CALGARY, Alberta, Nov. 08, 2018 (GLOBE NEWSWIRE) — Olympia Financial Group Inc. (“Olympia”) (TSX: OLY) announced today its operating and financial results for the three months ended September 30, 2018.
The unaudited condensed interim financial statements and notes, as well as management’s discussion and analysis, are now available on SEDAR (www.sedar.com).
As a result of the sale of the ATM division, Olympia has presented the ATM division as “Discontinued Operations,” and the remaining operations as “Continuing Operations.” Unless otherwise indicated, net earnings and comprehensive income, and other financial information reflect the results of our Continuing Operations for all periods presented.
Results from Continuing Operations, include the following (compared to the three months ended September 30, 2017):
- Earnings before income tax increased 25% to $3.02 million from $2.42 million.
- Total revenue, including interest earned as trustee and interest, increased 24% to $12.41 million from $9.97 million. The increase is due to an increase in service revenue in the Foreign Exchange division and Private Health Services Plan division and interest earned as trustee in the Registered Plans division.
- Service revenue increased 22% to $9.45 million from $7.77 million due to an increase in spot trade volume and transaction sizes in the Foreign Exchange division, while the increase in the Private Health Services Plan division is mainly due to an increase in health claims submitted by customers.
- Interest revenue on monies held in trust and interest on Olympia’s own cash increased 34% to $2.96 million from $2.21 million due to increases in the Canadian prime rate.
- Direct and administrative expenses (excluding depreciation and amortization), increased 14% to $8.40 million from $7.36 million mainly due to an increase in bonuses and commissions paid.
About Olympia Financial Group Inc.
Olympia 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. Olympia also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc., and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary Exempt Edge Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY.”
For further information, please contact:
Olympia Financial Group Inc.
Rick Skauge, President and Chief Executive Officer
Gerhard Barnard, Vice-President, Finance and Chief Financial Officer
Phone: (403) 261-0900
Fax: (403) 265-1455