(January 25 – 16:00 ET) – IPC Financial Network Inc. is reporting a loss of $1.0 million compared for the quarter ending November 30, 1999. That compares with a loss of $0.07 million in the first quarter of fiscal 1999.
Included in results for the first quarter of fiscal 2000 is amortization expense of $0.5 million as compared to $0.02 million in the same quarter of fiscal 1999.
During the first quarter of fiscal 2000, IPC completed acquisitions for the Multi Mutual group of companies, Henry Hicks group of companies and the Senior Associate Share Program for the planners in that company, the SASP in respect of Moneywatch Consultants, and Titan Investment Management Corporation. These acquisitions totalled to $20.7 million. Consideration given consisted of $1.5 million in cash, $0.6 million payable to vendors and $18.6 million in share capital.
Shareholders’ equity increased to $33.2 million in the first quarter of fiscal 2000 from $0.7 million a year earlier. This increase in equity was primarily the result of the use of the Company’s share capital in acquisitions of mutual fund dealerships and the equity investment by Almasa Capital Inc. and Lawrence & Co. These acquisitions enabled total assets to grow to $36.6 million in the first quarter of fiscal 2000 from $1.9 million at the end of the first quarter of fiscal 1999.
-IE Staff