Exhibit 99.1

 

LOGO       FOR IMMEDIATE RELEASE

NICHOLAS

 

LOGO

  

Contact: Kelly Malson

                CFO

                Ph # - 727-726-0763

  

NASDAQ: NICK

Web site: www.nicholasfinancial.com

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

     

Nicholas Financial Reports

2nd Quarter Results

 

   

Operating income increases 20% year-over-year

 

   

Accounts 61+ days delinquent decreased to 4.1% year-over-year, excluding Chapter 13 bankruptcy accounts

 

   

Provision for credit losses saw a 17.5% improvement from prior year second quarter

November 1, 2018 – Clearwater, Florida—Nicholas Financial, Inc. (NASDAQ: NICK) announced that its net income for the three months ending September 30, 2018 was $0.6 million compared to $0.3 million for the three months ending September 30, 2017. Diluted net earnings per share increased to $0.07 for the three months ended September 30, 2018 as compared to $0.04 for the three months ended September 30, 2017. Although revenue decreased 9.1% to $19.4 million for the three months ended September 30, 2018 as compared to $21.3 million for the three months ended September 30, 2017, the Company’s operating income before income taxes increased for the three months ending September 30, 2018 to $678,000 compared to $564,000 for the three months ending September 30, 2017.

Net income for the six months ending September 30, 2018 was $2.0 million compared to $1.2 million for the six months ending September 30, 2017. Diluted net earnings per share increased to $0.25 for the six months ended September 30, 2018 as compared to $0.15 for the six months ended September 30, 2017. Although, revenue decreased 12.3% to $38.2 million for the six months ended September 30, 2018 as compared to $43.5 million for the six months ended September 30, 2017, the Company’s operating income before income taxes increased for the six months ending September 30, 2018 to $2.7 million compared to $1.9 million for the six months ending September 30, 2017.    

“Although we produced relatively modest profits in the second quarter of fiscal 2019, we continue to be pleased with our trends since my arrival 9 months ago,” said Doug Marohn, President and CEO of Nicholas Financial. “Our renewed focus on financing primary transportation to and from work for subprime customers is continuing to have a positive impact on each of the pools from the fourth quarter of fiscal 2018 forward. Prior pools are still presenting a challenge and continue to produce losses of greater severity and frequency than more recent pools, however we are happy overall with even the prior pools performance due to improved servicing and operational controls.”

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 $13.0 million, or 24.5%, during the six months ended September 30, 2018, as compared to the six months ended September 30, 2017. However, the number of Contracts purchased only decreased by 662, or 14.4%, over the same period of time, as illustrated in the table below. The revenue decrease during the six months ended September 30, 2018, as compared to the six months ended September 30, 2017, was a result of this reduction in the dollar amount of Contracts purchased. With tighter underwriting guidelines and a decreasing portfolio, the Company’s provision for credit losses saw a 17.5% improvement for the three months ended September 30, 2018 compared to the three months ended September 30, 2017 and a 30.6% improvement for the six months ended September 30, 2018 compared to the six months ended September 30, 2017.    


The following information was filed by Nicholas Financial Inc (NICK) on Thursday, November 1, 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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