May 21, 2002 by Canadian Underwriter
Broker consolidator Vector Intermediaries Inc. (TSX Venture Exchange: VTE) is reporting a net loss of $4.04 million loss for 2001, only a slight improvement over a loss of $4.05 the year prior. This works out to a loss of $0.18 per share for the year ended December 31, 2001,versus the loss of $0.35 per share in 2000.
Consolidated revenues were down slightly to $12.11 million from $12.92 million year-on-year. Pre-tax earnings did improve, reaching a company record of $1.05 million, versus $408,103 in 2000.
“The 2001 results reflect a stable and improving situation at the operating level,” states a Vector press release.
The company also notes that this year’s net loss includes an additional $2 million write down of goodwill, compared to a $1 million write down in 2000.
“It is Vector’s objective for 2002 to simplify its capital structure, with the continued help and support of TD Capital and Ontario Teachers Pension Plan Board, who are both subordinated debenture holders and the largest shareholders in the company,” the release says.