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OLYMPIC FINANCIAL REPORTS RESULTS FOR FIRST QUARTER OF FISCAL 1994

 MINNEAPOLIS, Oct. 18 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS:OLYM) today reported net income of $516,041 for the first quarter ended Sept. 30, 1993, up from $348,600 in the same period last year. Earnings per share were 5 cents, compared with 7 cents per share on a smaller number of shares outstanding in the first quarter last year. Average shares outstanding increased to 11,233,210 from 5,329,790 a year earlier.
 Non-interest income increased to $3,181,491 from $1,536,495 in the first quarter last year. Olympic completed a public offering of $100 million of auto-loan backed securities in the first quarter this year, compared with a $28.9-million offering in the first quarter last year.
 Service fee income was $525,770 in the first quarter of fiscal 1994, compared with $137,865 in the same period of fiscal 1993. The company's annualized net losses as a percentage of average balance of loans serviced decreased to .47 percent in the first quarter from .56 percent in the fourth quarter of fiscal 1993.
 Olympic was operating in six states at the end of the first quarter of fiscal 1994, up from two states a year earlier. Loan purchases increased to $89.7 million in the quarter from $25.1 million in the first quarter last year.
 Olympic Financial is a Minneapolis-based consumer finance company that purchases, sells and services retail installment sales contracts originated by a network of approximately 750 automobile dealers under contract with the company. Founded in March 1990, the company now has offices in Arizona, Colorado, Florida, Texas and Washington, in addition to Minnesota.
 OLYMPIC FINANCIAL LTD.
 Three months ended
 9/30/93 9/30/92
 Interest Income $835,395 $842,972
 Interest expense on
 financings of auto loans (599,323) (540,517)
 Provision for credit losses (10,000) --
 Net interest margin 226,072 302,455
 Non-interest income 3,181,491 1,536,495
 Other interest expense (405,358) (350,324)
 Operating expenses (2,486,164) (1,140,026)
 Net income $516,041 $348,600
 Net income per share $.05 $.07
 Weighted average common and
 common equivalent shares
 outstanding 11,233,210 5,329,790
 -0- 10/18/93
 /CONTACT: Tom Langenfeld of Swenson Falker, 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


DB-AL -- MN010 -- 3335 10/18/93 11:13 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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