Olympic Cascade Financial Corporation Reports 77% Increase in First Quarter Revenues
CHICAGO--(BUSINESS WIRE)--Feb. 9, 2000--
NSCdirect plans to commence online trading during the current
quarter
Olympic Cascade Financial Corporation (Nasdaq: NATS and CHX:OLY)
reported today that for the company's first fiscal quarter ended
December 31, 1999, the company had net income of $405,000, or income
of $0.23 per share, on revenues of $14.5 million, compared to a net
loss of ($261,000), or a loss of ($0.18) per share, on revenues of
$8.2 million for the first fiscal quarter ended December 31, 1998.
Diluted shares outstanding were 1,778,455 and 1,463,007 for the 2000
and 1999 fiscal quarters, respectively.
Steven A. Rothstein, Chairman, President and Chief Executive
Officer of the company stated that, "We are very pleased with the
level of profits realized in the current quarter, which exceeded our
total net income for all of fiscal year 1999. Revenues for the quarter
were up 77% from the prior year's first quarter, while total expense
increased only 67%. A continuation of this trend will obviously
translate into very positive results for fiscal year 2000."
Olympic also announced that National Securities Corporation, a
wholly owned subsidiary, expects to implement NSCdirect
(www.nscdirect.com), which will provide online investing services for
its customers on the Internet, during the current calendar quarter.
NSCdirect is currently engaged in testing this new trading system, and
formulating the necessary customer service infrastructure.
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 statement, whether as a result of new information,
future events or otherwise.
OLYMPIC CASCADE FINANCIAL CORPORATION
CONSOLIDATED
First Quarter Ended December 31,
1999 1998
Revenues $14,471,000 $8,161,000
Net Income (Loss) After Tax $405,000 ($261,000)
Earnings (Loss) Per Share: Diluted $0.23 ($0.18)
Weighted Average Number of
Shares Outstanding: Diluted 1,778,455 1,463,007
CONTACT:
Robert H. Daskal
Chief Financial Officer
312-751-8833
or
Beverly Jedynak
Martin E. Janis & Co.
312-943-1100 |
