Salomon IR 97 1 Q Page 6
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1997
1996
Revenue:
Intermediation and guarantee fees charged to affiliates
$27,767
$11,096
Interest Income
12,273
12,216
Management fees charged to affiliates
1,531
1,121
Total revenues
41,571
24,433
Interest expense
7,920
764
Revenues, net of interest expense
33,651
23,669
Expenses:
Management fees and sales commissions charged by affiliates
1,647
2,741
Compensation and employee-related expenses
1,549
1,198
Professional services
592
584
Technology
200
146
Occupancy
113
131
Other
340
212
Total expenses
4,441
5,012
Income before taxes
29,210
18,657
Income taxes
12,162
6,969
Net income
$17,048
$11,688
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
8
9
