During the first quarter ended June 30, the Alberta Securities Commission recorded net income of $64,000, down from $404,000 a year ago.

First quarter revenues fell by $169,000 compared to the prior period. But, expenses for the same period increased $171,000.

The regulator said that the revenue decrease is due to lower registration revenues because of the new National Registration system which was implemented April 1, 2003, and that accelerated the collection of registration fees during the first quarter of fiscal 2004. The decrease in registration fees was offset by an increase in prospectus filing, exempt distribution and financial statement fees, it said.

The ASC also said that higher first quarter expenses were due to increases in salary and benefits of $233,000, reflecting salary adjustments of 3.5% and two new staffers. The regulator’s premises and parking costs also went up. Offsetting this was lower costs for professional services and investment education.

Year-to-date revenues, including administrative penalty revenue of $35,000, exceeded the ASC’s budget by $148,000, while expenses are below budget by $350,000.