(August 17 – 10:00 ET) – Rice Capital Management Plus Inc. today reported its financial results for the second quarter and first half ended June 30.
Net loss for the three months ended June 30, totaled ($203,000), compared to a net loss of ($98,000) for the same period in 1999. During this period operating results were hit by lower mutual fund sales and the integration costs relating to the operations of Halmac and Giffords which were acquired in the first quarter.
Net income for the first six months totaled $166,000, up from the net loss of ($43,000) for the same period in 1999. Cash flow reached $791,000, up from the EBITDA loss of ($10,000) for the same period in 1999. Operating income before corporate and development expenses rose 191%. However expenses, including strategic research, corporate and development personnel, staff training and related overhead costs, the cost of analyzing potential acquisitions and the costs to develop new marketing areas, are up 53%. Assets under administration at June 30, totaled $3.27 billion, up 90% from 1999.
Rice Capital chairman and CEO Tom Rice said, “We are pleased with the growth in our revenue, operating income before corporate and development expenses, and our assets under administration. This can be attributed to the significant growth in our existing core business and the significant contributions made by the companies we acquired earlier in the year. In addition, we are now seeing the benefits of our past investment in both infrastructure and technology applications.”
-IE Staff