Canadian Underwriter

Vector works to boost capital

December 3, 2001   by Canadian Underwriter

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It is a case of good news versus bad news for Vector Intermediaries (CDNX: VTE) in the third quarter of 2001, with the broker consolidator posting a net loss of $1,462,081, or $0.10 per share. This is, however, somewhat better than last year’s third quarter, when the company lost $1,649,474, or $0.21 per share.
Despite the loss, the company says it is improving its results overall. Earnings were up significantly over 2000, and the company’s operating cash flow is growing. For the first nine months of 2001, net cash flow is positive, a turnaround from last year’s negative cash flow situation at this point.
During the quarter, the company sold its Ottawa operations, boosting its working capital position to $1.3 million, versus a negative position of $900,000 last year.
The company is predicting an increase in revenue as insurers continue to hike rates.

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