NATS earnings out and very nice too!
Wednesday May 10, 8:00 am Eastern Time
Company Press Release
Olympic Cascade Financial Corporation Reports Record Quarterly Revenues and Net Income
CHICAGO--(BUSINESS WIRE)--May 10, 2000--Olympic Cascade Financial Corporation (Nasdaq:NATS - news; CHX:OLY) reported record quarterly results for the company's second fiscal quarter ended March 31, 2000. For the quarter, the company had net income of $1,219,000, or earnings of $0.53 per share, on revenues of $21.0 million, compared to net income of $20,000, or earnings of $0.01 per share, on revenues of $10.4 million for the second fiscal quarter ended March 26, 1999. Diluted shares outstanding were 2,295,485 and 1,507,276 for the 2000 and 1999 fiscal quarters respectively.
Revenues and net income for the first six months also set records for the company. For the six months ended March 31, 2000, the company had net income of $1,624,000, or earnings of $0.81 per share, on revenues of $35.5 million, compared to a net loss of ($243,000), or a loss of ($0.16) per share, on revenues of $18.5 million for the six months ended March 26, 1999. Diluted shares outstanding were 1,995,589 and 1,482,992 for the 2000 and 1999 six month periods, respectively.
Steven A. Rothstein, chairman, president and chief executive officer of the company, stated, ``We are extremely pleased with the record levels of both revenue and profits that were achieved. Three and six month revenues were up 103% and 92%, respectively. These results were positively influenced by the very active and volatile market place, and also reflect the successful continuation of our efforts to expand our business operations and control overhead costs.''
Olympic also announced that National Securities Corporation, a wholly owned subsidiary, has implemented NSCdirect (www.nscdirect.com), and now provides online investing services for its customers on the Internet. Individuals and institutions that open accounts by May 31, 2000 can receive five free trades.
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, a self-clearing national brokerage and underwriting business, and WestAmerica Investment Group of Scottsdale, Ariz., 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.
(Chart Follows)
Olympic Cascade Financial Corporation
(Consolidated)
Second Quarter Ended
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March 31, 2000 March 26, 1999
Revenues $21,023,000 $10,355,000
Net Income After Tax $1,219,000 $20,000
Earnings Per Share: Diluted $0.53 $0.01
Weighted Average Number of
Shares Outstanding: Diluted 2,295,485 1,507,276
Six Months Ended
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March 31, 2000 March 26, 1999
Revenues $35,493,000 $18,514,000
Net Income (Loss) After Tax $1,624,000 ($243,000)
Earnings (Loss) Per Share: Diluted $0.81 ($0.16)
Weighted Average Number of
Shares Outstanding: Diluted 1,995,589 1,482,992
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Contact:
Olympic Cascade Financial Corporation, Chicago
Robert H. Daskal, 312/751-8833
or
Martin E. Janis & Co., Chicago
Hal Schweig, 312/943-1100 |
