Olympia Financial Group Inc.

Olympia Financial Group Inc.

August 11, 2015 20:19 ET

Olympia Financial Group Inc. Announces Second Quarter Results

CALGARY, ALBERTA--(Marketwired - Aug. 11, 2015) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the period ending June 30, 2015.

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

Results from Continuing Operations for the three months ending June 30, 2015 include the following (compared to the three months ending June 30, 2014):

  • Total revenue, including interest earned as trustee and interest, increased 15% to $10.59 million from $9.24 million due to an increase in both service and interest revenue.
  • Interest earned as trustee on monies held in trust and interest on Olympia's own cash increased 6% to $1.50 million from $1.41 million as a result of an increase in off-balance sheet arrangements under administration.
  • Direct and administrative expenses (excluding depreciation and amortization) increased 22% to $8.89 million from $7.27 million, due to an increase in salary, bonus, commission expenses and start-up costs incurred by Olympia ATM Inc.
  • Earnings before income tax decreased 6% to $1.57 million from $1.67 million, primarily as a result of increased expenses and Olympia ATM Inc. start-up costs.

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. and operates an ATM business through its wholly-owned subsidiary Olympia ATM 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
    Gerhard Barnard, Vice-President, Finance
    and Chief Financial Officer
    (403) 265-1455 (FAX)
    (403) 261-0900