(November 17 – 19:30 ET) – Rice Capital Management Plus Inc. is reporting a net loss for the third quarter ended September 30.

The firm lost $371,000 in the quarter, down from a net loss of $68,000 for the same period in 1999. For the first nine months of the year, its net loss after taxes totals $205,000, an increase of $94,000 over 1999. Before taxes and goodwill amortization, it earned $270,000 in the first nine months, compared to a loss of $167,000 for the period in 1999.

Gross revenue for the third quarter reached $4.4 million, bringing the year to date total to $15 million, an increase of $6.2 million from the same period in 1999. Operating income before corporate and development expenses more than doubled from the third quarter of 1999, but development expenses are up 40% year over year. Assets under administration at September 30, 2000 totalled $3.2 billion, an increase of 78% from a year ago.

Rice Capital chairman and CEO Tom Rice said, Rice Financial Group’s earnings continue to grow, and they are being used to fund infrastructure development to expand into wholesaling financial services through Independent Wealth Advantage.

Rice says, “Independent financial planners, licensed insurance and mutual fund sales people are all being forced to look at new affiliations in order to be able to continue to offer service to their clients. Rice Capital’s Independent Wealth Advantage has a strong infrastructure in place and is firmly positioned to capitalize on the opportunities presented by these industry changes.”

Rice noted, “We have recognized and expensed for the first nine months over $550,000 spent to integrate, to perform internal and institutional audits and bring the new acquisitions into the corporate culture. The full positive impact of the company’s recent acquisitions, new associates and corporate development should be fully recognized during 2001.”
– IE Staff