CALGARY, ALBERTA–(Marketwired – May 11, 2016) – Olympia Financial Group Inc. (TSX:OLY) today announced its operating and financial results for the period ending March 31, 2016.
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 Operations for the three months ending March 31, 2016, include the following (compared to the three months ending March 31, 2015):
- Total revenue, including interest earned as trustee and interest, increased 9% to $10.46 million from $9.61 million due to an increase in service and interest revenue earned and due to the ATM division being fully operational for the three months ended March 31, 2016, compared to being in the startup phase for the same period last year.
- Service revenue increased 8% to $8.94 million from $8.30 million, primarily due to the ATM division being fully operational for the three months ended March 31, 2016, compared to it being in the startup phase for the same period last year.
- Interest earned as trustee on monies held in trust and interest on Olympia’s own cash increased 15% to $1.52 million from $1.32 million as a result of an increase in off-balance sheet arrangements under administration.
- Direct and administrative expenses (excluding depreciation and amortization) increased 7% to $8.44 million from $7.90 million, largely as a result of an increase in expenses such as salaries, bonuses and due to the ATM division being fully operational for the three months ended March 31, 2016, compared to it being in the startup phase for the same period last year.
- Earnings before income tax increased 10% to $1.84 million from $1.67 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”.
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)