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Exhibit 99.1
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FOR IMMEDIATE RELEASE |
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Nicholas |
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Contact: Kelly Malson |
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NASDAQ: NICK |
Nicholas Financial, Inc. Corporate Headquarters 2454 McMullen-Booth Rd. Building C, Suite 501 Clearwater, FL 33759 |
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CFO Ph # (727)-726-0763 |
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Web site: www.nicholasfinancial.com |
Nicholas Financial Reports
2nd Quarter Fiscal Year 2020 Results
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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 |
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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 |
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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 |
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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 |
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Accounts 60+ days delinquent decreased to 3.2%, excluding Chapter 13 bankruptcy accounts, compared to 4.4% as of the prior year second quarter |
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Average APR on new Contracts purchased was 23.5% for the three months ended September 30, 2019 and September 30, 2018, respectively |
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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.”
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Nicholas Financial Inc.
Nicholas Financial Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Some consumer advocacy groups have suggested that certain forms of alternative consumer finance products, such as installment loans, should be a regulatory priority and it is possible that at some time in the future the CFPB could propose and adopt rules making such lending or other products that we may offer materially less profitable or impractical.
For the six months ended September 30, 2019, per share diluted earnings decreased to $0.11 as comparted to $0.25 for the six months ended September 30, 2018.
Increases occurred across expense accounts, including but not limited to acceleration of rent expenses associated with the closure of branches, acquisition costs for Metrolina, and repossessions/collection expenses.
The Company believes that this approach reflects the current trends of incurred losses within the portfolio and better aligns the allowance for credit losses with the portfolio's performance indicators.
The Company believes that this approach reflects the current trends of incurred losses within the portfolio and better aligns the allowance for credit losses with the portfolio's performance indicators.
The Company believes that this...Read more
The following table summarizes the...Read more
(2) Average indebtedness represents the...Read more
The CFPB could also adopt...Read more
In addition, the Company takes...Read more
In addition, the Company takes...Read more
The following table summarizes the...Read more
Such statements are subject to...Read more
Interest on outstanding borrowings under...Read more
Interest and fee income on...Read more
Pursuant to the Credit Agreement,...Read more
The Rule also curtails repeated...Read more
These increased percentages were primarily...Read more
These increased percentages were attributed...Read more
Operating expenses increased to approximately...Read more
Operating expenses increased to approximately...Read more
Any federal legislative or regulatory...Read more
Conversely, the Company could identify...Read more
The Company recorded an income...Read more
The Company recorded an income...Read more
The Company's principal goals are...Read more
(5) Net charge-off percentage represents...Read more
The Company's critical accounting policy...Read more
In addition, the Credit Agreement...Read more
Revenue decreased 19.7% to $15.6...Read more
The effective interest rate used...Read more
This shift in focus also...Read more
(4) Pre-tax yield represents net...Read more
Further, the CFPB may target...Read more
Interest and fee income on...Read more
If the payment provisions of...Read more
The Company's effective tax rate...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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