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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

 

Exhibit 99.1

 

img246915618_0.jpg 

 

 

FOR IMMEDIATE RELEASE

Nicholas

 

 

Contact: Irina Nashtatik

 

NASDAQ: NICK

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

              CFO

               Ph # (727)-726-0763

 

Web site: www.nicholasfinancial.com

 

Nicholas Financial Reports

3rd Quarter Fiscal Year 2022 Results

 

 

Portfolio Yield for the three months ended December 31, 2021 increased to 27.7% compared to 27.3% during the prior year third quarter
Originations year-over-year on new Contracts purchased for the three months ended December 31, 2021 increased by 27.4% compared to prior year third quarter
Originations year-over-year on Direct Loans for the three months ended December 31, 2021 increased by 84.7% compared to prior year third quarter
Accounts 60+ days delinquent decreased to 3.5%, excluding Chapter 13 bankruptcy accounts, compared to 3.9% as of the prior year third quarter

 

January 31, 2022 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced a net loss for the three months ended December 31, 2021 of $0.7 million compared to net income of $3.8 million for the three months ended December 31, 2020. As announced on November 5, 2021 the Company entered into new senior secured credit facility. Concurrently, the Company recognized $1.9 million of additional interest expense related to previously incurred but unamortized debt issuance costs on the extinguishment of the Ares credit facility. Diluted net loss per share was $0.09 for the three months ended December 31, 2021 as compared to net income per share of $0.49 for the three months ended December 31, 2020. Interest and fee income on finance receivables decreased 7.1% to $12.2 million for the three months ended December 31, 2021 as compared to $13.2 million for the three months ended December 31, 2020. Total revenue declined 15.4% to $12.2 million for the three months ended December 31, 2021 as compared to $14.5 million during the three months ended December 31, 2020 in which the Company recognized $1.3 million realized and unrealized gain on equity investments. For the three months ended December 31, 2021 operating expenses increased to $8.9 million from $7.4 million when compared to the three months ended December 31, 2020, primarily due to an increase in the administrative, salaries, and employee benefits expenses. The Company reported loss before income taxes for the three months ended December 31, 2021 of $0.9 million compared to income before income taxes of $5.0 million for the three months ended December 31, 2020. The Company recorded an income tax benefit of approximately $0.2 million during the three months ended December 31, 2021 as compared to income tax expense of $1.2 million during the three months ended December 31, 2020.

 

The Company announced net income for the nine months ended December 31, 2021 of $2.6 million compared to net income of $6.5 million for the nine months ended December 31, 2020. As announced on November 5, 2021 the Company entered into new senior secured credit facility. Concurrently, the Company recognized $1.9 million of additional interest expense related to previously incurred but unamortized debt issuance costs on the extinguishment of the Ares credit facility. Diluted net income per share was $0.34 for the nine months ended December 31, 2021 as compared to net income per share of $0.85 for the nine months ended December 31, 2020. Interest and fee income on finance receivables decreased 9.6% to $37.4 million for the nine months ended December 31, 2021 as compared to $41.4 million for the nine months ended December 31, 2020. Total revenue declined 12.4% to $37.4 million for the nine months ended December 31, 2021 as compared to $42.7 million during the nine months ended December 31, 2020 in which the Company recognized $1.3 million realized and unrealized gain on equity investments. For the nine months ended December 31, 2021 operating expenses increased to $25.1 million from $22.9 million when compared to the nine months ended December 31, 2020, primarily due to an increase in salaries and employee benefits expenses. Provision for credit losses decreased to $3.8 million from $7.0 million for the nine months ended December 31, 2021 and 2020, respectively, due to a decrease in net charge-off percentage. The Company

 


The following information was filed by Nicholas Financial Inc (NICK) on Monday, January 31, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Nicholas Financial Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Basis Of Presentation
Commitments And Contingencies
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Principal Outstanding For Credit Facility And Note Payable (Detail)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Parentheticals) (Details)
Earnings Per Share (Tables)
Fair Value Disclosures
Fair Value Disclosures (Detail Textuals)
Fair Value Disclosures (Tables)
Fair Value Disclosures - Summary Of Financial Instruments Not Measured At Fair Value (Details 1)
Finance Receivables
Finance Receivables (Detail Textuals 1)
Finance Receivables (Detail Textuals)
Finance Receivables (Tables)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 3)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 4)
Finance Receivables - Selected Information On Entire Portfolio Of Company (Details 1)
Finance Receivables - Summary Of Contracts And Direct Loans Included In Finance Receivables (Details)
Finance Receivables - Summary Of Reconciliation Of Changes In Allowance For Credit Losses On Contracts (Details 2)
Income Taxes
Income Taxes (Detail Textuals)
Leases
Leases (Detail Textuals)
Leases (Tables)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Other Lease Information (Details)
Leases - Summary Of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details)
Note Payable
Notes Payable (Detail Textuals)
Revenue Recognition
Revenue Recognition (Detail Textuals)
Stock Plans
Stock Plans (Detail Textuals)
Stock Plans (Tables)
Stock Plans - Summary Of Treasury Share Transactions Under The Company's Stock Repurchase Program (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)

Material Contracts, Statements, Certifications & more

Nicholas Financial Inc provided additional information to their SEC Filing as exhibits

Ticker: NICK
CIK: 1000045
Form Type: 10-Q Quarterly Report
Accession Number: 0000950170-22-000940
Submitted to the SEC: Wed Feb 09 2022 9:00:46 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Short Term Business Credit Institutions

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