Canadian Underwriter

Vector Q1 results show continued improvement despite net loss

June 7, 2002   by Canadian Underwriter

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Broker consolidator Vector Intermediaries (TSX: VTE) is seeing continued operating improvement in the first quarter ending March 31, 2002. Earnings before interest, taxes and amortization were $165,462 versus $148,272 for the first quarter 2001.
The result is consistent earnings per share of $0.01 year-on-year. The company notes that despite much lower contingent commissions and the first quarter being a typically slow period, earnings exceeded interest expense for the first time in recent history.
Total revenue was $2.54 million for the quarter versus $2.77 million for the same period a year prior.
However, the company did record a net loss for the quarter of $215,462, but this was less than half the $571,060 loss in the first quarter 2001. This works out to a loss of $0.02 per share compared to $0.04 per share last year at the same time.
The company also notes that its exodus from Atlantic Canada through the sale of its operations there should be finalized by the end of the second quarter of this year.

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