The Alberta Securities Commission reports that it more or less broke even in the three months ended December 31.

During the quarter, the commission incurred a loss of $40,000; this compares to a net income of $370,000 for the comparable period a year ago.

For the nine months ended December 31, 2001, the commission earned net income of $1 million; this compares to a net income of $2.1 million for the comparable period a year ago. General increases in overall expenses account for the decrease in net income for the period.

Revenues, excluding administrative penalties, were $3.8 million and $11.9 million for the three and nine month periods respectively. This compares to $3.6 million and $11.3 million a year ago. The increases in revenue for the nine months are attributable generally to all categories of fees (prospectus, registration and annual financial statements) being greater than a year ago.

Other fees principally from applications for exemption continue to be less than applications for exemption for the same period a year ago. Investment income is less than the same nine month period a year ago due to lower interest rates and losses on the commission’s equity portfolio.

Expenses for the three and nine month periods were $3.8 million and $11.0 million respectively. This is up from $3.3 million and $9.5 million in the periods last year.

Revenues overall for the nine months were 0.6% below budgeted targets. It is anticipated revenues will achieve budgeted targets, with the exception of income from investments which will end its year below budget.

Commission expenses for the first nine months were below budgeted targets and it is anticipated that expenses for the year will be under budget given the current operations of the commission.