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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, March 31, 2016

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

LOGO      

FOR IMMEDIATE RELEASE

 

Nicholas Financial, Inc.

Corporate Headquarters

 

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

  

Contact: Katie L. MacGillivary

                CFO & VP Finance

                Ph # - 727-726-0763

  

NASDAQ: NICK

Web site: www.nicholasfinancial.com

Nicholas Financial Reports

4th Quarter Results

May 9, 2016 – Clearwater, Florida—Nicholas Financial, Inc. (NASDAQ: NICK) announced that for the three months ended March 31, 2016, diluted earnings per share increased 6% to $0.35 as compared to $0.33 for the three months ended March 31, 2015. Net earnings were $2,725,000 and $3,848,000 for the three months ended March 31, 2016 and 2015, respectively. Revenue increased 6% to $23,238,000 for the three months ended March 31, 2016 as compared to $21,934,000 for the three months ended March 31, 2015.

For the year ended March 31, 2016, diluted earnings per share increased 15% to $1.59 as compared to $1.38 for the year ended March 31, 2015. Net earnings were $12,379,000 and $16,856,000 for the year ended March 31, 2016 and 2015, respectively. Revenue increased 5% to $90,707,000 for the year ended March 31, 2016 as compared to $86,790,000 for the year ended March 31, 2015.

Our net earnings for the three months ended March 31, 2016 were adversely affected primarily by an increase in the provision for credit losses and to a lesser extent an increase in interest expense and a reduction in the gross portfolio yield. During the three months ended March 31, 2016, the Company refined its allowance for credit loss model to incorporate recent trends that include the acquisition of longer term contracts and increased delinquencies. We feel that these improvements to our current model better reflect the current trends of incurred losses within our portfolio and better align our allowance for credit losses with the portfolio’s performance indicators. Our per share diluted net earnings for the three months ended March 31, 2016, were positively impacted by the Company’s purchase of 4.7 million of the Company’s common shares by its principal operating subsidiary on March 19, 2015.

Our net earnings for the twelve months ended March 31, 2016 were adversely affected by a reduction in the gross portfolio yield, an increase in interest expense and an increase in the provision for credit losses. Gross portfolio yield and provision for credit losses changes were primarily the result of increased competition. Our per share diluted net earnings for the twelve months ended March 31, 2016, were positively impacted by the Company’s purchase of 4.7 million of the Company’s common shares by its principal operating subsidiary on March 19, 2015.

“During our fourth quarter we opened our second branch location in the state of Texas, specifically in Dallas, We have also commenced contract acquisition in Pittsburgh, Pennsylvania utilizing the underwriting staff of our Columbus, Ohio branch location. During the first quarter of Fiscal 2017 we will further evaluate the Pittsburgh portfolio and decide whether we will open a Pittsburgh branch. We continue to evaluate market conditions which include a continued high level of intense competition. We are currently evaluating our organization and its structure. Our decisions on how we plan to continue operating our business strategy will be influenced by the sustainability of some of our competitors underwriting and risk based pricing” stated Ralph T. Finkenbrink, the Company’s President and CEO.

Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer finance companies in North America. The Company operates branch locations in both the Southeastern and the Midwestern states. The Company has approximately 7,753,000 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, 2015. 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 Monday, May 9, 2016 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
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 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 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: 0001193125-16-620952
Submitted to the SEC: Tue Jun 14 2016 11:59:38 AM EST
Accepted by the SEC: Tue Jun 14 2016
Period: Thursday, March 31, 2016
Industry: Short Term Business Credit Institutions

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