(March 9 – 14:45 ET) – The Alberta Securities Commission is reporting its financial results for the third quarter ended December 31, 1999. Net income for the quarter was $0.42 million. That’s less than the net income of $0.49 million for the same quarter a year ago.
Net income for the first nine months was $1.9 million, a decrease of 48.6% over the net income of $3.7 million for the same nine months a year ago. Revenue for the quarter increased to $3.4 million, an increase of 24.2% over the same quarter a year ago. For the nine months ended December 31, 1999, revenue was $10.0 million, a decrease of 2.6% from the same period a year ago.
Revenue from fees increased by 33.7% for the quarter. Fee revenue is derived from registrations, annual financial statements and prospectuses, including notice of proceeds and private placement revenue. The increase in fee revenue of 33.7% was derived from all categories of fees with the exception of fees from annual financial statements which declined by 9.9%. As a result, fee revenue for the nine months was .22% greater than fees for the same period a year ago.
Expenses increased 32.4% to 3.0 million for the quarter and 23.4% to $8.2 million for the nine months. Expenses for the nine months are within expectations given current ASC operations. At December 31, 1999, the ASC had assets of $20.2 million compared to $19.0 a year ago.
-IE Staff