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OLYMPIC FINANCIAL ADJUSTS FOURTH QUARTER EARNINGS

OLYMPIC FINANCIAL ADJUSTS FOURTH QUARTER EARNINGS
 MINNEAPOLIS, Sept. 30 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ: OLYM) said today that on the advice of its accountants it has adjusted fourth-quarter results for its fiscal year ended June 30, 1992, to include additional expenses in connection with its June 1992 securitization transaction. The change is expected to reduce costs and improve profitability of future securitizations, the company said.
 The adjustment reduced fourth quarter net income from $232,563 or 5 cents per share to $38,987 or 1 cent per share. That compares with a loss of $613,210 or 29 cents per share for the same period last year. This year's results were after an extraordinary charge of $457,541 related to premiums that the company elected to pay to financial institutions for the termination of financing arrangements in connection with auto loans held for sale.
 The adjustment reduced fourth-quarter net earnings from operations from $690,104 or 14 cents per share to $496,528 or 10 cents per share.
 Olympic, based in Minneapolis, specializes in the sale and servicing of retail automobile installment loans originated by a network of automobile dealers under contract with the company.
 -0- 09/30/92
 CONTACT: Curt Swenson or Tom Langenfeld of Swenson Falker Eilertsen, 612-371-0000, for Olympic Financial; or Jeffrey C. Mack or Brian Anderson of Olympic Financial, 612-942-9880
 (OLYM) CO: OLYMPIC FINANCIAL LTD. IN: FIN ST: MN -- MN007 -- X482 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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