Mr. Rick Skauge reports
OLYMPIA FINANCIAL GROUP INC. ANNOUNCES YEAR-END RESULTS AND CHANGES TO ITS BOARD OF DIRECTORS
Olympia Financial Group Inc. is releasing its operating and financial results for the year ending Dec. 31, 2016.
The audited financial statements and notes, as well as management's discussion and analysis (MD&A), are now available on SEDAR.
Results from operations for the year ending Dec. 31, 2016, include the following (compared with operations for the year ending Dec. 31, 2015):
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Total revenue, including interest earned as trustee and interest, increased 1 per cent to $41.29-million, from $40.86-million due to an increase in interest revenue earned. This increase was partially offset by a decrease in service revenue.
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Service revenue decreased 1 per cent to $34.7-million from $35-million due to a decrease in trade volume in the foreign exchange division.
- Interest revenue on money held in trust and interest on Olympia's own cash increased 13 per cent to $6.6-million from $5.86-million as a result of an increase in off-balance-sheet arrangements under administration.
- Direct and administrative expenses (excluding depreciation and amortization) remain similar at $33.97-million.
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Other gains, net, increased more than 100 per cent to $1-million from $320,000, mainly due to Olympia recording a $1.24-million unrealized forward contract gain, arising from the increase in transaction sizes, compared with a $180,000 unrealized forward contract gain in the prior year.
- Earnings before income tax increased 12 per cent to $6.93-million from $6.18-million.
Olympia also announces that Alan Rice has resigned as a director of Olympia Financial Group and Olympia Trust Company. Olympia would like to thank Mr. Rice for his service.
Finally, Olympia is pleased to announce the appointment of Diana Wolfe to its board of directors. Mrs. Wolfe is the president of RDMS Group Inc., a finance and accounting consulting firm. Mrs. Wolfe is a chartered professional accountant. She obtained an honours in business administration degree in 1998 from the Richard Ivey School of Business. Prior to forming RDMS Group, Mrs. Wolfe gained valuable experience with both large and small public and private companies in a variety of industries from oil and gas exploration and production to oil field services, agriculture, technology and others. She has extensive experience in financial reporting, strategic planning, governance and compliance, acquisitions due diligence and integration, and ERP implementations. She has also served as the director and chair of the audit committee for Eyelogic Systems Inc.
About Olympia Financial Group Inc.
Olympia Financial 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 Financial also offers private health services plans through its wholly owned subsidiary, Olympia Benefits Inc., operates an ATM (automated banking machine) business through its wholly owned subsidiary, Olympia ATM Inc., and provides information technology services to the exempt market dealers, registrants and issuers through its subsidiary, Exempt Edge Inc.
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