in net income for the first quarter of this year compared to the same quarter last year. For the quarter ended March 31, 2001 net income was $23.3 million, compared with $26.6 million for 2000.

This reads as $0.49 per share diluted and $0.53 per share basic, compared with the same period last year when they were respectively $0.59 and $0.64. The company will pay a dividend of $0.30 per common share on April 30, 2001 to shareholders of record as of April 26, 2001.

Cash earnings for the quarter were also down to $24.9 million, compared with $28.3 million in 2000. And revenues were down to $48.5 million from $55.5 million for the first quarter of 2000. However operating expenses decreased 12.9 percent for the period to $22.6 million.

Assets under management at the quarter end were $9.3 billion, a decline of 18.7 percent from $11.6 billion at March 31st 2000.

The company concentrates its investments in large, generally less cyclical, growing businesses. Annual growth in earning power behind client's portfolios has ranged from approximately 11 to 22 percent over the past 26 calendar years.

The weighted average growth rate in earnings behind clients' portfolios in 2000 was in excess of 20 percent. The company's research analysts anticipate further growth in portfolio earning power in the range of 12-13 percent for 2001 and in excess of 15 percent for the next few years.