Salomon IR 96 1 Q Page 6
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1996
1995
Revenue:
Interest Income
$12,216
$6,617
Intermediation and guarantee fees charged to affiliates
11,096
6,665
Management fees charged to affiliates
1,121
1,000
Total revenues
24,433
14,282
Interest expense
764
1,774
Revenues, net of interest expense
23,669
12,508
Expenses:
Management fees and sales commissions charged by affiliates
2,741
2,869
Compensation and employee-related expenses
1,198
1,039
Professional services
584
616
Technology
146
169
Occupancy
131
132
Other
212
113
Total expenses
5,012
4,938
Income before taxes
18,657
7,570
Income taxes
6,969
2,447
Net income
$11,688
$5,123
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this
statement.
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