(November 23 – 16:00 ET) – Equisure Financial Network Inc. has announce third quarter 1999 results. For the period ending September 30, 1999, the Corporation says it has again set new record highs in revenue, net income, earnings, EBITDA, shareholders equity and assets.

In the first nine months of 1999, consolidated revenue before discontinued operations was up 30% to $43.2 million from $33.4 million in the same period of 1998, says Equisure in a prepared statement. Pre tax 1999 nine-month income before discontinued operations increased by 40% to $5.881 million from $4.196 million in the first nine months of 1998. Net income before discontinued operations also rose by 35% to $2.7 million from $2 million in the first nine months of 1998.

The Corporation’s assets exceeded $225.3 million at September 30, 1999, an increase of 51% over $148.9 million at September 30, 1998. Shareholders equity in the same period increased by 63% to $93.9 million from $57.4 million. During the first nine months of 1999, the Corporation experienced strong growth in all segments of its continuing operations.

EBITDA from continuing operations per share increased to $0.46 at September 30, 1999, from $0.40 at September 30, 1998. Earnings per share (EPS) from continuing operations for the nine months of 1999 increased by 30% to $0.13 from $0.10 in the same period of 1998. Earnings per share (EPS) including discontinued operations increased to $0.36 for nine months 1999 versus $0.15 for nine months 1998. During the first nine months of 1999, the average number of common shares outstanding increased by 27% to 20.9 million shares from 16.46 million in the comparable period of 1998.

Management is of the belief that current share trading values do not represent the true value of the corporation’s stock. Accordingly, during the first nine months of 1999 and pursuant to its normal course issuer bid, the Corporation repurchased from the market for cancellation 593,243 EFN common shares for an approximate expenditure of $3.6 million. The Corporation continues to be active in buying back its common stock.

On September 15, 1999, Equisure’s new full service securities firm, Equisure Securities Ltd., received its license to operate in Ontario and was admitted as a member of the Investment Dealer Association (IDA). Also on September 15, 1999, Equisure launched its new e-commerce site “moneyramp.com”, which will over the next year be developed into a major source for insurance and financial services over the Internet. Equisure’s new MasterCard credit cards will begin to be marketed to the Corporation’s clients beginning in December 1999.

-IE Staff

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