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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2018

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

LOGO   

Contact: Chad Steinorth

                Vice President, Interim CFO

  

          FOR IMMEDIATE RELEASE

 

NASDAQ: NICK

 Web site: www.nicholasfinancial.com

Nicholas Financial, Inc.

  

                         Ph # - 727-726-0763

  

Corporate Headquarters

     

2454 McMullen-Booth Rd.

     

Building C, Suite 501

     

Clearwater, FL 33759

     

Nicholas Financial Reports

4th Quarter Results and Full Year Results

June 6, 2018 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced that for the three months ended March 31, 2018, diluted net earnings (loss) per share improved to $0.08 as compared to $(0.14) for the three months ended March 31, 2017. Net earnings (loss) were $644 thousand and $(1.1) million for the three months ended March 31, 2018 and 2017, respectively. Revenue decreased 13% to $19.9 million for the three months ended March 31, 2018 from $22.9 million for the three months ended March 31, 2017. The Company’s effective tax rate was a benefit of (36%) for the three months ended March 31, 2018 as compared to a benefit of (37%) for the three months ended March 31, 2017.

For the twelve months ended March 31, 2018, per share diluted net (loss) was $(0.14) as compared to earnings of $0.69 for the twelve months ended March 31, 2017. Net (loss) earnings were $(1.1) million and $5.4 million for the twelve months ended March 31, 2018 and 2017, respectively. Revenue decreased 7% to $83.9 million for the twelve months ended March 31, 2018 as compared to $90.5 million for the twelve months ended March 31, 2017. The Company’s effective tax rate increased to 135% for the twelve months ended March 31, 2018 from 38% for the twelve months ended March 31, 2017.

Several factors led to the financial performance deterioration in 2018 compared to 2017. Finance Receivables, net of unearned interest, discount and allowance for credit losses decreased 15% to $270 million as of March 31, 2018 from $317 million as of March 31, 2017. Provision for credit losses increased to $37.5 million for the twelve months ended March 31, 2018 compared to $37.2 for the twelve months ended March 31, 2017. On December 22, 2017, the Tax Cuts and Jobs Act was passed into law (“TCJA”). The resulting decrease in the corporate tax rate impaired our deferred tax asset and caused our income tax expense to increase by $3.4 million for the quarter ended December 31, 2017. The provisional amounts used for the quarter ended December 31, 2017 were revised to year-end actual deferred asset balances and resulted in a reduction (income tax benefit for the quarter ended March 31, 2018) to the amount recorded in December 2017. The net effect adversely affected our net (loss) earnings for fiscal 2018. This was partially offset by a favorable decrease in overall delinquency to 8.07% as of March 31, 2018 from 10.05% as of March 31, 2017.

 

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The following information was filed by Nicholas Financial Inc (NICK) on Wednesday, June 6, 2018 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 (loss)
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
Fair Value Disclosures
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)
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 (detail 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)
Share-based Payments - Summary Of The Status Of The Company's Non-vested Restricted Shares (details 1)
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: 0001193125-18-205637
Submitted to the SEC: Wed Jun 27 2018 3:43:13 PM EST
Accepted by the SEC: Wed Jun 27 2018
Period: Saturday, March 31, 2018
Industry: Short Term Business Credit Institutions

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