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Gold/Mining/Energy : Pacific Western Credit-PWC-Toronto -- Ignore unavailable to you. Want to Upgrade?

To: pavlov 1 who wrote (7)	5/1/1998 12:35:00 PM
From: crgreen	Read Replies (1) \| Respond to of 24

Hello pavlov 1: Thought you may be interested in this local article from the London Free Press, pg 1 of business section today. May 1, 1998 GOOD NEWS GETS BETTER AT PACIFIC & WESTERN By Shelley Lawson -- Free Press Business Reporter The good news keeps getting better for Pacific & Western Credit Corp., the president of the London-based trust company says. Economies of scale turned a 20-per-cent increase in assets into a 360-per-cent jump in first-quarter earnings before taxes. And with bank consolidation on the horizon, president and chief executive David Taylor sees more opportunities for the company to make money serving niche markets. "We see ourselves dining on the crumbs from the rich man's table and there are more crumbs now," he said. Net operating income for the three months ended March 31 more than doubled to $1.4 million from $585,000 in the same three months last year. Earnings before taxes were $907,000, up from $195,000 a year ago. EARNINGS PER SHARE DOUBLE Net earnings were $804,000. Because of reduction in the dividend rate on preferred shares, earnings per common share were two cents a share, more than double that achieved in the full year ended Dec. 31, 1997. Assets at March 31 were $230 million, up from $274 at the same date a year ago. Of the 20-per-cent increase in assets, three-quarters of it was for government risk assets. Pacific & Western raises money through the sale of guaranteed investment certificates in Saskatchewan and lends the money mainly to governments and to government-guaranteed infrastructure projects. Because of the inexpensive distribution system of GICs by independent brokers and a customized computer system that can handle a $1-billion portfolio at little or no additional cost, Taylor said an increase in operating income doesn't translate into a corresponding increase in non-interest expenses. As a result more money falls to the bottom line, he said. In addition, the company has no non-performing loans, Taylor said. Good luck CGreen