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Nicholas Financial Inc (NICK) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

Nicholas

 

 

Contact: Irina Nashtatik

 

NASDAQ: NICK

Nicholas Financial, Inc.

Corporate Headquarters

2454 McMullen-Booth Rd.

Building C, Suite 501

Clearwater, FL 33759

 

               Interim CFO

               Ph #  (727)-726-0763

 

Web site: www.nicholasfinancial.com

 

Nicholas Financial Reports

3rd Quarter Fiscal Year 2020 Results

 

 

Originations year-over-year on new Contracts purchased for the three months ended December 31, 2019 increased by 15.2% compared to prior year third quarter, which included a bulk portfolio purchase of $1.1 million

 

Originations year-over-year on Direct Loans for the three months ended December 31, 2019 increased by 49.7% compared to prior year third quarter

 

Accounts 60+ days delinquent decreased to 4.0%, excluding Chapter 13 bankruptcy accounts, compared to 5.7% as of the prior year third quarter

 

Gross Portfolio Yield for the three months ended December 31, 2019 increased to 27.3% compared to 25.7% during the prior year third quarter

 

Interest and fee income on finance receivables for the three months ended December 31, 2019 decreased 10.6% due to a 15.9% decrease in average finance receivables, compared to prior year third quarter

 

Average APR on new Contracts purchased for the three months ended December 31, 2019 decreased to 23.3% compared to 23.5% during the prior year third quarter

 

Average APR on Direct Loan originations for the three months ended December 31, 2019 increased to 28.4% compared to 25.9% during the prior year third quarter

February 6, 2020 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended December 31, 2019 of $0.3 million compared to net loss of $0.9 million for the three months ended December 31, 2018.  Diluted net income per share was $0.04 for the three months ended December 31, 2019 as compared to net loss per share of $0.12 for the three months ended December 31, 2018. Revenue decreased 10.6% to $15.0 million for the three months ended December 31, 2019 as compared to $16.7 million for the three months ended December 31, 2018. The Company reported income before income taxes for the three months ended December 31, 2019 of $0.5 million compared to net loss of $1.3 million for the three months ended December 31, 2018.   The Company recorded an income tax expense of approximately $0.2 million during the three months ended December 31, 2019 compared to an income tax benefit of $0.4 million during the three months ended December 31, 2018.  

Net income for the nine months ended December 31, 2019 of $1.2 million compared to $1.1 million for the nine months ended December 31, 2018.  Diluted net income per share was $0.15 for the nine months ended December 31, 2019 as compared to $0.14 for the nine months ended December 31, 2018. Revenue decreased 14.0% to $47.2 million for the nine months ended December 31, 2019 as compared to $54.9 million for the nine months ended December 31, 2018. The Company reported income before income taxes for the nine months ended December 31, 2019 of $1.7 million compared $1.4 million for the nine months ended December 31, 2018.   The Company recorded an income tax expense of approximately $0.5 million during the nine months ended December 31, 2019 compared to $0.3 million during the nine months ended December 31, 2018.  

“We are very pleased with the progress we have been making overall, and particularly pleased with the progress in our 3rd Quarter of Fiscal Year 2020.  On both new indirect contract purchases and direct loan volume we have outpaced year over year results for the 3rd Quarter and Year to Date,” Said Doug Marohn, CEO and president of Nicholas Financial, Inc.  “Our targeted efforts to improve same store sales, rollout our Direct Loan product to more states, continue new market expansion and be open to other strategic partnerships is yielding positive results.”

“In the 3rd Quarter we saw more than a 15% increase on Indirect purchases and nearly 50% increase on the Direct Loan production,” Marohn continued. “We also added an additional $1.1 million by way of a bulk portfolio purchase from another company in our space.  Our expansion efforts are underway in Las Vegas, Nevada in addition to the other areas previously identified.  We are in the process of initiating expansion in Salt Lake City, Utah; Boise, Idaho; and Des Moines, Iowa; just to name a few.”


The following information was filed by Nicholas Financial Inc (NICK) on Thursday, February 6, 2020 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 (Loss) (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)
Stock Plans
Stock Plans (Detail Textuals)
Stock Plans (Tables)
Stock Plans - Summary Of Treasury Share Transactions Under The Company's Stock Repurchase Program (Details)
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: 0001564590-20-004703
Submitted to the SEC: Fri Feb 14 2020 8:32:03 AM EST
Accepted by the SEC: Fri Feb 14 2020
Period: Tuesday, December 31, 2019
Industry: Short Term Business Credit Institutions

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