Salomon IR 98 1 Q Page 5
Salomon Swapco Inc
Statement of Income
(Unaudited)
Dollars in thousands
Quarter ended March 31,
1998
1997
Revenue:
Intermediation and guarantee fees charged to affiliates
$19,522
$27,767
Interest Income
11,161
12,273
Management fees charged to affiliates
1,472
1,531
Total revenues
32,155
41,571
Interest expense
5,824
7,920
Revenues, net of interest expense
26,331
33,651
Expenses:
Compensation and employee-related expenses
1,477
1,549
Management fees and sales commissions charged by affiliates
978
1,647
Professional services
763
592
Technology
155
200
Occupancy
110
113
Other
428
340
Total expenses
3,911
4,441
Income before taxes
22,420
29,210
Income taxes
9,350
12,162
Net income
$13,070
$17,048
The accompanying summary of Accounting Policies and Notes to Financial Statements are integral parts of this statement.
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