Pursuant to the Stock Purchase Agreement and plan of Reorganization dated March 9, 2000 by and among the company and the Class A stockholders of AISCO, the company issued 818,090 shares of its common stock to the former Class A stockholders of AISCO in exchange for all of the outstanding Class A stock of AISCO.
The operations of AISCO since the date of its acquisition by the company are included in the company's condensed consolidated financial statements contained in this report.
The increase in revenues is directly attributable to the company's acquisition of AISCO in March 2000 and Cornerstone Capital Management in June 1999.
Total commissions, compensation and benefits for AISCO for the three months ended June 30, 2000 was approximately $5.
The increases in these expenses were primarily due to the company's acquisition of AISCO.
Without giving effect to the AISCO acquisition, the company's net loss would have been approximately ($1,060,000) for the quarter ended June 30, 2000 as compared with net income of $477,000 for the same period a year ago.
Symbol Change: The quarterly filing was delayed due to integration of accounting systems and consolidation of financial results between the parent company headquarters in Irvine and its latest major acquisition of AISCO Holdings Ltd.
Without giving effect to the AISCO acquisition, the company's commissions, compensation and benefits would have been approximately $1 million for the three months ended June 30, 2000 as compared with $1,130,000 for the three months ended June 30, 1999, representing a decrease of approximately 12%.
The increases in this expense were primarily attributable to the AISCO acquisition and the rise in compensation to the company's traders and brokers as a result of the increase in net trading revenue in terms of overall ticket and share volume.