Salomon IR 96 3 Q Page 6
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended Nine months ended
September 30, September 30,
1996
1995
1996
1995
Revenue:
Intermediation and guarantee fees charged to affiliates
$10,373
$ 9,696
$33,658
$23,122
Interest Income
6,800
7,688
25,874
23,111
Management fees charged to affiliates
1,107
1,107
3,407
3,180
Total revenues
18,280
18,491
62,939
49,413
Interest expense
2,318
1,347
5,198
3,892
Revenues, net of interest expense
15,962
17,144
57,741
45,521
Expenses:
Management fees and sales commissions charged by affiliates
1,757
2,838
6,529
8,249
Compensation and employee-related expenses
1,077
1,107
3,492
3,397
Professional services
606
612
1,824
1,787
Technology
205
137
491
402
Occupancy
127
122
387
368
Other
211
251
693
487
Total expenses
3,983
5,067
13,416
14,690
Income before taxes
11,979
12,077
44,325
30,831
Income taxes
4,221
3,905
16,001
9,792
Net income
$ 7,758
$ 8,172
$28,324
$21,039
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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