SEAMARK Asset Management Ltd. of Halifax is reporting improved profits for the first quarter ending March 31.

Earnings for the first quarter of 2002 were a record 22¢ per share (diluted), an increase of 57% over the same period in 2001.

Since going public in 2001, SEAMARK has generated record earnings in each successive quarter, extending an eleven-year history of continuous earnings growth that began as a private company.

The earnings increase was primarily the result of positive top-line growth, with revenues reaching $5.59 million for the quarter, compared to $3.3 million for the first quarter of 2001.

The revenue growth is due to growth in assets under management. As of March 31, 2002, SEAMARK’s assets under management stood at $8.73 billion, up from $7.58 billion as at Dec. 31, 2001 and $5.62 billion as at Mar. 31, 2001.

The company’s board of directors announced a quarterly dividend of 17¢ per share.