Please wait while we load the requested 10-Q report or click the link below:
|FOR IMMEDIATE RELEASE|
Nicholas Financial, Inc.
2454 McMullen-Booth Rd.
Building C, Suite 501
Clearwater, FL 33759
Ph # 727-726-0763
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 Companys 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 Companys 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.
*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.
View differences made from one quarter to another to evaluate Nicholas Financial Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Nicholas Financial Inc.