to the higher loss was amortization expense of $1.4 million during the first quarter, compared to $500,000 in the same quarter of fiscal 2000.

Shareholders’ equity rose to $45.4 million at the end of the quarter, up from $33.2 million a year ago.

“Management is pleased with the results for Q1,” says Steve Meehan, CEO. “Strong revenue growth over the last year is testament to the company’s commitment to the first stage of its business plan, — consolidation, or growth through acquisition. The company is committed to reaching $10 billion in assets under administration during fiscal 2001, from the current level of approximately $7 billion. We believe that the previously announced strategic partnership with ING Canada gives IPC all the tools necessary to move aggressively into the next stages of its business plan.”
-IE Staff