IPC Financial Network Inc. has reported revenues for its third quarter ending May 31, 2001 of $20.3 million compared to $14.4 million in the third quarter of fiscal 2000. For the nine months ended May 31, 2001, IPC had revenues of $56.4 million compared to $32.8 million in the same period last year.

IPC had a loss in third quarter of $2.2 million compared to a loss of $1.3 million in the third quarter of fiscal 2000. Contributing to the loss in the third quarter was amortization expenses of $2.3 million compared to $1.1 million in the same quarter of fiscal 2000. The Company incurred a loss for the nine months ended May 31, 2001 of $6.3 million compared to a loss of $2.5 million in the same period last year. Shareholders’ Equity at May 31, 2001 of $77.7 million compared to $41.6 million at May 31, 2000.

“While volatile equity markets continue to have a negative impact on the Company’s revenues, management continues to take steps to mitigate the market’s impact by controlling expenses of its business and creating synergies within the organization,” says Steve Meehan, CEO.

“IPC’s integration plan will create necessary savings for the Company to manage through these volatile markets. Although these markets have affected the Company’s overall results, IPC is seeing strong growth in its insurance and estate division,” says Meehan. ” In Q3 there were approximately 390 advisors placing insurance business through IPC compared to only 55 advisors in Q3 of fiscal 2000. Counsel Wealth Management continues to show strong growth as assets increased 173% since Q3 of fiscal 2000. While Counsel is ranked as the 41st largest fund company according to The Investment Funds Institute of Canada, it’s rolling 12 month net sales figure ranks it in 23rd position. For the month of May 2001, Counsel’s net sales ranked 13th overall”.

The Company, through its relationship with ING Canada is well positioned to capitalize on opportunities being created as a result of these volatile times, says Meehan.