Salomon IR 96 2 Q Page 6
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended June 30, Six months ended June
30,
1996
1995
1996
1995
Revenue:
Intermediation and guarantee fees charged to affiliates
$12,189
$ 6,760
$23,285
$13,425
Interest Income
6,858
8,810
19,074
15,427
Management fees charged to affiliates
1,179
1,073
2,300
2,073
Total revenues
20,226
16,643
44,659
30,925
Interest expense
2,116
772
2,880
2,546
Revenues, net of interest expense
18,110
15,871
41,779
28,379
Expenses:
Management fees and sales commissions charged by affiliates
2,032
2,542
4,772
5,411
Compensation and employee-related expenses
1,218
1,250
2,415
2,290
Professional services
633
560
1,218
1,175
Technology
140
96
286
265
Occupancy
129
114
260
246
Other
269
126
482
239
Total expenses
4,421
4,688
9,433
9,626
Income before taxes
13,689
11,183
32,346
18,753
Income taxes
4,811
3,440
11,780
5,887
Net income
$ 8,878
$ 7,743
$20,566
$12,866
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this
statement.
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