IPC Financial Network Inc. today reported its first Q1 profit in more than three years.

The wealth management firm says net earnings of $0.2 million for the three months ended Nov. 30, 2003 are $1.2 million better than those for the comparable quarter last year.

Assets under administration at Nov. 30, 2003 were $6.7 billion compared to $6.4 billion on Nov. 30, 2002.

IPC says all of its operations are contributed to the positive results.

Improving equity markets, growing investor confidence and new product initiatives have boosted revenues to $23.1 million, an increase of $2.7 million compared to the same quarter of fiscal 2003.

Operating expenses of $5 million for the first quarter of fiscal 2004 declined by $0.8 million from the same period last year as the Company realized savings from its recent restructuring..

“Management is very pleased with our results”, says Steve Meehan, CEO of IPC. “The effects of our restructuring are being felt in a manner greater than we expected and our first quarter results are perhaps the strongest we have ever had.”