(November 7 – 15:35 ET)- IPC Financial Network Inc. is reporting increased revenues for the year ended August 31. Revenues at the financial planning firm soared to $45.9 million from $18.2 million in fiscal 1999. The company say the substantial growth in revenues is due to the acquisition of MultiMutual Ltd., Henry Hicks & Associates, Britton Agencies Ltd., Avalon group of companies, and Sutherland group of companies.

Operating expenses increased to $11.1 million during the year, up from $3.9 million in fiscal 1999 as a result of the large growth in the company.

IPC incurred a loss of $4.1 million, or 11¢ a share, for the year compared to a loss of $1 million, or 5¢ a share, a year ago. Included in the loss in fiscal 2000 is $3.7 million of amortization compared. IPC says amortization increased during fiscal 2000 as a result of the company’s growth through acquisitions. Earnings before interest, taxes and amortization increased significantly to $200,00, or 1¢ a share, from last year’s loss before interest, taxes and amortization of $400,000, or 2¢ a share.

“We are extremely pleased with our results,” says Steve Meehan CEO. “This is only IPC’s second full year as a public company and we have already achieved positive EBITDA ahead of schedule. IPC is very well positioned to move into the next stage of its business plan, which includes the launching of products and services that will allow the financial planners to better serve their clients.”
-IE Staff