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FOR IMMEDIATE RELEASE
Sr. Vice President, CFO
Ph # - 727-726-0763
Web site: www.nicholasfinancial.com
|Nicholas Financial, Inc.|
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
Nicholas Financial Reports
4th Quarter Results
May 22, 2014 Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced that for the three months ended March 31, 2014, net earnings decreased 40% to $2,860,000 as compared to $4,787,000 for the three months ended March 31, 2013. Diluted earnings per share decreased 41% to $0.23 as compared to $0.39 for the three months ended March 31, 2013. Revenue increased less than 1% to $20,443,000 for the three months ended March 31, 2014 as compared to $20,372,000 for the three months ended March 31, 2013.
For the year ended March 31, 2014, net earnings decreased 16% to $16,703,000 as compared to $19,941,000 for the year ended March 31, 2013. Diluted earnings per share decreased 17% to $1.36 as compared to $1.63 for the year ended March 31, 2013. Revenue increased 1% to $82,629,000 for the year ended March 31, 2014 as compared to $82,110,000 for the year ended March 31, 2013.
Our results for the three and twelve months ended March 31, 2014 were adversely affected by a reduction in the gross portfolio yield, an increase in the provision for losses and an increase in operating expenses compared to corresponding periods ended March 31, 2013. Each period was also significantly affected by professional fees associated with the previously announced potential sale of the Company. Such fees were principally related to fiscal 2014 and resulted in a higher effective tax rate as the majority were not deductible for income tax purposes. The after-tax impact on diluted earnings per share by such professional fees totaling $1,131,000 and $2,312,000 was approximately $0.09 and $0.18 for the three and twelve months ended March 31, 2014, respectively stated Peter L. Vosotas, Chairman and CEO.
Our results for the twelve months ended March 31, 2014 in comparison to March 31, 2013 were impacted favorably by a reduction in dividend taxes which were $143,000 for the twelve-month period ended March 31, 2014, as compared to $1,492,000 for the twelve-month period ended March 31, 2013 when, among other quarterly dividends, the Company paid a special $2.00 dividend. Results were further impacted favorably by a change in the fair value of the interest rate swap agreements which resulted in a gain of $688,000 for the twelve months ended March 31, 2014, compared to a loss of $505,000 for the comparable twelve-month period ended March 31, 2013 stated Peter L. Vosotas, Chairman and CEO.
Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer finance companies based in the Southeastern states. The Company presently operates 65 branch locations in both the Southeastern and the Midwestern states. The Company has approximately 12,221,000 shares of common stock outstanding. For an index of Nicholas Financial, Inc.s news releases or to obtain a specific release, visit our web site at www.nicholasfinancial.com.
Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties including general economic conditions, access to bank financing, and other risks detailed from time to time in the Companys filings and reports with the Securities and Exchange Commission including the Companys Annual Report on Form 10-K for the year ended March 31, 2013. Such statements are based on the beliefs of the Companys management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially. All forward looking statements and cautionary statements included in this document are made as of the date hereby based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward looking statement or cautionary statement.
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The following information was filed by Nicholas Financial Inc (NICK) on Thursday, May 22, 2014 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.
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