OLYMPIC FINANCIAL REPORTS PROFITABLE FIRST QUARTER
OLYMPIC FINANCIAL REPORTS PROFITABLE FIRST QUARTER MINNEAPOLIS, Oct. 14 /PRNewswire/ -- Olympic Financial Ltd.
(NASDAQ:OLYM) today reported net income of $348,600 or 7 cents per share for the first quarter ended Sept. 30, 1992, compared with a loss of $490,295 or 18 cents per share in the same period a year earlier.
"Our first-quarter results reflected the improved interest spread and structure of our second major securitization of receivables," Jeffrey C. Mack, chairman and chief executive officer, said. Securitization is the process by which installment loans, acquired through Olympic's network of automobile dealerships, are pooled and sold to institutional investors as asset-backed securities, with servicing retained by Olympic. Olympic completed the securitized sale of $28.9 million of automobile receivables in September, reporting a net gain on sale of $1,398,630. The sale was handled through Olympic's financial adviser, Kidder, Peabody & Co., Inc. "We anticipate sales of our receivables in each quarter of fiscal 1993, with spreads and structures comparable to the first-quarter securitization," Mack said. Olympic Financial specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a network of more than 280 Minnesota and Colorado automobile dealers under contract with the company. Olympic is headquartered in Minneapolis, with a branch office in Denver. The company expects to open its second branch, in Dallas, Tex., in November 1992. OLYMPIC FINANCIAL LTD. Three months ended Three months ended Sept. 30, 1992 Sept. 30, 1991 Interest Income $ 842,972 $ 711,419 Interest expense on financings of auto loans 540,517 632,318 Provision for credit losses 0 33,000 Net interest margin 302,455 46,101 Non-interest income 1,536,495 0 Total expenses 1,490,350 536,396 Net income (loss) $ 348,600 $(490,295) Net income (loss) per share $ .07 $ (.18) Weighted average common and common equivalent shares outstanding 5,329,790 2,728,828 -0- 10/14/92 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen, 612-371-0000, for Olympic Financial; or Jeffrey C. Mack of Olympic Financial, 612-942-9880/ (OLYM) CO: Olympic Financial Ltd. ST: Minnesota IN: FIN SU: ERN
AL -- MN010 -- 9832 10/14/92 11:49 EDT
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|Date:||Oct 14, 1992|
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