Jovian Capital Corp. today reported lower earnings for the fourth quarter and year ended March 31.

Jovian reported earnings for the year of $2 million after incurring a fourth quarter net loss of $0.3 million. This compares to net earnings of $5.4 million and $5.3 million for the corresponding periods ended Mar. 31, 2006.

Revenue for the quarter and year ended March 31, 2007, was $30.8 million and $128.4 million, compared to $59.9 million and $131.8 million in the prior year.

The largest contribution to the decrease in revenue for the comparable three month period and for the year was found within investment dealer, MGI, and, in particular, its capital markets group.

Jovian reported earnings before interest, taxes, revaluation of share redemption liability, non-controlling interest, depreciation and amortization (EBITDA) of $12.9 million and $0.7 million for the twelve and three months ended Mar. 31, 2007, representing a fully-diluted EBITDA per share of $0.02 and $0.00, respectively, compared to $17.6 million and $11.2 million or $0.05 per share and $0.05 per share, respectively, for the previous year. This again reflects our weaker results from MGI, which had a record year in 2006.

“Jovian continues to grow in line with our strategy and meet our goals,” said Philip Armstrong, president and CEO of Jovian, in a news release. “Our asset management platform has seen significant growth over the last four years and, in our view, will help mitigate the volatile earnings of our wealth management platform in the future.

Total expenses for the three month period ended Mar. 31, 2007, was $31.1 million, compared to $54.6 million in the corresponding quarter of the prior year, representing a decrease of $23.5 million or 43%. Total expenses for the year ended Mar. 31, 2007, was $126.4 million, compared to $126.3 million for the year ended Mar. 31, 2006.

Selling, general and administration expense was $11.5 million for the three months and $39.5 million for the year ended Mar. 31, 2007, compared to $9.8 million and $28.3 million for the prior year. The $1.7 million or 17% and $11.2 million or 40% increase in the comparable periods represents the expansion occurring within the existing platforms, in addition to the impact of acquisitions completed during the course of the year.

Jovian is a management and holding company with interests in a variety of financial service firms specializing in wealth and asset management. The Jovian group of companies operates as a national financial services organization with approximately $14 billion of client assets ($5 billion in assets under management and $9 billion in assets under administration).