Anthony Clark Restates First-Half 2004 Results

Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was almost $900,000 less than the face value of that debt. It also reclassified portions of its results related to foreign currency translation, and net proceeds from a private placement of common shares, now classifying both as cash.

The net result is that the company is now reporting a net loss of $358,857, compared to the earlier reported loss of $331,673, for the first six months of 2004. This translates to a revised loss per share of $0.05, versus the earlier reported loss of $0.04 per share.