Jovian Capital Corp. today reported a smaller profit for the first quarter of fiscal 2006.

Net income for the three months ended June 30, was $18,000, down from $113,000 a year ago.

Total revenue for the first quarter was $19.6 million compared to $14.7 million for the three months ending June 30, 2004.

Jovian says the increase in revenue quarter-versus-quarter is due in part to the acquisition of Leon Frazer & Associates Inc. in July 2004, which resulted in its three-month inclusion to the fiscal 2006 financial results versus none in the year ago period.

Exclusive of Leon Frazer’s contribution to revenue, commission income for the quarter has increased 12%, while total revenues increased by 20% as Jovian has experienced growth across all platforms.

Total expenses for the three months ended June 30, 2005, were $19.6 million, compared with $14.6 million for the same quarter last year.

Compensation expense constitutes 63% of total expenses for the current quarter, versus 65% for the comparable quarter last year.

Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management.