Olympia Financial Group Inc. Announces Third Quarter Results, Potential Special Dividend and Anticipated Changes to the 2014 Quarterly Dividend Policy

About this update from Olympia Financial Group Inc.

[{"type":"text","content":"\n\n\nCALGARY, Nov. 12, 2013 /CNW/ - Olympia Financial Group Inc. (TSX: OLY)\n today announced its operating and financial results for the period\n ended September 30, 2013 as well as a potential special dividend and\n anticipated changes to its 2014 quarterly dividend policy.\n\n\nThird Quarter Results\n\n\nThe unaudited condensed interim financial statements and notes, as well\n as management's discussion and analysis, are now available on SEDAR (www.sedar.com).\n\n\nHighlights for the three month period ended September 30, 2013 include\n the following:\n\n\ntotal revenue increased 9%, to $11.50 million from $10.58 million,\n compared to the same quarter of the previous year;\n\n\nearnings from operations (before income tax and interest) decreased 18%,\n to $0.80 million from $0.97 million, compared to the same quarter of\n the previous year;\n\n\nearnings before income taxes (including earnings from operations and\n interest) increased 4%, to $2.23 million from $2.15 million, compared\n to the same quarter of the previous year; and\n\n\ntotal interest increased 22%, to $1.44 million from $1.18 million,\n compared to the same quarter of the previous year.\n\n\nPotential Special Dividend and Anticipated Changes to the 2014 Quarterly\n Dividend Policy\n\n\nAs previously disclosed, Olympia has entered into an agreement to sell\n its Corporate and Shareholder Services division (the \"CSS Sale\n Transaction\") for gross proceeds of $43 million, subject to certain\n post-closing adjustments.  After paying certain executive management\n profit sharing entitlements and closing costs, Olympia anticipates\n receiving after-tax net proceeds of approximately $29.6 million\n (assuming no post-closing adjustments are required).  The CSS Sale\n Transaction is currently expected to close on or about December 12,\n 2013.  In the event that the CSS Sale Transaction is completed, Olympia\n expects to distribute the majority of the after-tax net proceeds, up to\n a maximum of $10.00 per common share, to shareholders as a special\n dividend.  In the event the CSS Sale Transaction is completed as\n contemplated, the details of any special dividend to shareholders will\n be included in a subsequent press release.  For greater certainty, the\n Board of Directors has not declared a special dividend at this time but\n rather is...

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