Last10K.com

Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 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

2nd Quarter Fiscal Year 2023 Results

 

Originations in new Contracts purchased for the three months ended September 30, 2022 increased by 1.1% compared to the same period year-over-year.
Portfolio Yield decreased to 27.4% for the three months ended September 30, 2022 from 28.1% for the same period year-over-year.
Net charge-off percentage increased to 12.4% for the three months ended September 30, 2022 from 4.9% for the same period year-over-year.

November 4, 2022 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced a net loss for the three months ended September 30, 2022 of $3.2 million compared to net income of $1.6 million for the three months ended September 30, 2021. Diluted net loss per share was $0.44 for the three months ended September 30, 2022 as compared to diluted net income per share of $0.21 for the three months ended September 30, 2021. Interest and fee income on finance receivables decreased 2.6% to $12.2 million for the three months ended September 30, 2022 as compared to $12.6 million for the three months ended September 30, 2021. Provision for credit losses increased 538.4% to $8.9 million for the three months ended September 31, 2022 as compared to $1.4 million for the three months ended September 30, 2021. The Company reported a loss before income taxes for the three months ended September 30, 2022 of $4.1 million compared to income before income taxes of $2.1 million for the three months ended September 30, 2021. The Company recorded an income tax benefit of approximately $1.0 million during the three months ended September 30, 2022 as compared to income tax expense of $0.5 million during the three months ended September 30, 2021.

 

The Company announced net loss for the six months ended September 30, 2022 of $4.9 million compared to net income of $3.3 million for the six months ended September 30, 2021. Diluted net loss per share was $0.68 for the six months ended September 30, 2022 as compared to net income per share of $0.44 for the six months ended September 30, 2021. Interest and fee income on finance receivables decreased 3.4% to $24.3 million for the six months ended September 30, 2022 as compared to $25.2 million for the six months ended September 30, 2021. Provision for credit losses increased 490.6% to $12.6 million for the six months ended September 31, 2022 as compared to $2.1 million for the six months ended September 30, 2021.The Company reported a loss before income taxes for the six months ended September 30, 2022 of $6.5 million compared to income before taxes of $4.5 million for the six months ended September 30, 2021. The Company recorded an income tax benefit of approximately $1.6 million during the six months ended September 30, 2022 as compared to income tax expense of $1.1 million during the six months ended September 30, 2021.

 

For the six months ended September 30, 2022, the Company originated $56.2 million in finance receivables, collected $54.7 million in principal payments, increased debt by $1.3 million and decreased cash by $3.3 million.

 

"The net loss of $3.2 million for the fiscal quarter is predicated on the increased level of charge-offs the company has realized this past quarter. With the rise in charge-offs, the provision for credit losses also increased substantially as we expect continued normalization of the portfolio losses." commented Mike Rost, CEO of Nicholas Financial.

"We are diligently adjusting to the economy and market. The financial results emphasized the urgency to focus on servicing our portfolio, reducing operating expenses, originating quality receivables, and regaining profitability as our top priorities," Rost concluded.

 

 

 

 


The following information was filed by Nicholas Financial Inc (NICK) on Friday, November 4, 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.

View differences made from one quarter 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-Q Quarterly 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
Mgmt Change
Other
Filter Subcategory:
All
Expense
Shares
Earnings
Debt
Income
Other
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 Debt (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)
Going Concern Assessment
Going Concern Assessment (Detail Textuals)
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)
Recent Accounting Pronouncements
Restructuring Activities
Restructuring Activities (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
Subsequent Events (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
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: 0000950170-22-024756
Submitted to the SEC: Mon Nov 14 2022 8:54:22 AM EST
Accepted by the SEC: Mon Nov 14 2022
Period: Friday, September 30, 2022
Industry: Short Term Business Credit Institutions

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/nick/0000950170-22-024756.htm