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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2015

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

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Contact:

 

Katie L. MacGillivary

CFO & VP Finance

FOR IMMEDIATE RELEASE

 

NASDAQ: NICK

Web site: www.nicholasfinancial.com

Nicholas Financial, Inc.

Corporate Headquarters

Ph # - 727-726-0763

 

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

Nicholas Financial Reports

4th Quarter Results

May 7, 2015 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced that for the three months ended March 31, 2015, diluted earnings per share increased 43% to $0.33 as compared to $0.23 for the three months ended March 31, 2014. Net earnings increased 35% to $3,848,000 as compared to $2,860,000 for the three months ended March 31, 2014. Revenue increased 7% to $21,934,000 for the three months ended March 31, 2015 as compared to $20,443,000 for the three months ended March 31, 2014.

For the year ended March 31, 2015, diluted earnings per share increased 1% to $1.38 as compared to $1.36 for the year ended March 31, 2014. Net earnings increased 1% to $16,856,000 as compared to $16,703,000 for the year ended March 31, 2014. Revenue increased 5% to $86,790,000 for the year ended March 31, 2015 as compared to $82,629,000 for the year ended March 31, 2014.

Our results for the three and twelve months ended March 31, 2015 were adversely affected by reductions in the gross portfolio yield and increases in the provision for losses compared to the three and twelve months ended March 31, 2014. While we increased our purchases and overall revenue as well as diluted earnings per share, aggressive competition in the industry has negatively impacted our weighted APR and average discount rate, and increased our weighted average term.

Our results for the three months ended March 31, 2015 were positively impacted by a reduction in 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 impact on diluted earnings per share of such professional fees totaling $1,131,000 was a reduction of approximately $0.09 for the three months ended March 31, 2014. Our three-month diluted earnings per share also were favorably impacted by $0.02 for the tender offer that occurred on March 13, 2015, and negatively impacted by $0.01 as a result of the change in fair value of interest rate swap agreements.

Twelve-month results were further impacted negatively by a change in the fair value of the interest rate swap agreements which resulted in a reduction of diluted earnings per shares by $0.02 for the twelve months ending March 31, 2015 in comparison to an increase of diluted earnings per share by $0.04 for the twelve months ending March 31, 2014. Our results for the twelve months were favorably impacted by a reduction in professional fees associated with the previously announced potential sale of the Company. The reduction in diluted earnings per share by such professional fees totaling $2,312,000 was approximately $0.18 for the twelve months ended March 31, 2014. Consequently, during the fiscal year 2015, our results were favorably impacted by a reduction in income tax expense and ultimately an impact on diluted earnings per share of $0.06 when such fees became deductible as a result of the termination of the Arrangement Agreement announced on July 1, 2014.

“In the fourth quarter of fiscal 2015 we began purchasing installment contracts in the state of Texas and plan on opening branch locations during fiscal 2016. The number of locations that we anticipate opening could range from one to four locations depending on market conditions. We will continue to look at developing additional markets and we may open additional branch locations in these new markets, although no assurances can be given at this time,” stated Ralph T. Finkenbrink, President 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 67 branch locations in both the Southeastern and the Midwestern states. The Company has approximately 7,700,000 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, 2014. 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 7, 2015 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 And Contingencies
Commitments And Contingencies (detail Textuals)
Commitments And Contingencies (tables)
Commitments And Contingencies - Summary Of Annual Minimum Rental Payments (details)
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 Locations And Amounts Of Gains (losses) In Income (details)
Interest Rate Swap Agreements - Summary Of Variable Rates Received And Fixed Rates Paid Under Swap (details 1)
Line Of Credit
Line Of Credit (detail Textuals)
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 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 4)
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: 0001193125-15-223218
Submitted to the SEC: Mon Jun 15 2015 3:24:03 PM EST
Accepted by the SEC: Mon Jun 15 2015
Period: Tuesday, March 31, 2015
Industry: Short Term Business Credit Institutions

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