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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

Nicholas

 

 

Contact: Kelly Malson

 

NASDAQ: NICK

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

               CFO

               Ph #  (727)-726-0763

 

Web site: www.nicholasfinancial.com

 

Nicholas Financial Reports

1st Quarter Fiscal Year 2020 Results

 

Accounts 60+ days delinquent decreased to 3.0%, excluding Chapter 13 bankruptcy accounts, compared to 3.9% as of the prior year first quarter

 

Average APR on new contracts purchased during the quarter decreased slightly to 23.4% compared to 23.7% during the prior year first quarter

 

Average APR on the Contract portfolio increased to 22.6% and the average APR on the Direct Loans portfolio increased to 26.2%

 

Gross Portfolio Yield increased to 28.3%

 

Interest and fee income on finance receivables decreased 11.3% due to a 20.7% decrease in average finance receivables, compared to prior year first quarter

August 9, 2019 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended June 30, 2019 of $0.6 million compared to $1.4 million for the three months ended June 30, 2018.  Diluted net income per share was $0.07 for the three months ended June 30, 2019 as compared to $0.18 for the three months ended June 30, 2018. Revenue decreased 11.3% to $16.6 million for the three months ended June 30, 2019 as compared to $18.8 million for the three months ended June 30, 2018. The Company reported operating income before income taxes for the three months ended June 30, 2019 of $0.8 million compared $2.0 million for the three months ended June 30, 2018.   The Company recorded an income tax expense of approximately $0.2 million during the three months ended June 30, 2019 compared to $0.6 million during the three months ended June 30, 2018.  

 

“We are pleased to be able to report positive earnings in our first quarter,” commented Doug Marohn, President and CEO.  “Although it is only one quarter, the results indicate that the strategy and tactics deployed during fiscal 2019 are starting to pay dividends in fiscal 2020.  Our core operations were profitable independent of the Metrolina acquisition, and that acquisition definitely helped to increase our realized net earnings for the quarter.”

 

Mr. Marohn went on to say, “More importantly, our portfolio metrics continue to improve and will be the driving force behind future earnings.  We continue to book loans with higher rate, increased discount, lesser advance and shortened term.  Our return to disciplined underwriting has had a positive impact on our portfolio yield as our gross portfolio yield has increased to 28.3% compared to 25.3% in the prior year first quarter.  The return to a 120+ day charge-off policy along with adjustments to our servicing approach has resulted in improved performance, too.  Our 30+ delinquency is down approximately 100 basis points with most of that coming from a reduction in the 60+ days past due category.”

 

“We are also starting to see our Direct Loan product contributing to our top and bottom lines.  Our Direct Loan portfolio has now grown to over $8 million and performs better than our indirect portfolio in terms of delinquency and losses.  Currently we offer direct loans in Florida, Georgia, North Carolina and Ohio; and we are in the process of obtaining licenses in the remaining states in which we operate.  As of July 2019, we obtained licensing in Tennessee, and we intend to initiate direct consumer lending there during the second quarter of fiscal 2020.  Several other states are in the final stages of licensing and we intend to have all states licensed and operational this calendar year” Mr. Marohn added.  

 

  



The following information was filed by Nicholas Financial Inc (NICK) on Friday, August 9, 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
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Debt (Detail)
Earnings Per Share
Earnings Per Share (Details 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 1)
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 And Direct Loans Included In Finance Receivables (Details)
Finance Receivables - Summary Of Reconciliation Of Changes In Allowance For Credit Losses On Contracts (Details 2)
Goodwill And Intangibles
Goodwill And Intangibles (Detail Textuals)
Goodwill And Intangibles (Details)
Goodwill And Intangibles (Tables)
Income Taxes
Income Taxes (Detail Textuals)
Leases
Leases (Detail Textuals)
Leases (Tables)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Other Lease Information (Details)
Leases - Summary Of Future Minimum Lease Payments Under Non-Cancellable Operating Leases (Details)
Revenue Recognition
Revenue Recognition (Detail Textuals)
Stock Repurchase Program
Stock Repurchase Program (Detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)

Material Contracts, Statements, Certifications & more

Nicholas Financial Inc provided additional information to their SEC Filing as exhibits

Ticker: NICK
CIK: 1000045
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-031992
Submitted to the SEC: Wed Aug 14 2019 5:01:49 AM EST
Accepted by the SEC: Wed Aug 14 2019
Period: Sunday, June 30, 2019
Industry: Short Term Business Credit Institutions

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