Salomon Annual R 96 Page 11
Salomon Swapco Inc
Statement of Income
Dollars in thousands
Year ended December 31,
1996
1995
Revenues:
Intermediation and guarantee fees charged to affiliates
$49,945
$36,558
Interest income
36,960
35,543
Management fees charged to affiliates
4,590
4,286
Total revenues
91,495
76,387
Interest expense
11,809
4,614
Revenues, net of interest expense
79,686
71,773
Expenses:
Management fees and sales commissions charged by affiliates
8,523
11,591
Compensation and employee-related expenses
4,619
4,659
Professional services
2,549
2,417
Technology
700
544
Occupancy
509
483
Other
1,100
603
Total expenses
18,000
20,297
Income before taxes
61,686
51,476
Income taxes
22,634
17,623
Net income
$39,052
$33,853
The accompanying Summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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