(April 26 – 11:30 ET) – Montrusco Bolton Inc. is reporting its results for the first quarter of 2000. Revenue increased 33% to $8.8 million for the first quarter compared to $6.6 million for the same period in 1999.

The growth in revenue by business segment for the first quarter of 2000 compared to the first quarter of 1999 is as follows: institutional revenue increased 15%; endowment fund revenue rose 69% largely as a result of the acquisition of Bolton Tremblay Inc.’s expertise and book of business; mutual fund revenue was up 71% due to the performance revenue of certain mutual funds; and finally, private client revenue grew by 25%.

During the first quarter, the company recorded net earnings of $1.5 million or $0.22 per share, compared to $1.4 million or $0.24 per share in 1999. Earnings before interest, taxes, depreciation and amortization totalled $3.5 million, up 26% from $2.8 million in the first quarter of 1999.

Administrative and general expenses were $5.3 million for the quarter ended March 31, 2000 compared to $3.8 million for the same period in 1999. In addition to the fact that Bolton Tremblay’s operating expenses for the period preceding the acquisition are not included in 1999, the company made substantial investments to develop sales and marketing activities for its new family of mutual funds sold to the general public, which contributed to the increase in expenses.

Assets under management increased 3% to $10.3 billion as at March 31, 2000 from $10 billion as at March 31, 1999. The past quarter was characterized by a general increase in financial markets despite substantial volatility on international equity markets.

The Board of Directors declared a quarterly cash dividend of 21¢ per common share payable on May 17, 2000.
-IE Staff