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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly report for the period ending Monday, December 31, 2018

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

LOGO  

Contact: Kelly Malson

        CFO

  

FOR IMMEDIATE RELEASE

 

NASDAQ: NICK

Web site:  nicholasfinancial.com

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

www.nicholasfinancial.com

        Ph # (727) 726-0763

  

Nicholas Financial Reports

3rd Quarter Results

 

   

Accounts 61+ days delinquent decreased to 5.38% year-over-year from 5.93%, excluding Chapter 13 bankruptcy accounts

 

   

Provision for credit losses saw a 12.4% improvement from prior year third quarter

 

   

Average APR on new contracts purchased during the quarter increased to 23.5% compared to 21.7% during the prior year third quarter

 

   

Interest and fee income on financed receivables decreased 18.4% due to an 18.9% decrease in average finance receivables, compared to prior year third quarter

February 1, 2019 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced a net loss for the three months ended December 31, 2018 of $0.9 million compared to a net loss of $2.9 million for the three months ended December 31, 2017. Diluted net loss per share decreased to $0.12 for the three months ended December 31, 2018 as compared to $0.37 for the three months ended December 31, 2017. Revenue decreased 18.4% to $16.7 million for the three months ended December 31, 2018 as compared to $20.5 million for the three months ended December 31, 2017. The Company reported an operating loss before income taxes for the three months ended December 31, 2018 of $1.3 million compared to operating income of $0.8 million for the three months ended December 31, 2017. The Company recorded an income tax benefit of approximately $0.4 million during the current quarter compared to $3.7 million income tax provision during the three months ending December 31, 2017. This change was attributed to the Tax Cuts and Jobs Act enacted in the prior year.

“Whereas it is always disappointing to have a negative earnings quarter, we remain pleased with our continuing efforts to improve the overall health of the Company and with our subsequent positive results related to our last 12 months of purchases and operations,” commented Doug Marohn, President and CEO of Nicholas Financial. “As we have reported over the last 4 quarters, the legacy portfolios from purchases in 2015, 2016 and 2017 have difficult pools in terms of underwriting quality and subsequent portfolio performance/losses. Our focus over the last year has been to manage through these existing receivables as best we can, but more importantly to substantially improve our underwriting and operations in an effort to improve the strength and stability of the Company going forward.”

Net income for the nine months ended December 31, 2018 was $1.1 million compared to a net loss of $1.7 million for the nine months ended December 31, 2017. Diluted net earnings per share increased to $0.14 for the nine months ended December 31, 2018 as compared to a $0.22 loss for the nine months ended December 31, 2017. Revenue decreased 14.3% to $54.9 million for the nine months ended December 31, 2018 as compared to $64.1 million for the nine months ended December 31, 2017. The Company’s operating income before income taxes decreased for the nine months ended December 31, 2018 to $1.4 million compared to $2.7 million for the nine months ended December 31, 2017. The provision for income taxes decreased to $0.3 million compared to $4.4 million in the prior year. This change was attributed to the Tax Cuts and Jobs Act enacted in the prior year.

“Over the last year we have been able to improve all significant Key Performance Indicators (KPIs) on new purchases resulting significantly increased yields on the new purchases and a lower exposure for potential losses,” continued Marohn.


The following information was filed by Nicholas Financial Inc (NICK) on Friday, February 1, 2019 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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Inside Nicholas Financial Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Income (Unaudited)
Basis Of Presentation
Contingencies
Earnings Per Share
Earnings Per Share (Detail Textuals)
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Disclosures
Fair Value Disclosures (Detail Textuals)
Fair Value Disclosures (Tables)
Fair Value Disclosures - Summary Of Financial Instruments Not Measured At Fair Value (Details)
Finance Receivables
Finance Receivables (Detail Textuals 1)
Finance Receivables (Detail Textuals)
Finance Receivables (Tables)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 3)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 4)
Finance Receivables - Selected Information On Entire Portfolio Of Company (Details 1)
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 2)
Income Taxes
Income Taxes (Detail Textuals)
Line Of Credit
Line Of Credit (Detail Textuals)
Revenue Recognition
Revenue Recognition (Detail Textuals)
Subsequent Event
Subsequent Event (Detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Ticker: NICK
CIK: 1000045
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-19-039489
Submitted to the SEC: Thu Feb 14 2019 4:02:02 AM EST
Accepted by the SEC: Thu Feb 14 2019
Period: Monday, December 31, 2018
Industry: Short Term Business Credit Institutions

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