Olympia Financial Group Inc.

Olympia Financial Group Inc.

August 08, 2014 16:25 ET

Olympia Financial Group Inc. Announces Second Quarter Results

CALGARY, ALBERTA--(Marketwired - Aug. 8, 2014) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the three month period ended June 30, 2014.

The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR (www.sedar.com).

Highlights from Continuing Operations for the three month period ended June 30, 2014 include the following; when compared to the three months ended June 30, 2013:

  • Total revenue, including interest earned as trustee and interest, increased 6% to $9.24 million from $8.69 million;
  • Interest earned as trustee on monies held in trust and interest on Olympia's own cash increased 17% to $1.41 million from $1.21 million;
  • Direct and administrative expenses (excluding depreciation and amortization) increased 6% to $7.27 million from $6.89 million; and
  • Earnings before income tax decreased 3% to $1.67 million from $1.73 million.

Olympia advises that it will not be pursuing its prepaid card business and has requested a voluntary termination of its Mastercard issuer licence. As Olympia Trust is not federally regulated and given the fee restrictions imposed by provincial gift card legislation, it was determined that this business is not viable for Olympia at this time.

About Olympia Financial Group Inc.

Olympia Financial Group Inc. ("OFGI") conducts most of its operations through its wholly owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc.

OFGI's common shares are listed on the Toronto Stock Exchange under the symbol "OLY".

Contact Information

  • Olympia Financial Group Inc.
    Rick Skauge
    President and Chief Executive Officer
    (403) 261-0900
    (403) 265-1455 (FAX)

    Olympia Financial Group Inc.
    Gerhard Barnard
    Vice-President, Finance and Chief Financial Officer
    (403) 261-0900
    (403) 265-1455 (FAX)