Last10K.com

Nicholas Financial Inc (NICK) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, March 31, 2022

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

4th Quarter Fiscal Year 2022 Results

 

Originations on new Contracts purchased in the fourth quarter of fiscal year 2022 reached a historic high of $27.1 million in principal amount purchased, an increase of 10.2% year-over-year and 39.3% quarter-over-quarter.
Principal amount originated on Direct Loans in the fourth quarter of fiscal year 2022 increased by 127.1% year-over-year and 140.3% increase from fourth quarter fiscal year 2020.
Portfolio Yield increased to 27.9% for the fourth quarter of fiscal year 2022 , a 30 basis point improvement year-over-year.

 

May 24, 2022 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced a net income for the three months ended March 31, 2022 of $0.4 million compared to net income of $1.9 million for the three months ended March 31, 2021. Diluted net income per share was $0.05 for the three months ended March 31, 2022 as compared to diluted net income per share of $0.24 for the three months ended March 31, 2021. Interest and fee income on finance receivables decreased 4.0% to $12.3 million for the three months ended March 31, 2022 as compared to $12.8 million for the three months ended March 31, 2021. The Company reported income before income taxes for the three months ended March 31, 2022 of $0.5 million compared to income before income taxes of $2.8 million for the three months ended March 31, 2021. The Company recorded an income tax expense

of approximately $0.1 million during the three months ended March 31, 2022 as compared to income tax expense of $0.9 million during the three months ended March 31, 2021.

 

The Company announced net income for the year ended March 31, 2022 of $3.0 million compared to $8.4 million for the year ended March 31, 2021. Diluted net income per share was $0.39 for the year ended March 31, 2022 as compared to $1.09 for the year ended March 31, 2021. Interest and fee income on finance receivables decreased 8.3% to $49.7 million for the year ended March 31, 2022 as compared to $54.2 million for the year ended March 31, 2021. The Company reported income before income taxes for the year ended March 31, 2022 of $4.0 million compared to income before income taxes of $10.9 million for the year ended March 31, 2021. The Company recorded an income tax expense of approximately $1.0 million during the year ended March 31, 2022 as compared to income tax expense of $2.6 million during the year ended March 31, 2021.

 

For the year ended March 31, 2022, the Company originated $114.5 million in finance receivables, collected $119.6 million in principal payments, reduced debt by $33.3 million and cash by $28.2 million.

 

"Despite the competitive lending environment, we are very pleased with our 4th Quarter originations. Thanks to the efforts of our great employees, we were able to purchase and originate $34.6 million in combined receivable volume - outperforming combined originations by $6.7 million year over year,” commented Mike Rost, interim CEO of Nicholas Financial. “Our direct loan originations more than doubled year over year and our portfolio losses continue trending at historically low levels. This is yet another testament to our tenured underwriting managers, who adequately price for risk and use a time-tested lending model across our branch network," Rost continued.

 

"Our training agenda continued into the fourth quarter, with new hire onboarding as well as more in-depth training for our seasoned Branch Managers and Assistant Branch Managers. We also continued our expansion efforts, utilizing our Virtual Service Center to increase our indirect originations. During the quarter, we increased our finance receivables, net by $2.9 million. This is something we haven't done in a long time and are very proud of," concluded Rost.

 


The following information was filed by Nicholas Financial Inc (NICK) on Tuesday, May 24, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Nicholas Financial Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Nicholas Financial Inc.

Continue

Assess how Nicholas Financial Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Nicholas Financial Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Other
Filter Subcategory:
All
Expense
Shares
Debt
Product
Earnings
Income
Cash Flow
Geography
Other
Inside Nicholas Financial Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Debt (Detail)
Employee Benefit Plan
Fair Value Disclosures
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 - Activity In Allowance For Credit Losses (Details 1)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 2)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 3)
Finance Receivables - Summary Of Contracts And Direct Loans Included In Finance Receivables (Details)
Income Taxes
Income Taxes (Detail Textuals)
Income Taxes (Tables)
Income Taxes - Income Tax Expense (Details)
Income Taxes - Income Tax Expense Reflects An Effective U.S Tax Rate (Details 2)
Income Taxes - Significant Components Of The Company's Deferred Tax Assets (Details 1)
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)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Detail Textuals)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Summary (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Summary (Details)
Share-Based Payments
Share-Based Payments (Detail Textuals 1)
Share-Based Payments (Detail Textuals)
Share-Based Payments (Tables)
Share-Based Payments - Summary Of Option Activity Under The Equity Plans (Details)
Share-Based Payments - Summary Of The Status Of The Company's Non-Vested Restricted Shares (Details 1)
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
Subsequent Events (Detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals 2)
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Income Per Share (Details 1)
Summary Of Significant Accounting Policies - Income Per Share (Parentheticals) (Details 1)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of Assets (Details)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)
Ticker: NICK
CIK: 1000045
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-012061
Submitted to the SEC: Fri Jun 24 2022 8:00:53 AM EST
Accepted by the SEC: Fri Jun 24 2022
Period: Thursday, March 31, 2022
Industry: Short Term Business Credit Institutions

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/nick/0000950170-22-012061.htm