Olympic Cascade Financial Corporation Reports First Profitable Quarter in Three Years.Business Editors CHICAGO--(BUSINESS WIRE)--Aug. 13, 2003 Company Satisfies The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. Listing Requirement of Third Independent Director Olympic O·lym·pic adj. Of or relating to the Olympic Games. Olympic Adjective of the Olympic Games Adj. 1. Olympic - of or relating to the Olympic Games; "Olympic winners" 2. Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Financial Corporation (AMEX AMEX See: American Stock Exchange : OLY OLY Olney, Illinois (Airport Code) and CHX See Chicago Stock Exchange. CHX See Chicago Stock Exchange (CHX). : OLY) reported today that for the Company's third fiscal quarter ended June June: see month. 30, 2003, the Company had net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $363,000 on revenues of $15.1 million, compared to a net loss from continuing operations of $574,000 on revenues of $9.8 million, for the third fiscal quarter ended June 30, 2002. After providing for cumulative, but unpaid, preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , the Company had diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share from continuing operations attributable to common shareholders of $0.07 and a diluted net loss per share from continuing operations attributable to common shareholders of $0.28 for the 2003 and 2002 third fiscal quarters, respectively. Diluted shares outstanding were 5,229,722 and 2,274,449 for the 2003 and 2002 third fiscal quarters, respectively. For the nine months ended June 30, 2003, the Company had a net loss from continuing operations of $388,000 on revenues of $35.1 million, compared to a net loss from continuing operations of $2,375,000 on revenues of $33.1 million, for the nine months ended June 30, 2002. After providing for cumulative, but unpaid, preferred dividends, the Company had a diluted net loss per share from continuing operations attributable to common shareholders of $0.18 and $1.10 for the 2003 and 2002 nine-month periods, respectively. Diluted shares outstanding were 3,110,530 and 2,249,116 for the 2003 and 2002 nine-month periods, respectively. Mark Goldwasser
Danziger Goldwasser (German: Gold water of Danzig , President and Chief Executive Officer of the Company, stated, "We are extremely pleased to report that quarterly revenues increased more than 50% from a year ago, and we realized our first profitable quarter in three years. The stronger market conditions experienced during the quarter, combined with the positive results from our continuing cost cutting efforts, enabled us to achieve profitability. Markets remained strong in July July: see month. , and a continuation of these conditions should allow us to continue to generate net income for our shareholders." Additionally, in July 2003, Norman J. Kurlan joined the Board of Directors and Audit Committee. Mr. Kurlan is currently an independent commissioned representative with American Portfolios. He has both financial and brokerage industry expertise, and his representation on the Company's Board of Directors and Audit Committee satisfies The American Stock Exchange requirement that the Audit Committee be comprised of at least three independent directors. Mr. Goldwasser noted, "We are very happy to have Norman Kurlan as a member of our Board of Directors. He has been a very respected member of the investment and financial community for more than 25 years." Olympic Cascade Financial Corporation is a holding company for National Securities Corporation. National, based in Seattle, WA, conducts a full service national brokerage and investment banking business. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . This press release may contain certain statements of a forward-looking nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 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, June 30,
2003 2002
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Revenues $15,075,000 $9,829,000
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Net Income (Loss) $363,000 $(574,000)
Preferred Stock Dividends (62,000) (57,000)
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Net Income (Loss) Attributable to Common
Stockholders $301,000 $(631,000)
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Income (Loss) Per Share Attributable to
Common Stockholders - Diluted $0.07 $(0.28)
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Weighted Average Number of
Shares Outstanding 5,229,722 2,274,449
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Nine Months Ended
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Unaudited
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June 30, June 30,
2003 2002
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Revenues $35,061,000 $33,083,000
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Net Loss from Continuing Operations $(388,000) $(2,375,000)
Income from Discontinued Operations - 300,000
Preferred Stock Dividends (187,000) (107,000)
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Net Loss Attributable to Common Stockholders $(575,000) $(2,182,000)
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Loss Per Share from Continuing
Operations - Diluted $(0.18) $(1.10)
Income Per Share from Discontinued
Operations - 0.13
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Loss Per Share Attributable to Common
Stockholders - Diluted $(0.18) $(0.97)
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Weighted Average Number of Shares Outstanding 3,110,530 2,249,116
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