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:  

Kelly Malson

CFO

Ph # 727-726-0763

  

NASDAQ: NICK

Web site: www.nicholasfinancial.com

  

Nicholas Financial Reports

1st Quarter Results

 

   

Operating income increases 51% year-over-year

 

   

Net charge off percentage decrease to 8.80%

 

   

Accounts 61+ days delinquent decreased to 3.6%, excluding Chapter 13 bankruptcy accounts

 

   

New CFO hired during the quarter

 

   

RSM US, LLP appointed as Independent Registered Public Accounting Firm

August 2, 2018 – Clearwater, Florida – Nicholas Financial, Inc. (NASDAQ: NICK) announced that its net income for the three months ending June 30, 2018 was $1.4 million compared to $0.8 million for the three months ending June 30, 2017. Diluted net earnings per share increased to $0.18 for the three months ended June 30, 2018 as compared to $0.10 for the three months ended June 30, 2017. Although, revenue decreased 15.5% to $18.8 million for the three months ended June 30, 2018 as compared to $22.2 million for the three months ended June 30, 2017, the Company’s operating income before income taxes increased for the three months ending June 30, 2018 to $2.0 million compared to $1.3 million for the three months ending June 30, 2017.

“Although we have a long way to go and much more to accomplish, we are pleased with the significant headway we have made thus far,” commented Doug Marohn, President and CEO. “We improved overall operating results in the first quarter and reduced delinquency and charge-off performance year-over-year, which allowed for us to enjoy a nice increase to the bottom line. We not only improved our financial results over the first quarter of fiscal 2018, but also surpassed our internal expectations. Our focus on financing primary transportation to and from work for the subprime borrower continues to contribute to improved metrics in terms of increased yield, smaller amounts financed and shorter terms.”

The Company began modifying its underwriting guidelines half way through fiscal 2018, to improve the quality of contracts being purchased. These changes led to a decrease in the dollar amount of Contracts purchased by approximately $5.0 million, or 18.4%, during the three months ended June 30, 2018 as compared to the three months ended June 30, 2017. However, the number of Contracts purchased only decreased by 176, or 7.5%, over the same period of time. The revenue decrease during the three months ended June 30, 2018 as compared to the three months ended June 30, 2017, was a result of this reduction in Contracts. With tighter underwriting guidelines and a decreasing portfolio, the Company’s provision for credit losses saw a 44.4% improvement for the three months ended June 30, 2018 compared to the three months ended June 30, 2017.

 

Fiscal Year
/Quarter
   Number of
Contracts
purchased
   Principal Amount
purchased
   Average
Financed
   Average
APR*
  Average
Discount%*
  Average
Term*
2019                
1    2,173    22,173,011    10,204    23.69%   8.32%   48
2018    9,767    109,575,099    11,219    22.4%   7.4%   54
4    2,814    29,253,725    10,396    23.3%   7.9%   50
3    2,365    27,378,449    11,577    21.7%   6.9%   54
2    2,239    25,782,056    11,515    22.0%   7.3%   55
1    2,349    27,160,869    11,563    22.3%   7.6%   55
2017    14,619    171,941,206    11,693    22.2%   7.1%   57
4    3,677    42,629,274    11,593    22.3%   7.3%   56
3    3,846    45,941,459    11,945    22.0%   6.9%   57
2    3,592    41,540,401    11,565    22.3%   7.0%   57
1    3,504    40,830,072    11,609    22.4%   7.2%   57

*The averages included in the table are calculated as a simple average.


The following information was filed by Nicholas Financial Inc (NICK) on Thursday, August 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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