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

2nd Quarter Fiscal Year 2020 Results

 

Originations year-over-year on new Contracts purchased for the three months ended September 30, 2019 increased by 12.7% compared to prior year second quarter

 

Originations year-over-year on Direct Loans for the three months ended September 30, 2019 increased by 65.5% compared to prior year second quarter

 

Gross Portfolio Yield for the three months ended September 30, 2019 decreased to 26.9% compared to 27.8% during the prior year second quarter

 

Interest and fee income on finance receivables for the three months ended September 30, 2019 decreased 19.7% due to a 17.0% decrease in average finance receivables, compared to prior year second quarter

 

Accounts 60+ days delinquent decreased to 3.2%, excluding Chapter 13 bankruptcy accounts, compared to 4.4% as of the prior year second quarter

 

Average APR on new Contracts purchased was 23.5% for the three months ended September 30, 2019 and September 30, 2018, respectively

 

Average APR on Direct Loan originations increased to 27.4% compared to 26.5% during the prior year second quarter

November 8, 2019 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended September 30, 2019 of $0.3 million compared to $0.6 million for the three months ended September 30, 2018.  Diluted net income per share was $0.03 for the three months ended September 30, 2019 as compared to $0.07 for the three months ended September 30, 2018. Revenue decreased 19.7% to $15.6 million for the three months ended September 30, 2019 as compared to $19.4 million for the three months ended September 30, 2018. The Company reported income before income taxes for the three months ended September 30, 2019 of $0.4 million compared $0.7 million for the three months ended September 30, 2018.   The Company recorded an income tax expense of approximately $0.1 million during the three months ended September 30, 2019 compared to an income tax expense of $0.1 million during the three months ended September 30, 2018.  

Net income for the six months ended September 30, 2019 of $0.9 million compared to $2.0 million for the six months ended September 30, 2018.  Diluted net income per share was $0.11 for the six months ended September 30, 2019 as compared to $0.25 for the six months ended September 30, 2018. Revenue decreased 15.6% to $32.2 million for the six months ended September 30, 2019 as compared to $38.2 million for the six months ended September 30, 2018. The Company reported income before income taxes for the six months ended September 30, 2019 of $1.2 million compared $2.7 million for the six months ended September 30, 2018.   The Company recorded an income tax expense of approximately $0.3 million during the six months ended September 30, 2019 compared to $0.7 million during the six months ended September 30, 2018.  

 

“Although our earnings for the 2nd Quarter of Fiscal Year 2020 were modest, we are very pleased overall with our operational successes and improvements,” said Doug Marohn, President and CEO.  “We were able to increase same store and overall loan production in both indirect contract purchases and direct loan originations with 51 branches for the three months ended for September 30, 2019 as compared to 59 branches for the three months ended September 30, 2018.  We also saw improvement in overall delinquency and in accounts 60+ days delinquent as compared to the prior year second quarter.  We did this while maintaining the integrity and discipline we desire in our new acquisition KPI’s in terms of structure (amount financed, APR, discount, term, etc.).”

 

Marohn continued, “We also remain focused on proliferating our direct loan product to all of the states in which we operate.  We are now operational in Florida, North Carolina, Georgia, Ohio. Tennessee and Alabama.  Indiana, Missouri, South Carolina and Kentucky are slated to go live in our 3rd Quarter.  Nicholas is also continuing to grow our branch network through expansion efforts in Columbia, South Carolina; Wichita, Kansas; and Milwaukee, Wisconsin.”  



The following information was filed by Nicholas Financial Inc (NICK) on Friday, November 8, 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)
Consolidated Statements Of Shareholders' Equity (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)
Subsequent Event
Subsequent Event (Details 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: 0001564590-19-043374
Submitted to the SEC: Thu Nov 14 2019 3:31:45 AM EST
Accepted by the SEC: Thu Nov 14 2019
Period: Monday, September 30, 2019
Industry: Short Term Business Credit Institutions

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