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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Monday, March 31, 2014

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

LOGO            

FOR IMMEDIATE RELEASE

 

   Contact:   

Ralph Finkenbrink

Sr. Vice President, CFO

Ph # - 727-726-0763

  

NASDAQ: NICK

Web site: www.nicholasfinancial.com

        
Nicholas Financial, Inc.            
Corporate Headquarters            

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 Company’s filings and reports with the Securities and Exchange Commission including the Company’s Annual Report on Form 10-K for the year ended March 31, 2013. Such statements are based on the beliefs of the Company’s 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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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
Arrangement Agreement
Commitments
Commitments (detail Textuals)
Commitments (tables)
Commitments - Summary Of Annual Minimum Rental Payments (details)
Contingencies
Contingencies (detail Textuals)
Employee Benefit Plans
Employee Benefit Plans (detail Textuals)
Fair Value Disclosures
Fair Value Disclosures (detail Textuals)
Fair Value Disclosures (tables)
Fair Value Disclosures - Assets And Liabilities Recorded At Fair Value On Recurring Basis (details)
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 2)
Finance Receivables (detail Textuals)
Finance Receivables (tables)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (details 4)
Finance Receivables - Direct Loans Included In Finance Receivables (details 2)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (details 5)
Finance Receivables - Reconciliation Of Changes In Allowance For Credit Losses On Direct Loans (details 3)
Finance Receivables - Summary Of Contracts Included In Finance Receivables (details)
Finance Receivables - Summary Of Reconciliation Of Changes In Allowance For Credit Losses On Contracts (details 1)
Income Taxes
Income Taxes (detail Textuals)
Income Taxes (tables)
Income Taxes - Significant Components Of The Company's Deferred Tax Assets (details 1)
Income Taxes - Provision For Income Taxes (details)
Income Taxes - Provision For Income Taxes Reflects An Effective U.s Tax Rate, Which Differs From The Corporate Tax Rate (details 2)
Interest Rate Swap Agreements
Interest Rate Swap Agreements (detail Textuals)
Interest Rate Swap Agreements (tables)
Interest Rate Swap Agreements - Summary Of Activity In Company's Notional Amounts Of Interest Rate Swap Agreements (details)
Interest Rate Swap Agreements - Summary Of Locations And Amounts Of Gains (losses) In Income (details 1)
Interest Rate Swap Agreements - Summary Of Variable Rates Received And Fixed Rates Paid Under Swap (details 2)
Line Of Credit
Line Of Credit (detail Textuals)
Organization
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 1)
Share-based Payments - Summary Of The Status Of The Company's Non-vested Restricted Shares (details 2)
Share-based Payments - Summary Of Weighted-average Assumptions (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (detail Textuals 1)
Summary Of Significant Accounting Policies (detail Textuals 2)
Summary Of Significant Accounting Policies (detail Textuals 3)
Summary Of Significant Accounting Policies (detail Textuals)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Basic And Diluted Earnings Per Share (details 2)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of Assets (details 1)
Ticker: NICK
CIK: 1000045
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-237425
Submitted to the SEC: Mon Jun 16 2014 1:19:22 PM EST
Accepted by the SEC: Mon Jun 16 2014
Period: Monday, March 31, 2014
Industry: Short Term Business Credit Institutions

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