Huge improvement in earnings!
Olympic Cascade Financial Corporation Reports Fiscal 1999 Year-End
Financial Results
CHICAGO, Dec 16, 1999 (BUSINESS WIRE) -- Olympic Cascade Financial
Corporation (Nasdaq: NATS and CHX: OLY) reported today that for the
fiscal year ended September 24, 1999, the company had net income of
$118,000, or $0.08 per share, on revenues of $43.3 million, compared to
a net loss of ($4.7 million), or a loss of ($3.12) per share, on
revenues of $45.7 million for the fiscal year ended September 25, 1998.
Diluted shares outstanding were 1,563,499 and 1,496,634 for the 1999
and 1998 fiscal years, respectively.
For the fourth quarter ended September 24, 1999, Olympic Cascade
reported net income of $134,000, or $0.08 per share, on revenues of
$12.2 million, compared to a net loss of ($3.7 million), or a loss of
($2.46) per share, on revenues of $8.3 million for the fourth quarter
ended September 25, 1998. Diluted shares outstanding were 1,699,632 and
1,503,097 for the 1999 and 1998 fourth quarters, respectively.
The prior fiscal year and prior quarterly results included revenues of
$7.5 million and $0.4 million, respectively, attributable to two
subsidiaries that have been sold.
Steven A. Rothstein, Chairman, President and Chief Executive Officer of
the company, said, "We are extremely pleased to report a profit for
1999. These results represent a significant turnaround from the prior
year, and are attributable to the hard work of our employees and
brokers."
Rothstein added, "We do not, however, plan to rest on these results. We
will work to expand our business operations and continue our efforts to
further reduce overhead costs."
Olympic also announced that National Securities Corporation, a
wholly-owned subsidiary, now provides customers the ability to obtain
account information on the Internet. Additionally, the company expects
to implement NSCdirect, its online investing services for its customers
on the Internet, in the first calendar quarter of 2000.
Olympic Cascade Financial Corporation is a diversified financial
services organization consisting of Olympic Cascade and its
wholly-owned subsidiaries. These include National Securities
Corporation of Seattle, WA, a self-clearing national brokerage and
underwriting business, and WestAmerica Investment Group, of Scottsdale,
AZ, a retail brokerage business.
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements. This press release may contain
certain statements of a forward-looking nature relating to future
events or future business performance. Any such statements that refer
to the Company's estimated or anticipated future results or other
non-historical facts are forward-looking and reflect the Company's
current perspective of existing trends and information. These
statements involve risks and uncertainties that cannot be predicted or
quantified and, consequently, actual results may differ materially from
those expressed or implied by such forward-looking statements. Such
risks and uncertainties include, among others, risks and uncertainties
detailed in the Company's Registration Statement on Form S-3
(Registration No. 333-80247), filed with the Securities and Exchange
Commission on June 9, 1999, as amended, and the Company's other
Securities and Exchange Commission filings, including the Company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The
forward-looking statements speak only as of the date of this release.
The Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
OLYMPIC CASCADE FINANCIAL CORPORATION
(CONSOLIDATED)
Fiscal Year Ended
September 24, 1999 September 25, 1998
Revenues $ 43,330,000 $ 45,694,000
Net Income (Loss) After Tax $ 118,000 ($ 4,666,000)
Earnings (Loss) Per Share: Diluted $ 0.08 ($ 3.12)
Weighted Average Number of
Shares Outstanding: Diluted 1,563,499 1,496,634
Fourth Quarter Ended
September 24, 1999 September 25, 1998
Revenues $12,196,000 $ 8,275,000
Net Income (Loss) After Tax $ 134,000 ($3,685,000)
Earnings (Loss) Per Share: Diluted $ 0.08 ($ 2.46)
Weighted Average Number of
Shares Oustanding: Diluted 1,699,632 1,503,097
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Olympic Cascade Financial Corporation
Robert H. Daskal
Chief Financial Officer
312/751-8833
or
Martin E. Janis & Co.
Hal Schweig
312/943-1100
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