Sceptre Investment Counsel reported fourth quarter earnings were $1,230,000, compared with $1,581,000 for the same period last year.

Earnings for the 12 months ended November 30, were $5,655,000, compared with $7,068,000 for the 2001 comparable period. Revenue for the fourth quarter was $6,857,000 compared with $8,406,000 for the fourth quarter last year. Revenue for the 12 months was $31,806,000 compared with $37,429,000 for the 12 months of 2001.

The company, having considered its financial requirements, has declared a quarterly dividend of 20¢ per share. As previously reported this will be the last dividend paid at the 20¢ per quarter rate. The future policy will pay out a substantial portion of earnings as shareholder dividends.

For the quarter compensation costs declined by 23% as compared to the fourth quarter last year. For the year compensation costs declined by just over 20%. Expenses for the fourth quarter declined by 18% as compared to the fourth quarter last year and total expenses for the year fell by approximately 10%. Major expense item increases included the Putnam sub-advisory fees and its mutual fund joint venture. Additional cost reduction measures have recently been introduced including closing its institutional office in Vancouver.

Assets under administration dropped in the quarter as global markets experienced a dramatic decline in value. Over the course of the year its alliance and mutual fund businesses experienced modest outflows, however, the results of the private client area were quite disappointing. The institutional business, including the Putnam alliance accounts, was down in the quarter and declined marginally over the course of the full year.

“The investment business is experiencing a cyclical downturn” said William Malouin, CEO of Sceptre Investment Counsel. “Disillusionment with corporate ethics and unhappiness with low or negative returns are causing an outflow of funds from financial markets. This is a difficult period within which to operate. We believe, however, that this is temporary, that problems are being addressed and that we will soon return to a more normal environment.”