Olympia Financial Group Inc.

Olympia Financial Group Inc.

February 25, 2015 19:52 ET

Olympia Financial Group Inc. Announces Year-End Results

CALGARY, ALBERTA--(Marketwired - Feb. 25, 2015) - Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the year ending December 31, 2014.

The audited 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 year ending December 31, 2014 include the following (compared to the year ending December 31, 2013):

  • Total revenue, including interest earned as trustee and interest, increased 4% to $36.83 million from $35.28 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 18% to $5.5 million from $4.67 million as a result of an increase in off-balance sheet arrangements under administration.
  • Direct and administrative expenses (excluding depreciation and amortization) increased 9% to $29.90 million from $27.44 million, due to an increase in expenses such as rent, salaries and bonuses and the adverse tax court ruling which resulted in an impairment of a previously recorded tax recoverable asset (the net write off being $1.06 million).
  • Earnings before income tax decreased 15% to $5.99 million from $7.07 million, primarily as a result of the above-mentioned adverse tax court ruling which reduced earnings by $1.06 million.

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
    (403) 265-1455 (FAX)

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