CALGARY, March 30, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY) today announced its operating and financial results for the year ended December 31, 2011.
The audited financial statements and notes, as well as management's discussion and analysis, are now available on SEDAR (www.sedar.com).
Notables for the year ended December 31, 2011 include the following:
- total revenue increased 8%, to $38.34 million from $35.53 million, compared to the previous year;
- earnings before income tax decreased 9%, to $7.36 million from $8.13 million, compared to the previous year;
- earnings from operations (before income tax and interest) decreased 38%, to $3.10 million from $4.96 million, compared to the previous year; and
- total interest increased 45%, to $4.22 million from $2.92 million, compared to the previous year.
Olympia was the victim of a bad cheque passing scheme during late 2011 and early 2012. Olympia wrote off $0.77 million for impaired cheques received as a result of this scheme during 2011. The net effect of this loss to shareholders for 2011 is estimated at $0.38 million after considering tax and employee commission reductions.
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.