Olympic Cascade Financial Corporation Reports Quarterly Revenues and Results.Business Editors CHICAGO--(BUSINESS WIRE)--May 13, 2002 Olympic Cascade 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 second fiscal quarter ended March 31, 2002, the Company had a net loss 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 ($1,064,000), or a loss of ($0.48) per share, on revenues of $11.0 million, compared to a net loss from continuing operations before income from an extraordinary item of ($839,000), or a loss of ($0.38) per share, on revenues of $15.3 million, for the second fiscal quarter ended March 30, 2001. Diluted shares outstanding were 2,236,449 and 2,214,048 for the 2002 and 2001 fiscal quarters, respectively. For the six months ended March 31, 2002, the Company had a net loss from continuing operations of ($1,801,000), or a loss of ($0.81) per share, on revenues of $23.3 million, compared to a net loss from continuing operations before income from an extraordinary item of ($1,440,000) or a loss of ($0.66) per share, on revenues of $29.1 million for the six months ended March 30, 2001. Diluted shares outstanding were 2,236,449 and 2,186,308 for the 2002 and 2001 six month periods, respectively. In December 2001, the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. WestAmerica Investment Group ceased conducting business as a broker-dealer. The financial results have been restated to reflect these discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Results for both the quarter and six months ended March 30, 2001 include a gain from an extraordinary item of $418,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Over the last several months certain new investors have obtained a significant ownership in Olympic through equity investments aggregating $1,572,500. The investors include an affiliate of Sands Brothers & Co., Ltd., a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. member firm, and an affiliate of Mark Goldwasser
Danziger Goldwasser (German: Gold water of Danzig , the President and Chief Executive Officer of Olympic. Mr. Goldwasser stated, "New management's primary focus has been directed towards cutting operating costs operating costs npl → gastos mpl operacionales and reducing fixed overhead. We believe we have made significant progress that we expect to be reflected in future results. Of the current quarter's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , $548,000 was attributable to a one time, non-recurring, charge relating to the change in our clearing relationship. Absent this charge, the quarterly net loss from continuing operations would have been $516,000, compared to last year's quarterly loss of $839,000, despite the reduction in revenues attributable to overall market conditions." 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 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
(CONSOLIDATED)
Second Quarter Ended
March 31, 2002 March 30, 2001
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Revenues $10,970,000 $15,286,000
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Net Loss After Tax from Continuing
Operations before Extraordinary
Item ($1,064,000) ($839,000)
Loss from Discontinued Operations - (100,000)
Income from Extraordinary Item - 418,000
-------------- -------------
Net Loss ($1,064,000) ($521,000)
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Loss Per Share from Continuing Operations ($0.48) ($0.38)
Loss Per Share from Discontinued Operations - (0.05)
Income Per Share from Extraordinary Item - 0.19
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Loss Per Share ($0.48) ($0.24)
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Weighted Average Number of Shares
Outstanding 2,236,449 2,214,048
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Six Months Ended
March 31, 2002 March 30, 2001
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Revenues $23,255,000 $29,083,000
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Net Loss After Tax from Continuing
Operations before Extraordinary
Item ($1,801,000) ($1,440,000)
Income (Loss) from Discontinued
Operations 300,000 (170,000)
Income from Extraordinary Item - 418,000
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Net Loss ($1,501,000) ($1,192,000)
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Loss Per Share from Continuing
Operations ($0.81) ($0.66)
Income (Loss) Per Share from Discontinued
Operations 0.14 (0.08)
Income Per Share from Extraordinary Item - 0.19
------------- --------------
Loss Per Share ($0.67) ($0.55)
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Weighted Average Number of Shares
Outstanding 2,236,449 2,186,308
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