CALGARY, ALBERTA--(Marketwired - Feb. 27, 2014) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the year ending December 31, 2013.
The audited financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR (www.sedar.com).
Highlights for the year ending December 31, 2013 include the following:
Results from Continuing Operations
When compared to the year ending December 31, 2012:
- Total revenue, including interest earned as trustee and interest, increased 15%
to $35.28 million from $30.65 million.
- Interest earned as trustee on monies held in trust and interest on Olympia's own cash increased 24% to $4.67 million from $3.78 million.
- Direct and administrative expenses (excluding depreciation and amortization) increased 13% to $27.44 million from $24.26 million.
- Earnings before income tax increased 25% to $7.07 million from $5.66 million.
Results from Discontinued Operations
- On December 12, 2013, Olympia announced that it had completed the sale of its Corporate and Shareholder Services ("CSS") division for $43 million plus applicable taxes, subject to certain post-closing adjustments. As such the results of the CSS division are now considered discontinued operations.
- Net earnings and comprehensive income from discontinued operations increased significantly to $31.30 million from $1.62 million when compared to the year ended December 31, 2012. The increase is attributable to the gain on sale of the CSS division.
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".