Vector maintains recovery in Q-1

Broker network consolidator Vector Intermediaries (TSX: VTE) saw continued operating improvement in the first quarter of this year, with earnings before interest, taxes and amortization amounting to $165,462 versus the $148,272 posted for the first quarter of 2001.

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 made in the first quarter of 2001. This works out to a loss of 2 a share compared with the 4 a share shown a year prior. Vector also notes that its withdrawal from the Atlantic Canada markets as a result of selling brokerage operations should be finalized by the end of June this year.