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Thursday December 16, 8:02 am Eastern Time
Company Press Release
Olympic Cascade Financial Corporation
Reports Fiscal 1999 Year-End Financial
Results
CHICAGO--(BUSINESS WIRE)--Dec. 16, 1999--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
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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