Salomon IR 97 2 Q Page 6
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended June 30, Six months ended June 30,
1997
1996
1997
1996
Revenue:
Intermediation and guarantee fees charged to affiliates
$15,275
$12,189
$43,042
$23,285
Interest Income
10,032
6,858
22,305
19,074
Management fees charged to affiliates
1,292
1,179
2,823
2,300
Total revenues
26,599
20,226
68,170
44,659
Interest expense
6,233
2,116
14,153
2,880
Revenues, net of interest expense
20,366
18,110
54,017
41,779
Expenses:
Management fees and sales commissions charged by affiliates
1,823
2,032
3,470
4,772
Compensation and employee-related expenses
1,262
1,218
2,811
2,415
Professional services
585
633
1,177
1,218
Technology
195
140
395
286
Occupancy
113
129
226
260
Other
336
269
676
482
Total expenses
4,314
4,421
8,755
9,433
Income before taxes
16,052
13,689
45,262
32,346
Income taxes
6,540
4,811
18,702
11,780
Net income
$ 9,512
$ 8,878
$26,560
$20,566
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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