IPC Financial Network Inc. is reporting a net loss on increased revenues for the year ended August 31 as a result of acquisitions and the expansion of existing businesses.

The net loss for the year was $12.1 million or 20¢ per share compared to a loss of $9.7 million or 19¢ per share last year. Included in the loss is $11.2 million (2001 – $8.2 million) of amortization. Amortization increased in fiscal 2002 as a result of the impact of prior acquisitions completed by the company.

Also contributing to the higher loss in fiscal 2002 was an increase in interest and financing costs to $1.3 million from $700,000 last year to support the company’s business plan.

Revenues for 2002 were $88.1 million, up from $13.6 million from fiscal 2001.

IPC Insurance Strategies Inc., the company’s insurance business, acquired Albanese Financial Group Inc., a life and disability insurance brokerage based in Ontario. Counsel Wealth Management, IPC’s mutual fund business, launched its “Portfolio Series” of mutual funds and IPC Save Inc., the Company’s banking business, launched “IPC Travel Rewards Platinum MasterCard” and “IPC Mortgage Brokerage Services”.

Operating expenses for the year were $28.7 million, an increase from $21 million in fiscal 2001. The jump in operating expenses was a result of prior acquisitions and integration activities.