Salomon IR 97 3 Q Page 5
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended
Nine months ended
September 30,
September 30,
1997
1996
1997
1996
Revenue:
Intermediation and guarantee fees charged to affiliates
$18,759
$10,373
$61,801
$33,658
Interest Income
10,871
6,800
33,176
25,874
Management fees charged to affiliates
1,383
1,107
4,206
3,407
Total revenues
31,013
18,280
99,183
62,939
Interest expense
6,372
2,318
20,525
5,198
Revenues, net of interest expense
24,641
15,962
78,658
57,741
Expenses:
Management fees and sales commissions charged by affiliates
1,876
1,757
5,346
6,529
Compensation and employee-related expenses
1,431
1,077
4,242
3,492
Professional services
709
606
1,886
1,824
Technology
160
205
555
491
Occupancy
89
127
315
387
Other
324
211
1,000
693
Total expenses
4,589
3,983
13,344
13,416
Income before taxes
20,052
11,979
65,314
44,325
Income taxes
8,288
4,221
26,990
16,001
Net income
$11,764
$ 7,758
$38,324
$28,324
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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