(February 16 – 17:00 ET) – Montrusco Bolton Inc. is reporting its annual results, including the effect of the acquisition as of February 12, 1999 of Bolton Tremblay Inc.
Net earnings were $1,676,973, an increase of 37.4% for the quarter ended December 31, 1999 compared to $1,220,270 for the same period in 1998. Fully diluted earnings per share for the quarter decreased to $0.24 from $0.26, down 7.7% from the fourth quarter of the previous year. Net earnings for the year ended December 31,1999 increased 41.2% to $6,232,239, compared to $4,415,046 for 1998. Fully diluted earnings per share
for the year declined 3.2% to $0.92 from $0.95.
Revenue increased 39.6% to $7,510,043 for the quarter compared to $5,381,096 for the same period last year. Revenue for the year increased 27.4% to $29,278,879 compared to $22,978,783 for last year. Institutional revenue increased 27.3%, endowment fund revenue increased over 300% and private client revenue increased 35.3%, while mutual fund revenue declined 14.8%, all as compared to last year. The very large increase in endowment revenue is due to the much greater importance of this business to Bolton Tremblay Inc. than had been the case for Montrusco.
Assets under management increased 51.7% to $10.1 billion as at December 31, 1999 from $6.6 billion at the end of last year. Institutional assets under management increased 63.6%, endowment fund assets over 200%, private client assets by 41.3% and mutual fund assets by 8.2%. The acquisition of Bolton Tremblay Inc. and the substantial increase in the value of equities generally in 1999 were largely responsible for the increases, along with new business gained in the endowment fund and private client areas in particular.
However, that due to a decline in mutual fund assets under management late in 1998, average mutual fund assets under management actually declined about 20%
in 1999 from the 1998 level.
-IE Staff