Olympia Financial Group Inc.

Olympia Financial Group Inc.

November 12, 2015 19:29 ET

Olympia Financial Group Inc. Announces Third Quarter Results

CALGARY, ALBERTA--(Marketwired - Nov. 12, 2015) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the period ending September 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 September 30, 2015 include the following (compared to the three months ending September 30, 2014):

  • Total revenue increased 19% to $10.68 million from $8.97 million, due to an increase in both service and interest revenue earned as well as revenue of $0.92 million from the ATM division.
  • Interest earned as trustee on monies held in trust and interest on Olympia's own cash increased 9% to $1.51 million from $1.38 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 $8.58 million from $7.03 million, due to an increase in salary, bonus, commission expenses and ATM start-up costs incurred of $0.39 million as well as surcharge and interchange rebates by Olympia ATM Inc. of $0.75 million.
  • Earnings before income tax decreased 4% to $1.60 million from $1.66 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
    (403) 261-0900

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