Olympia Financial Q1 EPS Rises 4% to $2.32; Continuing Ops Profit Drops 40%
GPN•Olympia Financial's Q1 net earnings increased 3% to $5.58 million and EPS rose 4% to $2.32 on a $2.19 million gain from selling Olympia Currency and Global Payments. Excluding discontinued operations, net earnings fell 40% to $3.38 million as revenue dropped 8% to $22.06M despite a 10% service revenue gain.
1. Net Income and EPS
Olympia Financial posted Q1 net earnings of $5.58 million, a 3% increase, and raised EPS to $2.32 per share, up 4% year-over-year.
2. Discontinued Operations Gain
A $2.19 million after-tax gain from selling Olympia Currency and Global Payments drove income from discontinued operations, bolstering overall net earnings.
3. Revenue Trends
Service revenue rose 10% to $11.87 million on higher monthly and transaction fees, while trust, interest and other income fell 23% to $10.18 million, reducing total revenue by 8% to $22.06 million.
4. Expenses and Profitability
Total expenses grew 4% to $17.18 million, mainly from expanding governance, risk and compliance staff, shrinking earnings before tax by 35% to $4.81 million and cutting continuing operations EPS to $1.41.
