Olympia Announces First Quarter Results
30 Mai 2012 - 11:00PM
PR Newswire (Canada)
CALGARY, May 30, 2012 /CNW/ - Olympia Financial Group Inc. today
announced its operating and financial results for the period ended
March 31, 2012. The unaudited condensed interim financial
statements and notes, as well as management's discussion and
analysis, are now available on SEDAR (www.sedar.com). Notables for
the period ended March 31, 2012 include the following: -- total
revenue increased 10%, to $10.40 million from $9.49 million,
compared to the same quarter of the previous year; -- earnings from
operations (before income tax) decreased 12%, to $1.84 million from
$2.09 million, compared to the same quarter of the previous year;
-- earnings before income tax decreased 19%, to $1.70 million from
$2.10 million, compared to the same quarter of the previous year;
and -- total interest increased 6%, to $0.99 million from $0.93
million, compared to the same quarter of the previous year. Olympia
was the victim of a bad cheque passing scheme during late 2011 and
early 2012. In its 2011 financial year, Olympia wrote off $0.77
million for impaired cheques received towards the end of the year.
The net effect of this loss to shareholders for 2011 was estimated
at $0.38 million after considering tax and employee commission
reductions. Olympia wrote off the balance of $0.70 million in the
first quarter of 2012 for impaired cheques received early in
January, with an estimated net effect to shareholders of $0.34
million. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Olympia Financial Group Inc.
CONTACT: Rick Skauge, President, at (403) 261-7501,e-mail
ricks@olympiatrust.com or visit thewebsite www.olympiatrust.com.
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