Concord Holding Corp. has posted a loss in what is likely to be its last quarter as a publicly held company.
The New York-based company, the largest administrator and distributor of bank-managed mutual funds, reported a net operating loss of $265,000, or 3 cents per share, for the quarter ended Dec. 31.
This will be Concord's last public earnings report if the pending acquisition by the Bisys Group Inc., Little Falls, N.J., is completed, as expected, by the end of March, a company spokeswoman said. The deal, announced in December, is valued at $120 million.
Concord's loss stemmed from declining revenues and rising expenses.
Specifically, Concord's revenues in the quarter were $6.6 million, well below its revenues of $7.7 million in the same period in 1993. Concord reported that revenues were hurt by a decline in average assets administered and in retail sales.
Expenses rose to $7.1 million - $1.4 million more than in the year- earlier period - primarily because of $870,000 that was set aside to defend a shareholder suit filed in a California federal court.
Concord went public in an initial public offering in February of last year.