Olympic Cascade Reports Second Quarter And Six Months Results.CHICAGO--(BUSINESS WIRE)--May 8, 1998--Olympic 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 (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NATS NATS National Air Traffic Services NATS National Association of Teachers of Singing NATS Naval Air Transport Service NATS National Aerospace Technology Strategy NATS Nissan Anti-Theft System NATS Nebraska Association of Teachers of Science ) announced today that for the second quarter ended March 27, 1998, the company had revenues of $10.2 million and a net loss of ($577,000), or ($0.38) per share, compared to revenues of $8.0 million and a net loss of ($75,000) or ($0.06) per share for the second quarter ended March 27, 1997. 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. shares outstanding were 1,517,674, compared to 1,176,927 last year. For the six months ended March 27, 1998, 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 had revenues of $25.6 million and a net loss of ($385,000) or ($0.26) per share, compared to revenues of $17.5 million and net income of $508,000 or $0.36 per share for the six months ended March 27, 1997. Diluted shares outstanding were 1,482,496 compared to 1,405,584 last year. Steven A. Rothstein, chairman, president and chief executive officer of the company, noted that "We continue to achieve increased revenues, but are disappointed that this has not yet been reflected in our bottom line results. As we blend our acquisitions within our firm, we continue to review our cost structure, and to look for additional cost cutting measures to improve profitability." During the quarter, Michael A. Bresner joined Olympic Cascade as a senior vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Bresner, who has over 30 years of industry experience, will focus primarily on cost savings and consolidating operations. The company also announced that Rothstein has re-assummed the position of president of Olympic Cascade. Gary A. Rosenberg, formerly president, will remain a director of Olympic Cascade, and has formed Canterbury Securities Corporation, which he will serve as chairman, president and chief executive officer. Additionally, the company has agreed with Rothstein on terms of a new employment arrangement whereby his compensation will be closely tied to the company's net income. The company reported that it is actively pursuing acquisitions of two broker dealers. These acquisitions, if consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. , are consisted with the company's business plan for consolidating brokerage security firms and efficiently controlling related costs of operations. Olympic Cascade has moved its headquarters from Seattle to Chicago because the company's senior management is located there. Olympic Cascade is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organization consisting of Olympic Cascade and its wholly-owned subsidiaries. They include National Securities Corp., Seattle, which conducts a national brokerage and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. business; L.H. Friend, Weinress, Frankson & Presson Inc., Irvine, Calif., involved in investment banking, institutional brokerage and research and trading activities for middle market companies; and WestAmerica Investment Group, Scottsdale, Ariz., a retail brokerage business. This press release contains certain statements that may constitute forward looking statements. 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. For a discussion of the factors that could cause the company's actual results to differ materially from the anticipated results, or other expectations expressed by the company in such forward looking statements, reference is made to 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. for its fiscal year ended Sept. 26, 1997 and the quarterly reports on Form 10-Q Form 10-Q See 10-Q. for periods thereafter. -0-
Olympic Cascade Financial Corporation
(Consolidated)
Second Quarter Ended March 27,
1998 1997
Revenues $10,173,000 $7,992,000
Net Income (Loss) After
Tax ($577,000) ($75,000)
Earnings (Loss) Per Share:
Diluted ($0.38) ($0.06)
Weighted Average Number
of Shares Outstanding:
Diluted 1,517,674 1,176,927
Six Months Ended March 27,
1998 1997
Revenues $2,574,000 $17,523,000
Net Income (Loss) After
Tax ($385,000) $508,000
Earnings (Loss) Per Share:
Diluted ($0.26) $0.36
Weighted Average Number
of Shares Outstanding:
Diluted 1,482,496 1,405,584
Adjusted for five percent stock dividends in February 1997, May
1997, September 1997 and December 1997. Earnings (loss) per share have
been calculated in accordance with SFAS No. 128, which is not
materially different from that previously reported.
CONTACT: Olympic Cascade Financial Corp., Chicago Robert H. Daskal Chief Financial Officer 312/751-8833 or Martin E. Janis & Co. Inc., Chicago Hal Schweig, 312/943-1100 |
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