The Alberta Securities Commission is reporting a loss for the third quarter ended Dec. 31, 2003.

The regulator says the net loss for its fiscal third quarter was $1,304,000, compared to a restated net loss of $947,000 in the same period a year ago.

Third quarter revenues fell by $871,000 compared to the prior period. The ASC says the drop was the result of registration revenue timing changes that are partially offset by increased investment income, additional fees and settlement receipts.

Overall, fees were down by $1.2 million, due to distribution revenue increases of $400,000 offset by registration revenues that dropped $1.6 million because a new National Registration system was implemented April 1, 2003. The new system changed the timing of registration renewal receipts. This revenue deferral reversed in January 2004 when annual registration renewal fees of approximately $4.2 million were collected. Investment income increased to $343,000, and it saw equity fund gains of $309,000.

Expenses for the same period fell by $514,000, as a result of lower staff salaries, one time Edmonton office close costs in the prior period and current period Canadian Securities Administrators cost recoveries. Salary and benefit decreases of $247,000 reflect prior one time adjustments for vacation pay of $146,000 and a year to date bonus accrual of $260,000 offset by current period salary adjustments of 3.4%, budgeted staff growth and vacancy timing differences.

Also, the year-prior period saw non recurring cost to close its Edmonton office of $251,000. Contract service expenses increased by $185,000 in the current quarter arising from increased enforcement and hearing related consultation, and travel costs fell $61,000 due to generally lower air fares and travel timing fluctuations.