Mavrix Fund Management Inc. today released unaudited financial results for the three months ended March 31, 2004.

Mavrix said earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter was of $82,000 compared with negative EBITDA of $2.1 million for the fiscal year ended 2003.

During the quarter, total assets under management and administration increased 38% to $477.4 million at March 31, 2004 from $345.4 million at year end.

Subsequent to quarter end, a final prospectus was filed on April 8, for the initial public offering of 5 million common shares. The offering closed April 19, resulting in estimated net proceeds to the corporation of $17 million.

Mavrix said the proceeds were partly used to restructure the balance sheet, as long-term debt was eliminated and replaced with equity. It added that the reduction in debt will have a significant impact on earnings in the future.

Also during April, despite the typical slowdown in mutual fund industry sales, Mavrix reported its best April results ever with gross sales of $23 million and net sales of $15 million. This included gross sales of $14 million and net sales of $6 million, for the Mavrix Mutual Funds.