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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Friday, March 31, 2017

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

LOGO           FOR IMMEDIATE RELEASE

NICHOLAS

 

 

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

    Contact:   

Katie MacGillivary

Vice President, CFO

    Ph # - 727-726-0763

  

NASDAQ: NICK

Web site: www.nicholasfinancial.com

Nicholas Financial Reports

4th Quarter Results

May 17, 2017 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced that for the three months ended March 31, 2017, diluted earnings per share decreased 140.0% to a net (loss) of $(0.14) as compared to a net gain of $0.35 for the three months ended March 31, 2016. Net (loss) earnings were $(1.1) million and $2.7 million for the three months ended March 31, 2017 and 2016, respectively. Revenue decreased 1.3% to $22.9 million for the three months ended March 31, 2017 as compared to $23.2 million for the three months ended March 31, 2016.

For the year ended March 31, 2017, per share diluted net earnings decreased 56.6% to $0.69 as compared to $1.59 for the year ended March 31, 2016. Net earnings were $5.4 million and $12.4 million for the years ended March 31, 2017 and 2016, respectively. Revenue remained relatively flat at $90.5 million for the year ended March 31, 2017 as compared to $90.7 million for the year ended March 31, 2016.

Our net earnings for the three and twelve months ended March 31, 2017 were adversely affected primarily by an increase in the provision for credit losses due to higher charge-offs and past-due accounts along with a reduction in the gross portfolio yield. Additionally, several negative factors, including an extremely competitive market, greater than anticipated losses, and lower auction proceeds have undermined our loss estimates and led to actual losses incurred that were greater than anticipated. We remain cautious with respect to near term losses as delinquency percentages remain elevated.

We have recently taken steps that we believe will result in lower losses on new static pools, beginning with the March 31, 2017 pool of contracts acquired. During the three months ending March 31, 2017, we have created a centralized funding department whose primary function is to review approved applications prior to funding the contract to the dealer. Stipulations that are embedded in our approvals of applications are verified by the centralized department to eliminate funding acquired contracts to dealers that had inaccurate job information, income proofs or certain other items that would have led us to turn down the application. Effective March 1, 2017 we have also changed our underwriting guidelines to incorporate the results of a retroactive study of our actual contracts measured by a third-party provider of alternative data. The results of this analysis have assisted us in identifying areas where our underwriting guidelines did not price the risk appropriately. We continue to evaluate our operating structure and will attempt to make further improvements that can be implemented. The market for contract acquisition remains challenging and we do not expect any material improvements in the near-term.

Nicholas Financial, Inc. is one of the largest publicly-traded specialty consumer finance companies in North America. The Company operates branch locations in both Southeastern and Midwestern U.S. states. The Company has approximately 7,810,000 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, 2016. 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 Wednesday, May 17, 2017 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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Inside Nicholas Financial Inc's 10-K Annual Report:

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 (details Textuals)
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 (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Basic And Diluted Earnings Per Share (details 1)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of Assets (details)
Ticker: NICK
CIK: 1000045
Form Type: 10-K Annual Report
Accession Number: 0001193125-17-203193
Submitted to the SEC: Wed Jun 14 2017 11:41:08 AM EST
Accepted by the SEC: Wed Jun 14 2017
Period: Friday, March 31, 2017
Industry: Short Term Business Credit Institutions

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