Message #6 From:
NewsBot Date: December 12, 2005 02:00:00 AM
OLYD News Olympic Cascade Financial Corporation Reports Results for Year Ended September 30, 2005
CHICAGO--(BUSINESS WIRE)--Dec. 12, 2005--Olympic Cascade Financial Corporation (OTCBB: OLYD) reported today that for the Company's fiscal year ended September 30, 2005, the Company had a net loss of ($1,183,000) on revenues of $45.7 million, compared to net income of $566,000 on revenues of $63.6 million for the fiscal year ended September 30, 2004. The fiscal year 2005 results include a fourth quarter charge of approximately $320,000 relating to the termination of the proposed business combination with First Montauk Financial Corp.
After providing for cumulative preferred dividends, the Company had a basic and diluted net loss per share attributable to common shareholders of ($0.29) for fiscal year 2005, compared to basic and diluted net income per share attributable to common shareholders of $0.08 and $0.07, respectively, for fiscal year 2004. Basic and diluted shares outstanding were both 5,024,643 for fiscal year 2005, and basic and diluted shares outstanding were 3,580,446 and 4,106,742, respectively, for fiscal year 2004.
Mark Goldwasser, Chairman, President and Chief Executive Officer stated, "We experienced a very challenging year in 2005. The combination of the weak securities market, with lower trading volumes, and two conversions with new clearing firms for National Securities Corporation proved to be very disruptive to our existing business and our ability to recruit new brokers."
Mr. Goldwasser added, "However, we believe that overcoming adversity creates strength. We have seen improvement in the securities markets in the first quarter of this year. Additionally, we have recently hired David McCoy as Chief Operating Officer of National Securities. His role as national sales manager, which includes broker relationships, branch management, sales and marketing, will help us to capitalize on the existing opportunities in our industry. We are excited to be dealing with new challenges in fiscal year 2006."
Olympic Cascade Financial Corporation is a holding company for National Securities Corporation. National Securities, 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
(CONSOLIDATED)
Fiscal Years Ended
---------------------------
September 30, September 30,
2005 2004
------------- -------------
Revenues $ 45,730,000 $ 63,591,000
============= =============
Net income (loss) $ (1,183,000) $ 566,000
Preferred stock dividends (290,000) (266,000)
------------- -------------
Net income (loss) attributable to common
stockholders $ (1,473,000) $ 300,000
============= =============
Income (loss) per share attributable to
common stockholders - Basic $ (0.29) $ 0.08
============= =============
Income (loss) per share attributable to
common stockholders - Diluted $ (0.29) $ 0.07
============= =============
Weighted average number of shares
outstanding - Basic 5,024,643 3,580,446
============= =============
Weighted average number of shares
outstanding - Diluted 5,024,643 4,106,742
============= =============
