Seamark Asset Management Ltd. is reporting improved earnings for the second ended June 30.

Net earnings for the second quarter were $1.7 million versus $1.1 million for the same period in 2000. Basic and fully diluted earnings per share were 17¢ for the second quarter of 2001 versus 11ç for the second quarter of 2000.

For the six months ended June 30, 2001 earnings were $3.2 million or 30¢ per share, versus $2.1 million or 20¢ per share, for the same period in 2000.

Despite volatile capital market conditions Seamark’s total assets under management grew to almost $6.2 billion as at June 30, 2001 compared to $5.6 billion as at March 31, 2001 and $4.6 billion as at June 30, 2000. This represents a percentage increase for the quarter and twelve months ended June 30, 2001 of 10% and 34% respectively. Much of the increase in assets is due to the continued growth in Seamark’s WRAP relationships and in the Clarington mutual funds that Seamark manages.

As at June 30, Seamark had $1.4 billion under management through its mutual fund relationships, the majority of which is through Clarington. This represents an increase in assets of $275 million for the current quarter and $526 million year to date.

Seamark had $1.3 billion under management in its Private Client & WRAP accounts as at June 30, 2001. All WRAP relationships exhibited strong growth for the quarter. WRAP account assets totalled $1.1 billion as at June 30, 2001, and increased from $885 million as at March 31, 2001 ($258 million increase), and $724 million as at December 31, 2000 ($419 million increase).

Institutional client assets under management remained basically unchanged for the quarter ended June 30, 2001 at $3.5 billion.

Total revenue for the quarter was $4.1 million as compared to $2.7 million for the quarter ended June 30, 2000, an increase of 54%. For the year to date, total revenue reached $7.4 million compared to $5 million for the six months ended June 30, 2000.