Rockwater Capital Corp. on Tuesday reported a reduced loss for the second quarter ended June 30.

Rockwater serves individual, corporate and institutional clients through its full service investment dealer subsidiary First Associates Investments Inc.

The loss for quarter was $1.8 million, or 1¢ per share, compared with a loss of a loss of $2.9 million, or 3¢ per share million in the first quarter of 2003.

Results for the first and second quarter of 2002 are not considered comparable to previous years’ results as they represent activities prior to Rockwater’s change in strategic direction in the summer of 2002.

Revenue for the second quarter was $24.2 million compared with $20.9 million in the first quarter of 2003.

The firm. is well on its way to meeting its growth targets for 2003.

“We continue to make significant progress toward our objectives,” said Robert Schultz, chairman of Rockwater. “With our revenues now annualizing at over $96 million — a 16% increase over the first quarter, we are well on our way to reaching our goal of $100 million in annualized revenues by year’s end.”

“Our wealth management business also improved its top line results with revenues increasing by 11% over the first quarter to $19.7 million,” said Bill Packham, president & CEO.