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Nicholas Financial Inc (NICK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, March 31, 2020

SEC Filings

NICK Annual Reports

Nicholas Financial Inc

CIK: 1000045 Ticker: NICK

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

 

 

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

4th Quarter and Fiscal Year 2020 Results

 

 

Income (loss) year-over-year before income taxes for the three months ended March 31, 2020 increased by 109.2% compared to prior year fourth quarter

 

Originations year-over-year on new Contracts purchased and bulk portfolio purchases of approximately $19.9 million for the three months ended March 31, 2020 increased by 86.3% compared to prior year fourth quarter

 

Originations year-over-year on Direct Loans for the three months ended March 31, 2020 increased by 150.3% compared to prior year fourth quarter

 

Accounts 60+ days delinquent decreased to 2.9%, excluding Chapter 13 bankruptcy accounts, compared to 3.3% as of the prior year fourth quarter

 

Gross Portfolio Yield for the three months ended March 31, 2020 increased to 27.9% compared to 26.9% during the prior year fourth quarter

 

The Company obtained a loan in the amount of approximately $3.2 million from Fifth Third Bank in connection with the U.S. Small Business Administration’s Paycheck Protection Program

June 4, 2020 – Clearwater, Florida - Nicholas Financial, Inc. (NASDAQ: NICK) announced net income for the three months ended March 31, 2020 of $2.3 million as compared to net loss of $4.7 million for the three months ended March 31, 2019.  Diluted net income per share was $0.29 for the three months ended March 31, 2020 as compared to net loss per share of $0.60 for the three months ended March 31, 2019. Revenue decreased 9.2% to $14.9 million for the three months ended March 31, 2020 as compared to $16.4 million for the three months ended March 31, 2019. The Company reported income before income taxes for the three months ended March 31, 2020 of $0.6 million as compared to a loss before income taxes of $6.0 million for the three months ended March 31, 2019.   The Company recorded an income tax benefit of $1.7 million during the three months ended March 31, 2020 as compared to $1.2 million during the three months ended March 31, 2019.  

In response to the global impacts of COVID-19 on U.S. companies and citizens, the government enacted the CARES Act on March 27, 2020. The CARES Act included several tax relief options for companies, which resulted in the following provisions available to the Company.

 

The Company has elected to carryback its 2018 net operating losses of $9.7 million to 2013, thus generating an anticipated refund of $3.4 million and an income tax benefit of $1.3 million. The tax benefit is the result of the federal income tax rate differential between the current statutory rate of 21% and the 35% rate applicable to 2013.

 

The Company plans to carryback its 2019 net operating losses of $2.9 million to 2014, thus generating an anticipated refund of $1.0 million and an income tax benefit of $0.4 million. The tax benefit is the result of the federal income tax rate differential between the current statutory rate of 21% and the 35% rate applicable to 2014.

During the quarter ended March 31, 2020, the Company had significant cash movements of approximately $19.9 million for the bulk portfolio purchases and approximately $7.4 million from the Credit Facility, which increased outstanding debt. The Company did not have any significant capital expenditures.

Net income for the year ended March 31, 2020 was $3.5 million as compared to net loss of $3.6 million for the year ended March 31, 2019.  Diluted net income per share was $0.45 for the year ended March 31, 2020 as compared to net loss per share of $0.46 for the year ended March 31, 2019. Revenue decreased 12.9% to $62.1 million for the year ended March 31, 2020 as compared to $71.3 million for the year ended March 31, 2019. The Company reported income before income taxes for the year ended March 31, 2020 of $2.2 million as compared to loss before income taxes of 4.6 million for the year ended March 31, 2019.   The Company recorded an income tax benefit of $1.2 million for the year ended March 31, 2020 as compared to $0.9 million for the year ended March 31, 2019.

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The following information was filed by Nicholas Financial Inc (NICK) on Thursday, June 4, 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income (Loss)
Consolidated Statements Of Shareholders' Equity
Commitments And Contingencies
Credit Facility
Credit Facility (Detail Textuals)
Credit Facility (Tables)
Credit Facility - Schedule Of Future Maturities Of Debt (Detail)
Employee Benefit Plan
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 - Activity In Allowance For Credit Losses (Details 1)
Finance Receivables - Activity In Allowance For Credit Losses (Parenthetical) (Details 1)
Finance Receivables - Assessment Of Credit Quality By Creditworthiness (Details 2)
Finance Receivables - Information Regarding Delinquency Rates With Respect To Contracts And Direct Loans (Details 3)
Finance Receivables - Summary Of Contracts And Direct Loans Included In Finance Receivables (Details)
Goodwill And Intangibles
Goodwill And Intangibles (Detail Textuals)
Goodwill And Intangibles (Details)
Goodwill And Intangibles (Tables)
Goodwill And Intangibles - Summary Of Goodwill (Details)
Income Taxes
Income Taxes (Detail Textuals)
Income Taxes (Tables)
Income Taxes - Provision (Benefit) For Income Taxes Reflects An Effective U.S Tax Rate, Which Differs From The Corporate Tax Rate (Details 2)
Income Taxes - Provision For Income Taxes (Income Tax Benefits) (Details)
Income Taxes - Significant Components Of The Company's Deferred Tax Assets (Details 1)
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)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Detail Textuals)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Summary (Details)
Quarterly Results Of Operations (Unaudited)
Quarterly Results Of Operations (Unaudited) (Tables)
Quarterly Results Of Operations (Unaudited) - Summary (Details)
Share-Based Payments
Share-Based Payments (Detail Textuals 1)
Share-Based Payments (Detail Textuals)
Share-Based Payments (Tables)
Share-Based Payments - Summary Of Option Activity Under The Equity Plans (Details)
Share-Based Payments - Summary Of The Status Of The Company's Non-Vested Restricted Shares (Details 1)
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 Events
Subsequent Events (Detail Textuals)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Detail Textuals 1)
Summary Of Significant Accounting Policies (Detail Textuals 2)
Summary Of Significant Accounting Policies (Detail Textuals 3)
Summary Of Significant Accounting Policies (Detail Textuals)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Basic And Diluted Loss Per Share (Details 1)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of Assets (Details)
Variable Interest Entity
Variable Interest Entity (Detail Textuals)
Variable Interest Entity (Tables)
Variable Interest Entity - Summary Of Assets And Liabilities Held By Vie (Details)
Ticker: NICK
CIK: 1000045
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-030033
Submitted to the SEC: Mon Jun 22 2020 9:51:26 AM EST
Accepted by the SEC: Mon Jun 22 2020
Period: Tuesday, March 31, 2020
Industry: Short Term Business Credit Institutions

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