Olympia Announces First Quarter Results
CALGARY, May 30, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY) today announced its operating and financial results for the period ended March 31, 2012.
The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR (www.sedar.com).
Notables for the period ended March 31, 2012 include the following:
- total revenue increased 10%, to $10.40 million from $9.49 million, compared to the same quarter of the previous year;
- earnings from operations (before income tax) decreased 12%, to $1.84 million from $2.09 million, compared to the same quarter of the previous year;
- earnings before income tax decreased 19%, to $1.70 million from $2.10 million, compared to the same quarter of the previous year; and
- total interest increased 6%, to $0.99 million from $0.93 million, compared to the same quarter of the previous year.
Olympia was the victim of a bad cheque passing scheme during late 2011 and early 2012. In its 2011 financial year, Olympia wrote off $0.77 million for impaired cheques received towards the end of the year. The net effect of this loss to shareholders for 2011 was estimated at $0.38 million after considering tax and employee commission reductions. Olympia wrote off the balance of $0.70 million in the first quarter of 2012 for impaired cheques received early in January, with an estimated net effect to shareholders of $0.34 million.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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