Message #3 From:
Stock News Bot Date: August 5, 2005 01:00:00 AM
OLYD News Olympic Cascade Financial Corporation Reports Results for Third Quarter Ended June 30, 2005
CHICAGO--(BUSINESS WIRE)--Aug. 5, 2005--Olympic Cascade Financial Corporation (OTCBB: OLYD) reported today that for the Company's third fiscal quarter ended June 30, 2005, the Company had net income of $111,000 on revenues of $10.0 million, compared to a net loss of $310,000 on revenues of $14.9 million for the third fiscal quarter ended June 30, 2004.
After providing for cumulative preferred dividends, the Company had basic and diluted net income per share attributable to common shareholders of $0.01, for the third fiscal quarter ended June 30, 2005, compared to a basic and diluted net loss per share attributable to common shareholders of ($0.11), for the third fiscal quarter ended June 30, 2004. Basic and diluted shares outstanding were 5,045,878 and 5,123,861, respectively, for the third fiscal quarter ended June 30, 2005, and basic and diluted shares outstanding were both 3,397,885, for the third fiscal quarter ended June 30, 2004.
For the nine months ended June 30, 2005, the Company had a net loss of ($211,000) on revenues of $35.3 million, compared to net income of $1,450,000 on revenues of $50.6 million for the nine months ended June 30, 2004.
After providing for cumulative preferred dividends, the Company had a basic and diluted net loss per share attributable to common shareholders of ($0.08) for the nine months ended June 30, 2005, compared to basic and diluted net income per share attributable to common shareholders of $0.37 and $0.24, respectively, for the nine months ended June 30, 2004. Basic and diluted shares outstanding were both 5,017,486, for the nine months ended June 30, 2005, and basic and diluted shares outstanding were 3,377,630 and 6,055,194, respectively, for the nine months ended June 30, 2004.
Mark Goldwasser, President and Chief Executive Officer, stated, "We continue to experience a weak securities market. Additionally our results reflect the disruption to our business from the change of our clearing firm that was successfully completed in June. We believe we are now well positioned to benefit when the markets start to improve."
As previously announced, Olympic Cascade and First Montauk Financial Corp. (OTCBB: FMFK) have entered into an amended definitive merger agreement. It is currently expected that a joint proxy registration statement will be filed with the SEC in the third calendar quarter of 2005, and the transaction is expected to close in the fourth calendar quarter of 2005. However, there can be no assurances that the transaction will be completed.
Olympic Cascade Financial Corporation is a holding company for National Securities Corporation. National, based in Seattle, Washington, conducts a full service national brokerage and investment banking 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 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
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RESULTS OF OPERATIONS
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Three Months Ended
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Unaudited
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June 30, 2005 June 30, 2004
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Revenues $ 9,996,000 $14,854,000
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Net income (loss) $ 111,000 $ (310,000)
Preferred stock dividends (75,000) (70,000)
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Net income (loss) attributable to common
stockholders $ 36,000 $ (380,000)
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Income (loss) per share attributable to
common stockholders - Basic $ 0.01 $ (0.11)
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Income (loss) per share attributable to
common stockholders - Diluted $ 0.01 $ (0.11)
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Weighted average number of shares
outstanding - Basic 5,045,878 3,397,885
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Weighted average number of shares
outstanding - Diluted 5,123,861 3,397,885
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Nine Months Ended
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Unaudited
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June 30, 2005 June 30, 2004
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Revenues $35,311,000 $50,602,000
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Net (loss) income $ (211,000) $ 1,450,000
Preferred stock dividends (215,000) (196,000)
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Net (loss) income attributable to common
stockholders $ (426,000) $ 1,254,000
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(Loss) income per share attributable to
common stockholders - Basic $ (0.08) $ 0.37
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(Loss) income per share attributable to
common stockholders - Diluted $ (0.08) $ 0.24
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Weighted average number of shares
outstanding - Basic 5,017,486 3,377,630
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Weighted average number of shares
outstanding - Diluted 5,017,486 6,055,194
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