Rice Capital Management Plus Inc. has reported financial results for the first quarter and three months ended March 31, 2001.

Gross revenue for the first quarter totalled $ 6.1 million compared to $6.0 million for the same period in 2000. Operating income totalled $ 672,000 for the three months ended March 31, 2001 compared to $1,248,000 for the same period in 2000. Earnings before interest, taxes, depreciation and amortization was $382,000 in 2001 compared to $847,000 in 2000.

The corporate and development expenses, which include strategic research, corporate and development personnel, technology development and related overhead costs and the costs of new market analysis of potential acquisitions, for the three months ended March 31, 2001, totalled $284,000 a decrease of 29% from the $401,000 incurred for the same period last year. The corporate and development expenses are charged to operations during the year in which they are incurred and are not deferred to subsequent periods.

The net income for the three months ended March 31, 2001 amounted to $41,000 after deducting amortization of goodwill of $112,000 compared to the net income of $369,000 for 2000 after amortization of goodwill of $83,000. Net earnings per common share, on a fully diluted basis, amounted to .1 cents per common share for 2001 compared to 1.4 cents per common share for 2000.

“We have no plans for major acquisitions this year and will concentrate on maximising the growth of investment assets and new sales products through the acquisitions of 2000. We will also increase distribution outlets by attracting more like-minded financial practitioners to the appropriate platform of our five distribution models with a favorable contribution to our bottom line,” says Rice Capital president and Chief Executive Officer, Thomas J. Rice.

“We are firmly committed to the principle that sound regulation is in the consumers best interest. The Mutual Fund Dealers Association is a new self regulatory organisation approved by the provincial securities commissions. Rice Capital’s subsidiary companies; Rice Financial Group Inc. and Independent Wealth Advantage have completed and filed the application to meet the rigorous requirements of this new body,” says Rice.

“The deferred revenues on assets placed in short term investments during the first quarter should have a positive impact on the companies’ operations during subsequent periods. We have put into place several well thought out strategies for the clients of our subsidiary companies so they can move comfortably from short term to longer term investment strategies. We look forward to the positive results this will have for our company.”